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.

According to new research based on Pitchbook data released by London & Partners, and Innovate Finance, London has now overtaken New York in attracting the largest amount of fundraising deals for FinTech companies. The English capital’s FinTech sector attracted a total of 114 deals worth a record $2.1 billion in the first eight months of 2019. These figures further prove the strength of the United Kingdom’s thriving FinTech industry, which generates revenue of £6.6bn per year. But why does the UK stand at the top of the pile?

DISRUPTORS

There are estimated to be over 1,600 FinTech firms in the UK, and this is expected to more than double by 2030. When it comes to debt collection, FinTech debt collection companies, such as LATERAL, have revolutionised a formerly dated industry. And this is an important reason behind the UK’s winning position. By introducing vastly improved rent recovery rates and an improved business experience for both creditor and debtor as a whole, the debt recovery sector has continued to thrive.  

Another important statistic (released by The Department for International Trade in May of 2019) found that the majority of financial services CEOs in the UK (62%) believe that a focus on emerging technologies is “the number one driver that will separate high-performing firms from the rest”. And British digital tech companies are the most connected in Europe, “second only to Silicon Valley for international connections. 25% of entrepreneurs across the world report having a significant relationship with two or more entrepreneurs in London, compared to 33% for Silicon Valley”.

In 2008 only 12% of UK business were using cloud-based software. Yet now, only 11 years later, cloud computing has gone mainstream. Virtually all organizations (96%) use it in one way or another. Here we outline the variety of benefits that come from implementing cloud-based solutions to your business.

 1.     Scalability

Having a flexible approach to business operations is useful tactic. With cloud based computing your business can scale up, or scale down, to suit your changing circumstances. Cloud software is capable of scaling as the business grows, without needing to invest in additional expensive hardware to support that growth.

The debt recovery process is extremely important for any business. Bad debt can be devastating and have a huge impact on cash flow. Successful business need to harness a focused debt collection strategy, which helps them maximise their resources, reduce costs and save time. Here we outline some tips to maximise debt recovery efficiency:

1.    Collections Management

A comprehensive collection system is vital to keeping your company solvent. Advanced debt management systems, which include adaptable workflow generators, automated payment options, and decision engines, result in a more effective and customer-centred collections process. Recovery rates increase and costs are reduced.  

2.    Efficiently Monitor Unpaid Debt

It’s important for you to know when customers who’ve gone into arrears become solvent. The right debt collection strategy should focus on monitoring your debtor’s accounts, thereby ascertaining their ability to pay. If their financial situation has improved, you should be alerted to collect the unpaid debt.  

3.     Prioritise

Prioritization is an important part of any conversation around efficiency. And never is this more true than with debt collection. If you can identify those accounts with the highest payment potential, your collection efforts will improve. Lateral’s advanced decision engine tools gift you with a complete system, which prioritizes on your behalf, boosting your debt recovery efforts. 

So your firm has begun its search for attorney case management software. This is a decision which may have stemmed from a number of factors, and it’s not a decision to be taken lightly without research and an understanding of the specific needs of your firm. So you can be fully satisfied with your investment, here we offer some useful tips when searching for the best attorney case management software.

1.    Write Your Checklist of Features

A good starting point is to draft a list of features you believe your firm needs. It’s much better if you know what attorney case management software features you require, rather than software brands telling you what you need. Some common important features include: 

-       Automated document production and sending.

-       Document management.

-       Interest calculator.

-       Client reporting.

-       Cloud-based login from anywhere in the world.

-       Easy integrations via API.

-       Task and diary management.

-       The ability of the software to modify and grow with your firm.

In addition to drafting a list of features you believe are important to you, it can also be useful to prioritise them. This way you begin your search for the best attorney case management software with a clear idea of what your requirements are in terms of wants vs needs.

Economists estimate that UK SMEs are owed £2.3bn in outstanding payments. It’s a statistic that many business owners can relate to. Without the establishment of the right credit control processes, it’s very easy for late payments to have a large impact on business operations. And it’s certainly vital that your business gets paid on time. So what are the five most common credit control mistakes? And how can you avoid them?

1. You Don’t Chase Outstanding Invoices Efficiently

The average time large businesses wait for payment is between 53-55 days. And 20% of small and medium-sized businesses wait for more than 60 days to receive payment. This can have a huge impact on cashflow. So your business has to find effective and efficient ways to chase invoices. The credit control software engineered by LATERAL is designed to help business and organisations save on labour costs and boost their cash flow. Clients are given access to a raft of useful credit control tools, which help them effectively automate chasing invoices from their customers. LATERAL’S software also provides advanced insights, using artificial intelligence and machine learning.

2. You Fail to Check the Credit Ratings of New Customers

Of course customers are the lifeblood of your business, but those customers who fail to pay invoices, or are late with their payments, can have a negative impact on your cash flow. To reduce the risk of taking on customers who won’t pay, it may be prudent to carry out a full credit check – determining the behavioural past of any potential customer. If they have a strong credit rating they’re more likely to pay their invoices on time and be of benefit to your business.

The debt collections process has experienced a revolution in customer service in recent years. Technology has transformed an antagonistic pursuit into a cooperative one, which is consumer focused. Successful debt recovery requires a focus on customer experience. And here we outline ways in which you can improve customer experience as a means to streamline and optimize your collections operations.

1.    Keep Customers Updated

Communication should be at the forefront of all debt recovery.  And today people expect to be contacted via communication channels they’re familiar with. Digital-first customers inhabit an app-based world, and they want to address their delinquency in their own time. Gone are the days of calling customers who are past due; there are now much smarter and successful ways to communicate. LATERAL provides proactive notifications for collections, which enables its users to send payment reminders to customers across multiple channels – voice, text, email – so you can collect more debt, more easily.

2.    Be Clear Up Front

Outlining the terms of your agreement up front is a critical part of the process. When terms and conditions are written in small print, or VAT is not included in calculations, customers can become frustrated. By contrast if you can communicate clearly and quickly from the outset, levels of delinquency will significantly reduce.   

Case management solutions can help a legal firm manage their cases, their clients, and their business matters. Although case management solutions have been around for a while, many law firms are still failing to invest in them. But those that do see vast efficiency improvements, and enjoy multiple benefits in terms of running their case loads.

WHAT ARE CASE MANAGEMENT SOLUTIONS:

Case management solutions encompass multiple different areas of legal practice. However the following features are the major areas that a case management software system might cover.

• Case databases

• Time and billing management

• Contact management

• Calendar management

• Document production and sending

• Document management

Advanced case management solutions also include CRM (Client Relationship Management) and business development features. LATERAL’S case management solutions mean you don’t have to operate within the constraints of a separate CRM solution, and workflows can be created for prospecting and onboarding new clients.

If you’re looking to grow your law firm, bring in more clients, and more effectively manage your operations, then you should implement CRM (Customer Relationship Management) software. But how do you know which software is the best, and more importantly, which CRM will meet your needs? Here is a guide to help you in your decision process.

KNOW YOUR GOALS

When selecting your CRM software, ask yourself what your true needs are. There are many different CRM’s on the market, all offering slightly different features, but you need to determine what your goals are when it comes to CRM implementation. What will you be using the CRM for? To generate new business leads? To stay on top of referrals? Know what you want, and choose a provider who meets your specific goals.

CHOOSE A CRM THAT IS FULLY CUSTOMISABLE 

Again, you have to have invest in a software that specifically meets your needs. LATERAL’S CRM has custom fields and workflows that adapt to the way you work, and are designed to help your efficiency levels improve. The system is cloud based and secure. The custom workflows allow users to automate their practice, resulting in lower costs. LATERAL’s highly customisable CRM makes it easy for established firms, or newer ones, to easily transition to the next generation of advanced legal technology. 

The pursuit of debt recovery can be frustrating and time consuming. Telephone calls, letters, filing legal paperwork, and keeping track of data are labour-intensive tasks that cost time and money. But with the advent of automation, collection rates can vastly improve, and businesses can thrive by dramatically reducing the amount of time that needs to be invested in their operations. Here we outline four ways you can automate collections.  

1. AUTOMATE YOUR COLLECTION WORKFLOW

Workflow automation is technology that uses rule-based logic to automate the manual work of debt collection. By leveraging self-operating processes that run manual tasks, workflow automation can help you save time and money, diminish errors, and most importantly dramatically boost your productivity. LATERAL is process driven. Its automated workflows can be specified by its user, thereby debt collection processes are built according to your unique and specific needs.  

2. AUTOMATE PAYMENT OPTIONS

Today payment options can also be automated. Through 10 years of development, LATERAL’S software includes automated payment phone lines, SMS text payments, online payments via web portal and via barcoded letters, with all collection activities and results viewed in real-time via our online secure client portal. Why manage complex payment procedures when it can be handled for you?

Law firms are constantly trying to secure their place in an increasingly competitive market. But most firms are delayed when it comes to the acceptance of new technology – the very thing likely to keep them one step ahead of their competitors. Here we dive deep into why your firm needs attorney case management software, and how it can help you stay ahead.

IT HELPS YOU MEET THE EXPECTATIONS OF YOUR CLIENTS

If you want to meet the expectations of your clients, attorney case management software helps because it provides you with detailed information, quicker access to that information, and an overall increase in operational efficiency. Clients demand a lot from their attorneys, and LATERAL has been built with your clients in mind. Attorneys can create their own imports, reports, workflows, even data queries, bringing full visibility over the management of their client’s cases.

IT IMPROVES YOUR FIRM’S OVERALL EFFICIENCY

Efficiency is the backbone of any successful business. Attorney case management software provides its users with one centralised storage port for all their data, documents and information. Important documents will no longer be misplaced, and collaboration and communication is improved across the firm. LATERAL’S cloud-based attorney management software provides an extra level of efficiency to its users, since cases can be accessed and managed any time, and from anywhere. 

Once you’ve done your research and made some enquiries you may now have a list of prospective legal case management software options for your firm. But if you need help further narrowing this list down, one great tactic is to undertake the free demos that the software companies provide. This way you can get a real handle on their product and see if it meets your needs in reality.

Since this is an important part of your process, we’ve outlined a few tips, which should help you make the most out of the demonstrations on offer:

COME WITH QUESTIONS

Before you invest in a new case management system, you need to know if it’s going to meet the specific needs of your firm. You should know what aspects of the software system are important to you. And during the demonstration ask to be shown how these parts of the software work in reality. A useful question is: “how would I go about … ?” If you come to the demo prepared, you will get more from it.

Deciding to migrate to a new debt collection system can be a challenging prospect. If the implementation of the software isn’t carried out correctly, serious issues can arise which are time consuming and expensive to correct. Here we outline some tips regarding the best processes when migrating to a new debt collection system.

TRY BEFORE YOU BUY

Picking the right debt collection software is essential if you want to achieve better debt collection results. And the best way to ascertain if a system will meet your needs is to try it out first. LATERAL, an industry-leader in debt collection software, provides its potential users with a free demo. If a software company is truly confident in their product, they’re going to be delighted to show you what it can do.

THINK ABOUT IMPLEMENTATION AND ONBOARDING

The new debt collection system you’re interested in buying might be an incredible product, but that’s of no use if its users face implementation and onboarding difficulties. The swifter the implementation and onboarding process, the sooner you see the desired return on your investment. So this is an important consideration. You should have a clear communication channel with the software provider, and they should be able to answer any questions you may have about integrating the software. LATERAL is celebrated for seamlessly onboarding staff, and educating its software users on the ins and outs of their new system.

If you’ve made the decision to find an integrated software solution for your law firm, you’re already half way to success. The best legal practice software can streamline the activities of your firm, optimize and improve your processes, meet client needs and increase your profits. But what tips are useful when choosing the best legal practice software?

1.    Invest In An Integrated Solution

Legal practice software such as LATERAL provides a “cover all the bases” solution. It covers time and expense tracking, billing, accounting, and case and matter management. Look beyond the obvious needs that you believe you have when it comes to legal practice software, and consider all aspects of how your legal practice functions. Can the software you’re considering truly meet your needs? LATERAL offers both a built-in time tracking tool and integration with our legal time tracking partner eBility.  With these cloud-based tools, time can be tracked from anywhere while doing any task.

Unfortunately not all tenants are reliable when it comes to paying their rent, and the longer the outstanding debt remains unpaid, the less likely you are to collect the money you’re owed. Here we outline some useful tips for successful rent recovery:

ACT STRAIGHT AWAY AND IN THE RIGHT WAY

When a rental payment is overdue, it’s important you don’t delay and act upon it promptly. If you invest in rent recovery software you will no longer have to spend valuable time chasing the debtors for their rent, and you can focus on running your business instead. LATERAL’S omni-channel rent recovery software removes the need for frequent and uncomfortable phone conversations. Instead, automated correspondence via text, email and live chat, works on your behalf, to much higher levels of success.  

PAYMENT PLANS 

Payment plans are often a great way to pursue rent recovery. Approach the tenant and enquire if they can pay their arrears in installments, as this can be a useful way of getting things back on track. If you don’t propose a payment plan, then it is unlikely that the tenant will make the effort to clear the arrears.

Developments in machine learning (ML) and Artificial Intelligence (AI) are having a great impact on the debt collection industry. At its core Machine Learning generates predictive models using algorithms that learn from data. The idea is that if we can input enough useful and reliable data, we can build models which can make predictions on our behalf.

There are a number of ways in which machine learning can aid and improve the debt collection process:

Reduce Workloads

Collections departments place calls, send countless emails, and seek to work out payment plans — and very frequently none of the above activities translate into the successful recovery of debt. With ML this changes. Since tasks are automated, users experience higher productivity and less time spent on labour-intensive tasks.

Protecting Your Business Reputation

Since ML can automate communication, you know that all your business correspondence will be professional, methodical and unambiguous. LATERAL’S debt collections software provides its users with a non-intrusive, customer-driven point of engagement, which is proven to be highly successful.  

Legal case management software is increasingly popular today owing to the benefits it provides law firms. There are two types of software available in the market today. One is server-based legal case management software, and the other is cloud-based legal case management software.

Cloud-based software: hosted on the vendor’s servers and accessed through a web browser.

On-premise software: installed locally, on your company’s own computers and servers.

Both on-premise and cloud computing software may provide your business with the IT infrastructure it needs. However, when it comes to security, case management software that is cloud-based has many distinct and important advantages. And this is why Gartner predicts that cloud data centres will process 92 percent of workloads by 2020.  

Chasing unpaid debt can be a huge drain on your time and resources. It’s important to be methodical, determined and to avoid some common and obvious pitfalls:

• Not Having a Strong Relationship With Your Customer

It’s important to have an understanding of your customer. It pays to have strong relationships and good channels of communication. This way it’s much easier to chase overdue invoices and payments. Whether you’re a debt collection agency pursuing debt recovery, or a small business owner, you have to maintain strong customer ties. So avoid aggressive correspondence, or you run the risk of offending important clients.

• You Don’t Agree Terms Upfront

In order to effectively manage your cashflow it’s imperative that you agree invoice payment terms in advance. If you don’t agree a payment timescale you’re not prepared, and you’re unable to pre-empt cash flow fluctuations, which could have hugely negative impact. 

The debt collection landscape is always evolving. There is a growing influx of new debt, but today the latest technologies can enable a more successful debt collection process. Studies show that 60% of people prefer businesses that interact across multiple platforms, and this is what omni-channel debt collection software can provide. By pursuing your debt via email, text, WhatsApp, VOIP and live chat, as opposed to traditional telephone calls and letters, you gain better recovery rates, and are provided with a real opportunity to improve long-term customer loyalty. 

But what are some tips for successful debt collection by text and email?