Automatic dunning and debt collection software, Aston AI, a solution for your accounts receivable management.
Debt collection and the implementation of software for automatic customer reminders are two major issues for most companies. Today, around 50% of companies manage their receivables manually. Isn’t this paradoxical, when you consider that customer receivables generate the lion’s share of cash flow? Within a company, it is common practice to work with daily work management tools. CRM and ERP systems are becoming increasingly commonplace. Why not start using automatic customer reminder software? By going digital, credit managers can automate all their time-consuming and repetitive tasks. They will be able to free up their time to work on more strategic issues. What better way to have a greater impact within the company?
Why use automatic dunning software?
According to PayStream Advisors, collection teams spend 30% of their time creating priority lists of customers to contact, and finding their contact details. Generating cash faster, anticipating the risk of late payment and avoiding non-payment are the challenges facing credit managers.
Thanks to the use of customer reminder software, it is possible to implement preventive actions. This is one of the keys to saving time. By being better organized thanks to the automation of actions that can be automated (intelligent pre-releases based on good payers, small amounts, etc.), the credit manager will see a reduction in the DSO of his customers. Using customer reminder software is also an opportunity to improve communication between sales and collection teams, making it easier to follow up on reminders and disputes. This centralizes information in a single location, providing 1-click access to pdf invoices, customer information and e-mail exchanges. This is an advantage for the credit manager in managing his day-to-day work. It’s also a benefit for sales staff, who can improve their relationship with customers.
How to choose your automatic dunning software?
It’s essential to take a close look at what’s on the market before choosing your customer dunning software. In fact, there are many different offers to choose from. You have to ask yourself “what makes sense in my job”. Perhaps reminder software that combines intelligent scoring with a personalized scenario will be more relevant. Being able to segment your customer portfolio according to common characteristics will enable you to write convincing e-mails. It is therefore essential to be able to equip yourself with reminder software, which will be even more effective if combined with a prevention module fed by business dashboards.
This automatic dunning software should also offer a solution for managing disputes, which are responsible for over 35% of older invoices. Good traceability and a good collaborative workflow around disputes will lead to better dispute resolution and faster cash collection.
Based on outstanding customer data, the collection solution can also offer you real-time analysis and scoring of your customers’ payment behavior. Not just based on your customer’s financial health, but on their payment behaviour towards you. This scoring, linked to pre-defined reminder scenarios, means that customers can always be reminded according to their actual payment behavior.
What are the benefits of using automatic dunning software?
The daily use of automatic customer reminder software is not a replacement for your current team or tools. It will manage some of the actions that can be automated. Credit managers have a real role to play. They need to be able to free up their time to help sales people and work on a strategy for optimizing customer receivables.
More and more people are talking about cash culture or order-to-cash. The number 1 objective of companies is to increase sales and be able to invest to be more competitive. One solution is to get customers to pay as quickly as possible. So why wait until tomorrow to invest in dunning software?