Good debtor management, a structurally lower level of debtors, and credit management software go hand-in-hand. In this way you maintain cash flow and your invoices are paid on time. Specific software packages offer a computerised solution for the many standard tasks within debtor management.
Why credit management software?
- Automatic monitoring of outstanding invoices and actions
- Segmentation of your debtors
- Additional actions based on customer characteristics and payment behaviour
- Batch processing of letters and sending via email
- Recording actions and notes on debtors and invoices
- Recording payment arrangements, monitoring and (automatically) following up
Credit management software can easily be installed as a stand-alone package alongside your current financial package. The basic information from your financial package can be imported each day into your credit management software, from which various users can see the outstanding actions that are required for your customers, in order to manage the level of your debtors optimally.
Benefits of credit management software:
- you can see at a glance the level of outstanding debtors within a holding company and its underlying subsidiaries (this information is easy to link)
- calculating credit limits (usable for example in making your own estimates if you have credit insurance) and/or risk scores based on your own information
- customer segmentation, and with it segmentation of desired risk, based on your own predetermined formulas
- with credit management software the workflow of disputes can be managed and controlled properly, leading to a quick resolution of the dispute and ultimately to payment by your debtor.