Eight advantages of collections software

Jul 6, 2022

collections-software-advantages

Estimated reading time: 5 minutes

With iController collections software you don’t have to be strapped for cash ever again. Our platform has been set up in such a way that your company can collect outstanding invoices quickly and efficiently. 

This is ideal if you have to deal with large numbers of debtors and invoices, or if you want to get a lot of work done with a smaller team. 

What are the advantages of our debtor management software?

It is almost impossible to manage debtors well and efficiently without software specifically designed for the task. Good software for debtor management not only ensures faster payment of invoices but also saves time and increases efficiency for teams. It also improves customer relations.

iController software offers lots of features and possibilities that put efficient debtor management within reach.

1. Automating debtor management and the process

Repetitive tasks are common in debtor management. By automating this process, you can save a lot of time and focus on the really important personal contacts.

Using sophisticated procedures with different steps, meticulously tailored to your debtors, we automatically send reminders or formal letters. And following up is a piece of cake. It’s always easy to consult the customer history.

Thanks to our integration with print partners you can outsource the complete process of sending letters and registered mail, including feedback in iController.

2. Seamless integration with ERP and accounting software

The iController debtor management software works flawlessly with hundreds of ERP and accounting software packages. Open invoices are read in automatically every day, and conversely, we exchange all necessary data from iController. This way, you no longer need to keep track of data in two places.

3. A platform that gets better all the time

All communication starts from the same place. Whether it is you or a colleague. File history is immediately available. And by using notes you can always keep track of each interaction with a customer, also for more difficult cases such as disputes.

Moreover, the iController platform is continuously under development. For example, we are now making great strides in the field of artificial intelligence (AI), which allows us to support credit controllers with predictive prompts and recommendations. This could include predicting when an outstanding invoice will be paid, or which action has the most effect.

4. Smart workflows

By working with personalised action lists – rather than spreadsheets – everyone knows what needs to be done each day, week or month. Even if a colleague is absent, no debtors need to be forgotten.

5. Increase the likelihood of prompt payment

Offering a payment link or QR code in reminders and dunning letters, combined with different payment methods, increases the likelihood of quick payment. Or choose to process SEPA e-mandates quickly so that payments arrive even faster in the long run.

6. More than debtor management

iController is software that goes beyond the follow-up of debtors. We therefore prefer to speak of credit management, which includes credit risks.

The Policy Manager module, for example, allows you to retrieve credit scores and trading information from partners, and to assess risks better. With the Client Risk Scoring module you go one step further. With this, we combine external trade information with the payment behaviour of the customer and give the customer its own iController score.

With the dispute management component you follow up complaints very thoroughly in your organisation.

You also have the option of registering payment appointments and managing repayment plans. You can also very easily exchange all available information with a debt collection agency.

7. Reports

The ins and outs of your debtor management need not be limited to the credit controllers and other people working with it. Through reports, everyone in the organisation is aware of the figures that matter to them. And you can easily exchange the data with your favourite BI software.

8. Flexibility

iController software grows with your company.

  • Additional users? In a jiffy! 
  • New entities, companies or departments abroad? Add them easily and keep debtors neatly separated. 
  • New ERP or accounting package? There is a good chance that we already offer that link, so you are up and running immediately.
  • New language or currency? We support the most important languages and currencies. And even languages you might not have thought of at first…

What’s the best way to choose collections software?

Dedicated collections software is not necessary for smaller companies that only send out a few invoices every month,  However, if your organisation sends out a lot of invoices or if yours is a fast-growing business where all your cash flow is reinvested in the company, then high-quality software for debtor management and, by extension, credit management, is a must.

Good to know: iController always adapts the platform completely to your needs as a company. If you have a new office in a foreign country and you wish to let it manage debtor management separately, we can implement that. Many iController customers are active in different countries and already use our platform across borders, in the local language.

What does debtor management software give you?

More efficient debtor management will dramatically reduce your DSO (Days Sales Outstanding). This means that invoices are paid faster, resulting in a better cash flow and liquidity position for your business.

In addition, end users will spend up to 50% more time on more important cognitive tasks that require human interaction. 

And with targeted communication tailored to your customers, you always build optimal customer relationships, in the short and long term. 

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