As a business, you need to handle a great variety of tasks. Enterprise resource planning – also known as ERP – helps you manage all your core business processes from one single application. A great solution to make sure all departments are aligned and using the same system. But, when one tool is able to do a lot of things at once, it rarely does any of them really well. You simply can’t beat specialist software for certain business functions. We believe there is a lot to be gained by integrating your ERP with a credit management software to handle your order-to-cash processes.
Why only an ERP doesn’t cut it
Order-to-cash (O2C) is a complicated process and to manage it successfully, you need different tools: dunning, chasing up payments, negotiating terms, managing data, processing accounts receivables, the list is never ending. To manage these tasks effectively you need credit management software that can automate the process while still offering tailor solutions. The Visma | Onguard credit management system is a wonderful tool that you can use alongside your existing ERP system. It doesn’t replace your ERP credit management: it simply enhances it, allowing you to have more effective tools at your disposal without interfering with the system the rest of your company uses.
Enhance your ERP with Visma | Onguard
Adding Visma | Onguard to your existing ERP enables you to enjoy the benefits of a standardised system with the added functionality of specialist credit management software.
A few highlights of features that Visma | Onguard offers:
- Segmentation – Your customers aren’t all the same, why treat them like they are? Segmentation offers you the chance to tailor your approach for dealing with different groups of customers. By tracking customer habits, you can use that information to achieve positive communication and faster payments.
- Automated dunning – Traditionally, dunning letters are sent out once a month. Preparing dunning letters can be a time-consuming task, especially if your business has a high volume of customers. This can lead to delays in payments. The Visma | Onguard credit management system automatically creates dunning letters as soon as payments are overdue, resulting in more accurate and quicker dunning, which also helps to reduce DSO.
- Role-based dashboards – Storing information about businesses is something your ERP probably does very well on its own. However, not all data is relevant to your credit management department and dunning processes. We’ve designed role-based dashboards to display only relevant customer information on your screen so you can access the right details more quickly.
- Automated cash allocations – Allocating payments can be a time-consuming task. Payments may come in from a variety of sources, customers may not include the right reference numbers, and payment amounts sometimes don’t match the outstanding balance. Visma | Onguard’s Cash allocations functions help speed up the process of this jigsaw puzzle immensely, matching invoices to payments received and recording all the useful data automatically.
- Automatic data capture – Automatic Data Capture allows the credit management software to automatically collect significant amounts of useful data, making sure data entry is flawless and quick and devoid of human error.
- Advanced reporting – Your data is a great source of valuable information. Advanced reporting gives you many insights at the touch of a button, such as customer paying habits, the credit management team’s performance, and the company’s finances. On top of that you can incorporate historic data into your reports, giving you a better understanding of long-term trends.