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SOLID Business Automation Blog

3 Helpful Tips to Develop a Great Collections Process

Posted by Kirstin Sprenger de Rover

11-Jan-2018 09:00:00

A collections process is essentially designed to make sure your customers pay you (on time). A great collections process does this and more; giving you an auditable, reportable view on exactly who owes you what, and how long that payment has been outstanding for.

You shouldn’t count your chickens before they hatch, but you can (hopefully) rely on your payment system to foresee your company’s future metaphorical eggs, or payments.

We have “boiled’ it down for you and created a list of 3 helpful tips to develop a great collections process:

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Topics: Business Automation, Financials, Collections

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

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