For your business to operate smoothly, it needs cash. In other words, you must manage your accounts receivables effectively. This is where a accounts receivable software solution comes in handy. Also known as a debt collection software, an accounts receivable software solution is simply a computer program that you can use to track your debtors and manage your entire debt collection process. Some of the important to consider when choosing such a solution include:
User Types
In a typical business, accounts receivable is more than just an accounting function. For this reason, you should choose an accounts receivable program that allows multiple users to not only send, but also manage invoices. For instance, if your customer service representatives have access to the software and all the necessary information, they can help with debt collections as they interact with customers.
Integration
One of the easiest ways to improve the efficiency and accuracy of your debt collection process is to keep all your debtors’ information in one location. To put it another way, choose a system that would be able to integrate with your existing business system including your CRM system, email, ERP/accounting system, and other critical business applications.
Invoicing Options
Choose a system that would allow you to email invoices to your customers. What’s more, a system with an online portal would allow your customers to view and pay their outstanding invoices online via ACH or credit card payments, making the entire process convenient for your customers.
Automation
Go for a debt collection solution that will allow you to automate all the most time-consuming activities that you have to perform on a daily basis such as prioritizing debtors, payment reminders and escalation of credit issues. Because some debtors may require more time and effort than others, choose a solution that would allow you to define automation by different parameters, allowing you to create different workflows for different groups of debtors.
Invoice Details
Ensure you choose a solution that would allow you to include all the information you would like to include on your invoices. If you have customer who require custom invoices, choose a solution that would allow you to create custom invoices and save them as templates.
Alerts and Notifications
Alerts and notifications are some of the vital functions of an accounts receivable software solution. To ensure you take immediate action, go for a software solution that will alert you immediately an important event, such as a broken promise, happens.
Conclusion
Some of the important factors to consider when shopping for a debt collection software solution include alerts and notifications, invoice details, invoicing options, automation and user types.
