The success of a business is critically linked to its liquidity. And successful management of the debt you’re owed can be the core measure of your company’s solvency. Debt collection software and debt recovery software provide an opportunity for your businesses to manage and recover debt, thereby improving your cashflow – the undeniable lifeblood of your business. Here are the reasons that prove why you need debt collection software.  

1.   You’re Wasting Time

Automation stands behind so many thriving businesses. A fine-tuned automated collections process, which harnesses the power of advanced software, provides you with the tools to make critical decisions, formulate efficient responses and analyse your company’s weaknesses. While your employees spend hours building and inputting spreadsheets and making phone calls, instead you could enjoy the benefits of an automated collections process, which saves you time and saves you money. As an example, LATERAL manages your entire debt collection and debt recovery process - automated payments, arrears notifications, and the control of letters, calls and texts using omni-channel communications. As a result, your valuable labour resources are freed up, and that saved time can be invested in building your company.  

2.   You Rely on Disorganised Spreadsheets

Disorganised spreadsheets are not an effective way to manage or analyse your debt. In fact they’re an inaccurate and ineffective way to track the financial solvency of your company. Debt collection software provides its users with a firm footing from which to make important (and highly accurate) financial decisions about their company. A highly efficient, automated and paperless collections process is much more efficient than a nightmarish system based on chaotic spreadsheets, which are challenging to analyze and always slow you down.

3.   The Data You Have Is Inaccurate

Many businesses possess outdated data and information on the debtors they’re pursuing. Accounts are sometimes filled with erroneous information, inaccurate payment statuses or a balance that isn’t up to date. These data errors are often the product of human error, or of a system which is wholly ineffective and inefficient. Debtors will become frustrated if they’re chased about payments they’ve already made, and your customer service reputation can take a powerful hit. Automated debt recovery software, and automated debt collections software minimizes human error and seamlessly helps you to accurately keep track of all your customer’s data.

4.   Your Customer Service Could Be Better

The customer experience should be the focus of your business. And an advanced, automated debt collection process will have a strong and positive impact on both your reputation and your ability to regain the debt you’re owed. Debt collections software and debt recovery software, such as LATERAL, designs a communications process on your behalf,  by using an advanced omni-channel communication system (including SMS, WhatsApp, Email and Chat). This means you can deploy more effective correspondence via these multiple channels. Aggressive calls are dropped in favour of scheduled, clear, fair communications using channels your customers are familiar with, and they’re more likely to respond to.

Managing the cash-flow of your business is a critical fundamental. If you’re tied down by tedious, labour intensive tasks in pursuit of debt collections, get in touch with Lateral to see how we can improve and streamline your collections process.