The automation of a company’s credit control process can provide them with a significant advantage over their manually-inclined competitors. Workflow automation not only establishes accurate debt chasing, but also can automatically notify appropriate personnel of impending deadlines and important dates. These procedures have a huge impact on credit control, and therefore cash flow.

AUTOMATION BENEFITS

One great benefit of credit control automation is how the software tightens and controls credit limits and overdue invoices. Labour costs are significantly reduced when the software steps in and eliminates the need for employees to carry out these tasks. There are many benefits of credit control automation, but here are our top five:

1.    The automation of the creation and delivery of letters or electronic communications around your ideal process.

2.    Automated generation and distribution of all credit control communications, which align with your company’s rules and procedures.

3.    Instant oversight – since the software monitors and enforces credit control procedures, it saves on valuable resources.

4.    Credit limit workflow automation processes, which mean all decision makers are consulted before key clients are communicated with or have their status changed.

5.    An improved company expense management process.

WAYS YOU MAY WEAKEN YOUR CREDIT CONTROL PROCESS

When it comes to credit control, your employees are arguably your most important consideration. Entrusting certain procedures to your labour force is fraught with risk, and leaves you open to human error, which can be costly. Humans take holidays, become ill, and they make mistakes. Further, the inconsistency of retraining new personnel in the minutiae of manual processes will, overtime, dilute the efficiency of your business operations, and you will ultimately lose money. By contrast automated credit control software is reliable, accurate and is a much more sensible system to establish.

HOW CLOUD CREDIT CONTROL SOFTWARE CAN HELP

Cloud-based credit control software can help a business save time, save on labour costs, and boost its cash-flow. It provides automated tools, which means the chasing of payments is made more efficient and effective. It also offers company’s useful insights as a means by which to make better decisions about granting credit and chasing payments. Automated credit control software is for those businesses who place importance on their credit control processes. They want to switch to maximizing the time and effort of their employees by chasing the money they’re owed in the most efficient manner possible.

WHAT ABOUT AI AND MACHINE LEARNING?

The most cutting-edge credit control software is powered using Artificial Intelligence (AI), which has revolutionized the credit control process. Machine Learning (a subset of AI) is applied within the software to identify credit risks more quickly and more accurately.

LATERAL’S automated and adaptable credit control software corresponds through letters, emails, SMS and Chat. If you want your resolution rates to increase, GET IN TOUCH.