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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

The Best Processes to Automate for a Financial Professional

Posted by Annette Gardner

03-Mar-2015 08:14:00

More and more businesses are realising the benefits automation can bring them and their core departments such as Operations, Support, Marketing, Sales, and of course, Finance.

For a time-starved financial professional, the best processes to automate are those that significantly reduce time spent on repetitive processes, ensure revenue leakage is minimal, that finances are transparent and customer satisfaction is high.

In this post we’ve picked out which are the best processes to automate to achieve these goals.

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Topics: Financials, Automation Feature, Financial Professional

4 Typical Finance Processes that can be Automated to Save 'Mega Time'

Posted by Annette Gardner

17-Sep-2014 13:45:00

Saving 'mega time' is a pretty big promise - and is certainly something that grabbed your attention if you’re reading this post. Continue on though dear reader - you will not be disappointed.

Automation really can save you mega time.

In fact, we've been able to help a customer of ours reduce their receipt allocation times from 48+ hours per month to a little over 4 hours through auto-allocation.

'Automation' however doesn’t always have to be a software package or custom development work. To be effective, all you need to do is alter your processes to remove manual bottlenecks and voila! Time savings. Even if you're saving 2 mins here and 5 mins there - those all add up and before you know it you’ve got some mega time on your hands to focus on other aspects of your business. Who knows, you might even be able to implement something you'd never even thought was possible.

But where to start? The same way you eat an elephant, one bite at a time (not that we're condoning elephant eating).

Our latest eBook details 18 typical business processes that can be automated to save you 'mega time'. To help you on your way to gathering some 'mega time' for your business - we have pulled an excerpt from that ebook to bring you 4 key financial time-saving processes.

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Topics: Business Automation, Process Automation, Benefits, Financials

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