Receivables management software: 5 reasons to buy
Improve DSO and reduce payment times
Contribute to improving WCR. Customer feedback on collection software shows a 10-20% improvement in DSO (depending on the initial gap versus BPDSO) and a 30-50% reduction in late payments. This improvement generally stems from several optimization axes: better performance analysis, better targeted and increased reminders thanks to automation, and stronger team focus on critical files thanks to the time freed up by task automation.
Analyze performance better and faster.
Building and managing business dashboards is often time-consuming for companies. However, these dashboards are essential for analyzing and sorting data to better identify possible areas for improvement (a specific geography, product, agency, customer segment…) and thus define the most impactful and relevant action plan for your DSO.
Better manage and measure customer risk
By consolidating multiple sources of information, building a score that takes into account your own history, and making it easier for you to assess the appropriate credit limits.
Working together to create a shared cash culture
Share a common platform, efficient collaborative workflows and the same indicators, to create stronger governance and buy-in.
Automate collection, credit insurance and financing actions
Depending on the context of each company, the tasks to be automated will be distinct, but the productivity gain is very significant. The time saved can then be focused on customer satisfaction and priority actions. [/vc_column_text][vc_empty_space height=”25″][vc_empty_space height=”25″][vc_column_text el_class=”orange”]
5 questions to ask when choosing your collection software :
- Implementation times. Is your collection software available online immediately? Here again, there are many disparities on the market, with most solutions requiring a specific project and long lead times ranging from a few weeks to several months. Today’s modern solutions can be implemented…immediately, and offer a free 1-month online trial (freemium). So you avoid lengthy it or tender processes. Use and compare collection and credit management software – it’ll be much faster and more efficient!
- Offer flexibility. The solution adapts to you, not the other way around. Can you modify customer portfolio criteria in just a few clicks? Add, delete or modify a reminder scenario in less than a minute? Decide to change a mail template, modifying it as you wish? Declare a dispute about a part or a customer?
- Dashboards. Does the solution offer easy-to-use and easy-to-implement dashboards ? Do they allow you to analyze performance at different levels of your organization? At group, subsidiary, branch, regional, customer portfolio, sales or other level, depending on your organization.
- Hidden costs. It’s essential to check what is and isn’t included in the quoted price, for example, major updates, the cost of hosting, the price of the infrastructure, the cost of data extraction licenses to connect to your IS, access to a hotline, price evolution factors, but also aspects structuring the customer’s position, namely the integration of the platform with the ecosystem: credit insurers, factors and other stakeholders. In some cases, these hidden costs can add up to more than the initial cost presented.
- Cloud and SaaS: To meet all these objectives, it’s essential to choose a solution that’s 100% SaaS (license including all costs and services) and Cloud (available online and secure). SaaS also means the right to make mistakes: if you’re not satisfied, you can cancel your subscription at the end of the term and switch to another solution.
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