Blogs

Checklist for your daily credit management challenges

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. The handy checklist below will help identify how you can shift focus onto maintaining strong customer relationships and ensuring the financial stability of your organisation. For instance: use software to your advantage, minimise risk of non-payment and lower your DSO and how to optimise your customer communication.

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Is Your Credit Management Futureproof?

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.

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How finance professionals make a difference in the order-to-cash process

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.

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Breaking BAD | A day in the life of an Onguard Collections Agent

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.

Digital transformation

Infographic | Data driven organisations

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.

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CEO and CFO, do you know your DSO?

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.

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Cash before breakfast | Why Cash Allocation is the top priority in your order-to-cash process.

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.

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4 ways to turbocharge accounts receivable

How can you speed up the accounts receivable process, while also reducing errors and improving cash flow? Read our four top tips.

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How to create the right dunning strategy for your organisation

Dunning, also known as collection management, is a vital process in credit control an allows businesses to be better prepared to overcome challenges.

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Making crucial decisions in times of crisis: should they be based on gut feeling or data?

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.

credit management strategy

5 key success factors for the smooth implementation of a credit management strategy

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.

Corona Crisis: Three Tips for an effective data-driven credit management policy

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.

specialised credit management solution

Data-driven credit management: four important considerations

Data and the insights that are derived from it offer organisations many benefits. Here are 4 important considerations for data-driven credit management.

Training

How to Increase Your Employees Productivity

Increasing productivity is not about working harder, but rather about working smarter. How do you increase employee productivity in credit management? 

Big Data trends

Using CreditManager alongside your existing ERP software for data exchange

How to use CreditManager alongside your existing ERP software to ensure efficient and accurate data exchange. Enrich your data with CreditManager.

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Q&A 4 | Why should I switch from Excel to credit management software?

In instalment four of our Q&A series, Debbie Staat, Manager Customer Success & Support, discusses how businesses can embrace the future of credit management technology – leaving legacy systems behind and investing in new software to help streamline processes and payments.

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Q&A 3 | How can i create an effective risk strategy within my order-to-cash process?

In the third instalment of our Q&A series, Daniel van den Hoven, VP of Partners and Alliances, discusses how businesses can implement risk-reducing measures to boost the likelihood of timely payments during turbulent economic times.

customer segmentation

Customer segmentation: how, what, why

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.

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Credit Management: tailor-made or one-size-fits-all?

Winning the heart of customers  – that is what it is increasingly about in these days of growing competition. The arrival of entirely new players on the market is making it tougher to stand out as regards products, services or pricing, for example. Companies are expected to make the difference in another way, that is, through the customer experience.

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MatchMaker: A new era for reconciliation

Within the finance and accounting departments of many businesses and organisations throughout the world, reconciliation is one of the most time-consuming tasks of the day. It is viewed as an arduous task met with sighs and resistance. It is the never ending and ever-expanding work load which entails matching invoices with payments.

Q&A 2 | How can credit departments help to strengthen customer relationships?

In the second installment of our new Q&A series, Cor Makkinje, Manager Professional Services, talks tactics on strengthening customer relationships to boost trust and increase retention through challenging times.

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Treat debtors the same as clients and open up a world of opportunities

It is essential to pay attention to a customer after they have placed an order and before payment is made. Often this is seen as a negative action, however it is really an opportunity to convey a sense of warmth to customers. Show what you stand for as an organisation and transform this experience into a positive one.

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Q&A 1 | How do I gain better visibility of my accounts?

In the first of our new Q&A series, Raymon van Viegen, CFO, Onguard, answers a query around how to gain better visibility of accounts in uncertain times.

Service Centre

How to ensure better results from credit management

For truly successful credit management, you must implement the right technology, processes and policies. So, how do you ensure you get the most from credit management software and processes? We’ve highlighted some key areas to get you started.

technology

4 tips to lower your DSO

How can companies avoid payment pitfalls and lower their DSO in times of economic uncertainty? Read our blog to find out 4 of our top tips!

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