Credit management software: keep your cash flow intact
The world around us is changing rapidly and we need to deal with an increasing flow of information that we need to process quicker and quicker as well. In order to implement credit management processes consistently and properly, good software is essential. Most of the accounting systems used, lack proper tools for credit management. If you have more than 100 active clients it is already useful to work with specialised credit management software. Such software is easy to link to almost any accounting system. It is the only way to manage your debtors efficiently, so that your cash flow remains intact and your invoices are paid on time. Specific software packages offer an automated solution for many of the standard actions within credit management.
Why choose credit management software?
- Automatic monitoring of outstanding invoices and actions to take
- Segmentation of your debtors
- Additional actions to take on the basis of specific client features and payment behaviour.
- Processing and printing of letters as well as sending by email.
- Record actions to take, notes to debtors, and invoices
- Registration of payment arrangements, monitoring and (automatic) follow-up
Benefits of credit management software:
- See at a glance the outstanding amount at the parent and subsidiary companies (these data are easy to link to each other).
- Calculations of credit limits (for example to be used as self-assessment if you have credit insurance) and/or risk assessment based on your own data.
- Segmentation of your relationships based on formulas that you determined, as well as the acceptable risk.
- Credit management software allows you to perfectly manage and control the workflow of disputes. This will lead to a rapid solution of the dispute and the eventual payment by your debtor.