Aged Debtors

Introduction

Viewing aged debt is essential to the liquidity health of any business. It is a manual and time-consuming process. However, with improved Payment Receipt and Credit Control processes your aged debtor’s analysis will be assigned to the past.

Typical Problems

Gaining an accurate picture of outstanding debt can be a challenge for businesses, this often comes down to two key issues: Firstly, delays in receiving invoice data from the sales teams. Secondly, delayed time in recognising a customer payment within the accounting system, either due to a lack of timely information from the bank or the amount of time it takes to manually reconcile payments to the original invoices.

If the organisation has multiple revenue streams across multiple countries, adding in complex multi-location team structures flowing into a central finance team; the data issues become exponential, with the effort and resources required to gather the data equally substantial, often resorting to spreadsheet exports and interrogation.

Solutions

A fully-integrated finance and payment solution that allows for the automatic creation of payment transactions and updating of the account status in real-time within the accounting solution.

Along with a wealth of standard reports, advanced reporting tools allow end-users to easily modify reports and present the information in user-friendly dashboards ensuring

Additionally, a wealth of reporting tools offers standardised and advanced reporting capabilities to track the key metrics through user-friendly dashboards and shareable automated reports ensuring accurate real-time visibility of any outstanding debt.

Benefits/ROI

A fully integrated cloud-based finance and payment solution provides a single platform to access real-time accounts information and status’ ensuring fully informed decisions at all stages.

With modern cloud-based solutions, there is less manual intervention required to chase debt, reduce day sales outstanding, and improve the cash flow position.

Powerful reporting tools and dashboards will give greater insight, allowing for deeper analysis of outstanding debt, to all key stakeholders across the business through both standardised and customised reporting options.

References

Example integrations include

• Salesforce > FinancialForce Accounting Collections
• Plaid / Bank Feeds
• Asperato / Stipe
• Einstein Analytics