More businesses are using technology to handle credit control in an efficient and cost-effective way.
There’s no denying the fact that credit control is a vital function to any small or mid-sized business. Being able to effectively manage a company’s cash flow can make or break a business. With the economy challenging many businesses to reduce costs and improve productivity, it pays to understand how technologies can help you best manage your credit control procedures, and ultimately improve your bottom line.
Automating credit control
There are a few major areas in which technology is able to help automate your credit control processes. Using software such as TaskCentre, businesses can set up automated actions to take place after a pre-defined trigger event. This can be useful for keeping on top of customers you give credit to and maintaining a healthy cashflow.
Some examples of the tasks that can be automated include:
- Follow up accounts that are beyond the payment terms.
- Warn customers that their credit limit has been reached.
- Place customers on stop credit for over terms invoices, 5 days after agreed terms have passed.
- Email Finance Manager and General Manager daily for over credit limit debtors.
- Email customers for over terms invoices with payment options.
- Place customers on stop credit and when they haven’t purchased for three months, and email audit list to the Accountant.
- Email daily list of debtors on stop credit, and debtors 5 days over terms but not on stop credit, showing entity and balance.
- Email representatives a daily list of customers that are now on stop credit.
With the number of credit control tasks that can be automated, it’s easy to see how TaskCentre can be a useful tool for:
- Saving time in handling repetitive and manual tasks.
- Improving timeliness of credit control communications.
- Reducing employee error and ensuring credit control processes are followed correctly.
- Reducing aged debtor payment times.
- Maintaining healthy cash flow.
These are just some of the many ways TaskCentre or any business process management tool can improve credit control for businesses. For businesses currently using MomentumPro, TaskCentre can also be easily integrated into the MomentumPro ERP software solution.
To find out more about how TaskCentre can work for your business, contact our experts today.