Credit Control

Introduction

Credit control teams have a thankless task, often having to work with outdated information and cumbersome systems to manually record actions across multiple disjointed systems. Cloud-accounting solutions can help automate and streamline the end-to-end process with access to real-time account data, automated customer notifications and escalation flows.

Typical Problems

Credit control teams suffer from a lack of up-to-date customer payment information and spend time and energy chasing up.

Chasing debt can often be a manual and time-consuming process, collating the data and emailing customers individually with disjointed communication tracking between customer and finance due to lengthy email chains outside of the finance solution.

The disconnect between sales and finance teams, working in isolation and from different data sets, could result in the risk of accidentally extending credit to accounts that are already in arrears.

Solutions

Cloud-accounting solutions can help automate and streamline the end-to-end process with access to real-time account information and activity.

Modern cloud-accounting solutions now offer as standard the ability to automate payment reminders and statements to ensure customers have full visibility of the debt owed and are automatically prompted to make payments.

With an integrated CRM and Finance solution, credit control activity and subsequently account status updates can be automated again reducing manual intervention and the possibility of delay or errors in entering the data.

Benefits/ROI

An integrated CRM and finance solution ensures all credit control activity and subsequently account status’ can be seen by all areas of the business, in real-time to ensure informed decisions are being made.

With modern cloud-based solutions, there is less manual intervention required to chase debt, reducing FTE requirements for credit control activities.

With customers receiving automated links to pay and prompts the resulting time to pay is reduced, improving cash flow.

References

Example integrations include

• Salesforce > FinancialForce Accounting Collections
• Plaid / Bank Feeds
• Asperato / Stripe