How to collect debts? Why should a company use collection software?
Cash is the lifeblood of any business. Cash flow enables us to meet our obligations to suppliers and financial partners. Cash flow enables the payment of salaries and provides the opportunity to invest and develop the business. So it’s important to ask: how can I improve my company’s cash flow? There are several ways to improve cash flow and collect receivables.
Improve your DSO
To improve their DSO, credit managers need the tools they need to understand their customer risk. To achieve this, they need to be able to easily find all their customer information in a single place, in a single credit management software package that’s both simple and ergonomic.
The Credit Manager must be able to analyze the company’s performance finely and, above all, quickly. It must have the resources to monitor outstanding receivables, sales, DSO trends, the aged trial balance and the impact of disputes on cash flow in real time.
Save time: automate mail reminders
It’s crucial not to wait until an invoice is due to communicate with your customer, giving them the opportunity to express any difficulties they may have. Mail reminders are therefore essential for optimizing your collections, especially as they can now be automated.
And the benefits are many:
- Put an end to the high cost of mail printing services (maintenance, printing tools)
- You guarantee your dunning without the risk of error, omission or dependence on third parties.
- You save time for your teams by relieving them of repetitive, time-consuming tasks. This allows you to focus on high value-added tasks, and thus recover cash.
Send all your business documents, worldwide, directly from our platform, with delivery to the postal service in less than 24 hours for maximum productivity gains.
Return on investment for ASTON iTF collection software
Optimizing your accounts receivable enables you to bring in cash more quickly, avoid non-payment and immediately achieve a significant financial gain.
Aston iTF collection and reminder software brings you a return on investment (ROI ) and therefore immediate financial gain. This automates 80% of your collection actions and reduces your overdue receivables by 50%.
The cost of the platform is amortized within the first 6 months of use, for an overall financial gain from the 1st year of use.
- Improve your DSO by an average of 5 days immediately
- Reduce your overdue receivables by 50%.
- Reduce your financial expenses related to trade receivables by 50%.
- Save your teams time
- Limit the risk of non-payment
- Spend less time on time-consuming tasks and more time on value-added tasks.
- Collect your receivables faster
Advantages of ASTON iTF collection software
There are many advantages to using collection software to collect your receivables.
Benefit from a personalized TODO list of your collection actions and a history of your actions.
- This only applies to information requiring human intervention. Tasks are listed in order of priority. 80% of collection actions are automated. Work in a collaborative way, assigning actions to the right people and monitoring their completion. Share the collection status of each customer.
- Give everyone in your company access to a collaborative platform that contains up-to-date data and enables receivables to be tracked.
- Master and anticipate your customers’ payment behavior and use reminder scenarios and letter templates.
- Scoring, risk analysis, all your customer information in one place: DSO, customer account position, guarantee limit, internal credit limit, payments, invoices, dunning history, disputes, litigation, etc. In fact, e-mails are fully customizable, and you can also create dunning scenarios and mail templates. You’ll also be able to analyze your performance with DSO, your business dashboards at the click of a button, actual and overdue receivables, DSO, aged balance, impact of disputes and top 20 overdue customers.