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SOLID Business Automation Blog

What is Debt Collection Software?

Posted by Annette Gardner

12-Jan-2017 08:30:00

Debt collection software transforms your monthly 3-day ‘find the spreadsheet, update it so it’s accurate(ish) and then try and contact everyone..nicely’ collections trauma into an effective, instant and reliable mechanism for managing debt recovery.

Debt collection software manages your entire debt collection process. It starts with your database and a list of overdue invoices. It then matches money coming into those invoices and if an invoice remains unpaid for a specified amount of time, the ‘debt collection’ process begins.

And this is all done automatically. (Hurrah!).

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Topics: Definitions, Financials, Bad Debt, Collections, reporting

Five Signs that your Complex Financial Processes Need to be Simplified

Posted by Charles Musto

24-Jun-2015 09:25:05

The "last mile" is a term used in the telecommunications industry to describe the technology used to provide the last mile of connectivity between the service provider and the customer.

Similarly, the "last mile of finance" is an analogous phrase, made popular by Gartner, to describe the business processes followed by the finance department in a business, to produce financial reports when closing-off a financial period (usually monthly, quarterly or at financial year-end).

Much like the complicated last mile of telephony, the last mile of finance is also paved with many complex financial processes for routine accounting functions. In today’s fast-moving and competitive marketplace, it makes no sense to waste time and resources on these recurring tasks that could easily be automated. So let’s take a look at five signs that suggest that your financial processes are too complex and should be simplified.

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Topics: Bad Debt

3 Key Elements of an Effective Collections Process

Posted by Annette Gardner

08-Oct-2014 08:00:00

The best way to avoid bad debt is to adhere to a simple yet fundamental collections practice - keep the account good. But exactly how to do this is a challenge that businesses face on a daily basis.

So if you're wondering, "How do I set up an effective collections process?" We can help. We've combined some of the most successful strategies we've seen with advice from our own Financial Manager, Nadine Wong Ho, to build the following 3 key elements.

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Topics: Benefits, Advice, Statements & Invoices, Bad Debt, Collections

Issuing Statements can help reduce bad debt - here's 3 reasons why

Posted by Annette Gardner

28-Aug-2014 11:38:00

No one likes getting bills, it doesn't matter if they are delivered via text message, email or post. But in our experience, businesses dislike bad debt even more.

Debt that goes bad becomes unrecoverable. This happens when your customers may be unable to settle their accounts for various reasons e.g. poor cash flow or liquidation. Debt can also become bad in a scenario where it will cost the creditor more to collect the debt than the debt is worth.

Bad debt becomes an expense on a business's income statement and, if left uncontrolled, can have a significant impact on net profit.

One tool that businesses can use to enhance their collections process is statements.

"But I already send a bill out to my customers!" I hear you cry. Of course, you invoice your customers monthly, weekly or bi-weekly for services rendered. An invoice however performs a different function to a statement.
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Topics: Financials, Statements & Invoices, Bad Debt