As an entrepreneur, you naturally want your customers to pay your invoices on time. But how do you keep an overview of your outstanding items and how do you ensure that you can take action quickly if payment is not forthcoming? A good debtor management software can help you with this. In this blog we explain the benefits of linking your accounting package to your debtor management software.
What is debtor management software?
Debtor management software is a program that helps you automate and optimize your accounts receivable. With debtor management software you can, among other things:
- Send your invoices digitally with a payment button, so your customers can pay immediately.
- Automatically send payment reminders and dunning letters in your own house style.
- Make payment arrangements with customers who cannot pay in one go.
- Record all communication with your debtors in a file, for a legally strong position.
- View your outstanding items via handy dashboards and reports.
- Analyze and segment your debtor portfolio based on risks and opportunities.
- Outsource your collection process to a specialist party, if necessary.
What are the benefits of linking your accounting package to your debtor management software?
How do you choose the right debtor management software for your business?
There are several debtor management software providers on the market. How do you choose the best solution for your business? Here are a few tips:
– Look at the functionalities the software offers and compare them with your needs and requirements
– Look at the price and revenue model of the software and calculate what it will earn you
– Look at the connectivity with your accounting package and other systems you use
– Look at the usability and design of the software
– Look at the customer service and support offered by the software and read reviews from other users
Conclusion
Linking your accounting package to your debtor management software is a smart move for any company focused on optimizing its financial processes. By synchronizing data between these two systems, you save time, improve cash flow, increase customer satisfaction and reduce costs. Plus, you get better insight into your outstanding items, allowing you to take quick action to collect overdue payments.
If you are looking for a reliable debtor management software that you can link to your accounting package, CreditDevice is a good choice. With CreditDevice you can easily automate and optimize your debtor management, giving you more control over your financial situation. Want to learn more about CreditDevice and what this software can do for your business? Then take a look at our website and request a no-obligation demo. Our experts will be happy to help you!
Managing credit insurance with software
Finally, it is important to have good software to manage your credit insurance. PolicyManager is a tool that helps companies manage their credit insurance policies and avoid mistakes when working with them. PolicyManager offers convenience, speed and efficiency and is thus cost effective. It includes clear management reporting and performs actions at the touch of a button.
In conclusion, during economically uncertain times, such as a recession, credit insurance can help companies maintain cash flow, reduce their risk of default and increase their opportunities for growth and financing. However, it is important for businesses to carefully consider what insurance options are available and what practices they should implement to improve their credit management.
