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An accounting or ERP package can be used to perform many business and financial functions, but it is not nearly versatile enough to handle all facets of the credit management process or debtor management.
For example, with accounting software you can send payment reminders, including a copy of the invoice as an attachment, keep simple graphs and reports, and make notes.
Good debtor management goes further than that. Ask yourself the following questions. How do you deal with reactions and complaints? How do you switch quickly and easily between manual and automatic reminders? How do you ensure that you communicate with customers in an appropriate and pleasant manner? How do you optimise your teams’ workflows to maximise the collection result and reduce your DSO?
In this article we will take a closer look at the features of iController software. Features that have been developed over the years with the working day and workflow of the credit controller in mind.
Personalised communication with customers
In standard ERP packages you can normally only provide a standard text, which is the same for each customer.
In iController the reminder or dunning letters are at the level of the customer or a customer profile. In this way you communicate with customers in a pleasant and appropriate way. The basis for this is the segmentation of debtors. Moreover, we take the customer’s history into account, so that an action that proved effective in the past can be repeated, for instance.
Integration of different means of communication and payment
ERP packages and accounting software often provide rather rudimentary communication with customers, such as by e-mail and printed letter.
In iController the possibilities are far more extensive: besides regular e-mail, registered e-mail can also be sent. As for printed communication, you can choose between regular print, but also print by iController and registered print by iController. In the latter two cases you can send registered or unregistered letters directly from iController where a print partner takes care of the entire logistics (print the letter, put it in an envelope, register it and send it).
Added to which, it is also possible to communicate by SMS and WhatsApp.
We can also offer a lot of extra functionality in communication with the customer: not only the option to pay immediately with a button or QR code – we also offer customers the possibility to register a complaint, make a payment promise or request an instalment plan.
Traditionally, payment reminders are sent from the accounting or ERP package at fixed times, often in batches, such as once a month. Many reminders being sent out at once usually means a heavy workload, before and after sending.
Before sending, letters in a certain dunning status must be checked so that, for example, no letters are sent out with amounts that are disputed, or for which a commitment to pay was previously made by the customer.
But the heavy workload also extends over the following days and weeks, when the many reactions via e-mails and telephone put a heavy strain on employees. This process repeats itself the following month.
By working out and automating the dunning process completely in workflows, by drawing up procedures and working with a daily to-do list, the overview is maintained. iController distinguishes whether the document status is committed or in dispute, and can decide whether or not to dunning, depending on the settings.
Every employee knows what has to be done on certain days. The overview remains. Even if an employee falls ill, we can switch quickly and “the job” will not go unattended.
Register payment plans and promises
In the software, you can easily note that you have a payment agreement or promise with the customer.
If a particular arrangement or repayment plan needs to be drawn up, you can record this and automate it. This makes it crystal clear exactly what needs to happen at what time. For example, if a customer promises to pay within five days, the software will follow up on this and notify you if the payment has still not been made.
Invoice and document management
So don’t waste any more time looking for the right invoice or an e-mail address. You have access to all your invoices with a single mouse-click. You can immediately see which invoices have already been paid and which have not, with extra information about disputed invoices or payment promises.
Share invoices with customers and colleagues who – just like with payment reminders – can add a reaction or comment. Because both contacts and a copy of the invoices are integrated in iController, sharing is just a button-press away.
All communication in one tool
With our comprehensive solution you organise all communication in one tool; you enjoy proactive management and shorter communication lines.
Each e-mail communication with customers or internally ends up in iController, so that files are built up and can always be consulted. Notes are linked to a customer and not to an invoice. So even long after invoices have been moved to the archive, all the necessary information remains available.
Complaints about deliveries or invoices are at the root of many late or non-payments. The registration of disputes is often not well organised in accounting software packages. Following up and organising them is a challenge, which often involves a lot of emailing back and forth.
With our software, we detect disputes quickly and reduce turnaround time. For example, we give customers the option of identifying a complaint in a payment reminder. Together with the manually registered disputes, they end up in a specific workflow, where you can very easily follow up the complaint, share it internally with colleagues and communicate smoothly with the customer. And all this in one central place.
Reporting is often still done manually, with software such as Excel. Or the reporting possibilities are limited to a few basic figures, such as age analysis or the DSO (Days Sales Outstanding).
With good credit management software, you can create very diverse and comprehensive reports, and thus gain more insight into the customers and your own business processes.
Create dashboards from the reports and decide who to send which report to and how often. Give other people access to all reports or limit their access to a few specific reports.
In addition, enjoy full integration with BI tools. Our API provides a link to any BI system.
Our advanced risk management module provides access to trade information and data from credit insurance companies. In addition to this external credit score, we also integrate an extra variable into the risk score: the customer’s specific payment behaviour towards your company.
This gives you insight into the potential risk behaviour of your customers and you are constantly updated on their risk profile – based on actual figures and formulas.
Procedures can then change as a customer’s risk level changes, and be adapted depending on the customer’s profile and personal preferences.
A perfect match
With iController software for debtor management and credit management, your company gets the perfect complement for your accounting package or ERP system and you take the step towards more efficient and automatic debtor management. Do not hesitate to contact us for a demo.