A complaint handling procedure as part of your dunning strategy is essential. The quicker a complaint is picked up and resolved, the happier the customer becomes, resulting in a faster-paid invoice.
It is important to know how to create a successful business case to justify the expense of new software and ensure it delivers true value to an organisation. Carl Lancaster, Head of credit management at Peninsula, shares his experience with implementing Visma | Onguard’s CreditManager and the importance of a clear and organised business case.
Order-to-cash (OTC) is a complicated process, and to do it successfully, you’re going to need a lot of different tools at your disposal. ERP in conjunction with credit management software improves cash flow.
The need to adapt to new technologies such as automation and artificial intelligence (AI) has taken on a new significance, along with a renewed focus on solution-driven technology. But exactly how crucial will these new technologies be in 2021? Onguard predicts the year ahead.
As a finance professional your day can quickly disappear thanks to common issues and repetitive manual tasks, such as cash allocation. Leveraging technology to solve these as quickly and efficiently as possible allows you to engage in more challenging tasks. In order to set up the order-to-cash process effectively to achieve this, it is important that you follow some key steps. This infographic will help identify how you can shift focus onto maintaining strong customer relationships and ensuring the financial stability of your organisation.
Leniency measures? With these practical tips, you can keep the number of days that invoices are open low, even in times of crisis.
With remote working set to continue for many finance departments, how can digital tools help bring remote teams together and ensure team efficiency during this period? Read the blog for more insights.
Even with the influx of new technologies flooding financial industries, the finance professional’s role is indispensible, especially in times of crisis. Read the blog for more information.
An Enterprise Resource Planning (ERP) system is a powerful tool for credit management and most companies, of all sizes, are now implementing ERP, according to a recent report. However, whilst an ERP system has many benefits, the majority of these systems are less innovative and flexible than specialist software. They also don’t offer the same level of personalisation and functionality. As a result, during these uncertain times, in particular, using an ERP on its own can put credit managers at a disadvantage.
Covid-19 has forced the world to adapt to a new normal. For finance teams this means shifting some of their focus from long-term growth to chasing payments that were put on hold earlier in the pandemic.
Much of 2020 has seen businesses turning to digital transformation to ensure business continuity through the pandemic. With the current lack of certainty, finance teams must now focus on future-proofing their credit management. Having always been a key component, good credit management is now critical to business survival in these uncertain times. This must start with the right data.
In finance departments, intelligent software tools and robots are already partially or fully running repetitive actions. This does not however imply that the finance professional is surplus to business requirements. In fact, the finance professional will continue to remain indispensable and their role could even become more important than ever, with robotic process automation (RPA) freeing up their time to be spent on additional, value-adding tasks. This will become ever more crucial, with their workloads increasing due to the current uncertain landscape caused as a result of the Covid-19 pandemic.
Andy Bass takes you through the day in the life of a Collections agent. He provides insight into Onguard’s CreditManager and how it helps users minimise their BAD – Big Aged Debt.
The more insight a company has about its customers, the better it can assess their needs – and the more informed its actions will be. Onguard interviewed over 1,000 UK finance professionals to investigate how data-driven organisations are.
Know your DSO, especially in these ‘new normal’ times where your cash conversion cycle could mean the difference between survive or thrive for your business. Read our blog and find out how to track and utilise your DSO to your business advantage.
Companies that have adopted advanced cash allocation systems utilizing AI, RPA and machine learning techniques can complete the daily cash allocation task within minutes or hours rather than days and sometimes weeks. This enables their allocation agents to start the day with a collections book that does not contain scheduled calls to chase overdue debt that has already been paid.
How can you speed up the accounts receivable process, while also reducing errors and improving cash flow? Read our four top tips.
Dunning, also known as collection management, is a vital process in credit control an allows businesses to be better prepared to overcome challenges.
How can companies mitigate vast levels of unknown risk? Finance departments play an important role here: using facts, figures and in-depth analysis to determine which risks are worth taking, which investments should be made and which should be avoided. Data is an essential part of the process.
An ineffective credit management strategy can impede a business’ growth. Therefore, it is crucial to ensure the smooth implementation of a credit management strategy. This blog lays out 5 key factors to make sure your business makes this happen.
As a credit manager, right now your biggest priority will be ensuring that your invoices are still paid so you can maintain cash flow and ensure your organisation can continue to operate. In this blog, Martin de Heus shares three tips to ensure you rise to the top of your customers’ payment lists.
Data and the insights that are derived from it offer organisations many benefits. Here are 4 important considerations for data-driven credit management.
Increasing productivity is not about working harder, but rather about working smarter. How do you increase employee productivity in credit management?
How to use CreditManager alongside your existing ERP software to ensure efficient and accurate data exchange. Enrich your data with CreditManager.
It is easy to underestimate the value of data you have on customers. But in fact, it is the best way of building up a solid profile of your customers that can have a major impact on credit management.