Getting the right credit control software is very important to businesses, as it could dramatically increase the company cash-flow.
It’s important to keep business as simple as possible, at the end of the day a business needs to generate regular business to bolster their cash flow; no cash flow, no business. With this in mind, having the right credit control software could enable a company to improve the cash flow which in turn reduces the debtor days and hopefully can be perceived as an improvement of customer service. It is all very well issuing your clients and customers with a time length of credit yet if there is no control management over the debt collection then this will severely impact your business with no real structure towards the collection of the debts.
Safe Computing adopt a unique approach of credit and query management with a centred view on changing the perception of the credit control function from a reactive approach to a practice on by taking the concepts of customer relationship management and applying it to the credit control function, providing a service orientated team.
By focusing in on the service that credit control curtails then a number of key strategies can be identified to make the process of offering credit, debt collecting and still remaining a favoured company a breeze. Having software that could run credit checks on potential clients could eliminate the problem of collating bad debt in the first place and will also highlight a possible time period for payment, which is ideal for forecasting the cash-flow.
Wouldn’t it be better if your collection letters read well and give the impression that a solicitor wrote them, to give the impression of professionalism and that you as a company deserve to treated with respect. Having the terms and conditions clearly stated on the outgoing invoice, giving the fine detail of the contractual agreement will enable a company to have licence of persistently contacting the other company regarding the debt collection. It also should be considered compulsory that the purchase order number along with payment details, such as account number and sort code are including giving the debtor as much information as possible and making it easier for them to pay in the process.
Credit control software is easy to use and can equip a company with the resources to submit unpaid invoices regularly each month, automatically stop a debtors account if payment is not forthcoming and give a clear and transparent method of reporting data. All phases of credit control are tracked through the credit controller’s workflow with built in escalation procedures and exceptional management reporting.
The key to receiving payment is to have a mixture of consistency and persistency. It is important to maintain a relationship with the customers, by talking business with them and making sure that they are satisfied with the service and are intending to retain your services but also that you deserve to be paid, after all, business is business, every company is in the same situation to monitor their credit control and liquidate their cash flow, so by being having software that can monitor debtors performance and regularly invoice them, will only benefit you business.
Surviving the Recession with Payroll?
We are all aware of the current economic plight the U.K. is in at the moment, with some industries suffering more than others. Even though some companies are equipped with clientele that are recession proof, it is not to say that those clients aren’t in business with those being hit hardest. With that in mind, it is important to prepare the business for a leaner period. Saying this, it does not necessarily mean job losses or cutting down wages, but it can be an opportunity to invest in the latest technologies and really drive the company towards a competitive advantage.
Increase Profit with Payroll
The sole purpose of business is to generate a regular cash flow and to increase profit margins to subsidise the businesses growth and pay the employees of the firm. Increasing profit margins is the Holy Grail for all firms and doing this may be on the back of securing new key accounts or by streamlining the business, to increase efficiency and productivity whilst also cutting unnecessary operation costs.
Pay and Bill can prove Costly
Pay and Bill is not exactly the number one priority of a manager yet it is an important process of management. Investing in pay and bill software or even outsourcing the pay and bill could prove to be a strategic move, as even though both have immediate financial implications, in the long run it may enhance efficiency and productivity of a company.
