If you’re looking to improve the efficiency of your debt management, there are a wide range of credit control software apps to choose from. But which app is best suited to your needs? And how do you know which features to look for when reviewing the market?
Here’s our overview of the best way to evaluate credit control software, so you opt for a solution that provides the most valuable functions, tools and efficiencies for your company.
What does credit control software do?
Being in control of your debt management is vital for any business. What credit control software does is help your finance team get more proactive, and more organised, around the management and chasing of outstanding invoice payments.
In most instances, your credit control software will link to your main company accounting system, giving your credit control app access to the most up-to-date financial data regarding sales made, invoices sent and payments that are overdue.
What are the benefits for my business?
Fintech apps are creating a paradigm shift in how businesses function, and credit control software is a key area where integrated apps can add significant value in a short space of time – and with limited input and time-commitment from your finance team.
If you’re currently reviewing your late payments and aged debtors using an Excel spreadsheet, you’ll know what a time-consuming and ineffective manual task this can be. Using a spreadsheet to measure business numbers is out of date – what’s needed is a real-time, interactive way to track and manage those important debts.
Extend the benefits of using cloud accounting software to your credit control function, allowing you to make the most of the key advantages of controlling your finances online in the cloud. Some of the main advantages of a dedicated credit control app will be:
- A real-time view of the company’s outstanding payments
- An easy way to prioritise debts and the chasing of late-paying customers
- Automation of the key credit control processes.
Features to look for in your ideal solution
So if you’re keen to make the most of the additional value that credit control software can deliver, how do you go about choosing the right product from the marketplace?
We’ve highlighted a few of the key features to consider:
- Real-time integration with your accounting software – your credit control software must be able to pull your important financial data through from your online accounts. That direct link allows the app to display real-time debt information, based on this financial data. Check that your app integrates with your current accounts platform.
- A clear view of invoicing and aged debtors – it’s important that your software can easily display the status of invoices (sent, due, or late) as well as information on which customers have aged debts against them (and how much they owe).
- Smart AI prioritisation of your debts – artificial intelligence (AI) is working its way into many fintech apps, so check whether your credit control software can provide smart ways to prioritise your debts and proactively highlight late payment issues ahead of time.
- Helpful reminders and notifications – having push notifications in the app is key, allowing the software to send notifications to your finance team when a payment is overdue, or flag up a reminder to make a credit control phone call to a customer.
- Automation of debtor chasing and client communication – automation of the credit control process is a huge time-saver for the business, and allows you to set up automated (but also customised) email chasing messages to late payers.
- Consolidation with your cashflow software – combining credit control with cashflow management allows you to control both functions in the one app. With cashflow data linked to your accounts, you give your finance team the most up-to-date view of aged debts, as well as clear insights into the impact on your cashflow.
A smart solution to debt and cashflow management
Fluidly is a smart cashflow engine that combines the key elements of credit control alongside the cashflow management.
Having a transparent view of both debt and cashflow puts your finance team in the most insightful position possible – allowing you to spot the issues, take action and keep the company’s cash in a positive position.