Increasing The Efficiency Of Business Credit Management With Software Solutions
Business Credit Management Software
The difficulty of properly managing business’ credit and finances can greatly be alleviated through the use of purpose-built Softwaresolutions. Properly leveraging software tools allows business of any size to protect their assets, increase profitability, and maintain outstanding customer relationships while they manage the receipt and creation of invoices, account reconciliation, and client payments.
The order to cash process is pivotal process for both customers and the business, creating visibility and an audit trail that can make the entire process more efficient. When the process is incomplete, it can lead to frustrated customers, unrecovered payments, and long-term product or service dissatisfaction.
Business credit management tools can define the entire process, from creating invoices and payment schedules, to automatically collecting that information to properly reconciling account details and processing payments through banks.
Step-by-Step Guide:
1. Prepare: Before automatically collecting customer payment information, you’ll first want to ensure the proper data is available for the software to accurately gather and process. Some of the items you’ll want to have ready include: customer payment information, customer credit history and ratings, payment terms and conditions, product or service pricing and discounts, as well as invoicing, shipping, and delivery information.
2. Billing: With the data preparation out of the way, the software will be ready to automatically generate detailed invoices that properly reflect the product or service pricing, discounts, delivery and payment terms, and taxes due. This can be presented to customers both electronically and in physical form via email, fax, or in standard post. The software can also collect customersignatures for further protection.
3. Collect: Once customers have received and accepted the terms and conditions, the software will then be automatically to create payment schedules for customers. From here, you can accept payments via credit cards, direct debit, web payments, and through many other forms. The software can even send due dates and payment reminders to customers as payment scheules approach their due dates.
4. Reconcile: After customers have submitted their payments, the software will automatically reconcile the accounts to ensure they are properly balanced. This can include validation of customer login information, bank accounts and deposits, as well as checking incoming payments with the transmitted invoices to verify the payment submitted is equal to the one on the bill.
5. Approve and Process Payments: From here, the software can help you and your team easily approve incoming payments and process payments to suppliers, vendors and service partners. Payments and reconciliations will conveniently appear as records on the software.
Conclusion
Business credit management Softwaresolutions can take the hassle out of managing business’ financials, payments and credit. The Softwaresolutions are built with the goal of giving business of any size the power to quickly create, send and collect automated invoices, and then ensure those invoices and payments are properly reconciled. This automates the process, leaving more time for the business to focus on other areas.
