Credit management offers many hidden opportunities. The good news is that credit management does not have to be rocket science. Do you want to achieve faster payment of your invoices and strengthen your customer relationships? The right software will help you to enhance efficiency and gain maximum insight needed to achieve your goals.
Since a change in interest rates could affect whether or not your customers are able to pay their bills, interest rates are a risk factor that may need to be considered when extending credit or chasing up invoices.
It turns out that AR is something that technology is really good at. Sorting through hundreds or thousands of invoices, and matching up data is a something of a speciality of computers – so why not let them do all the hard work for you?
In a bid to help the cash flow of small businesses, and reduce the number of outstanding payments across the country, some of the biggest suppliers to the UK government have committed to paying more invoices on time.
In this fast-moving digital world, innovations are happening all the time. Logistics and delivery systems are becoming increasingly automated with everything from robotics to self-driving vehicles. Today’s businesses will need to keep up with innovation – and this includes the O2C function.
Unless you only have a handful of clients, it’s probably not practical to build a truly personal relationship with each of them. That’s where data – and software designed to cope with large amounts of it – comes in handy.
Calling your clients and confronting them with invoices that have not been paid can be hard. But in some cases we have to face the facts: the client just isn’t planning on paying anytime soon – if at all.
The European Commission has launched a new online tool that offers credit management professionals access to data across borders. The data available can help companies to determine whether a potential business partner is dependable.