Debtor management is one of the most important accounts receivables practices for a business of any size. When you have a fast, simple and effective procedure in place, managing your business income is easy. You can accurately forecast for the future, keep precious cash flowing through your accounts, and you have the freedom and flexibility to plan for ongoing growth. Not to mention the freedom and flexibility to enjoy your own time away from the business.
Large corporations have entire teams of people dedicated to the effective management of debtors, they are skilled in chasing accounts, prioritising 60 and 90 day outstanding accounts and taking prompt action against debtors who consistently fail to meet their payment obligations.
When you’re running a smaller business and your debtors ledger gets out of control, you most likely don’t have a team of people making collection phone calls or chasing after outstanding accounts. It’s usually the business owner and their family who are responsible for debtor management and collections and it is generally done within the time they have left over at the end of the working week or outside of normal trading hours. For medium-sized business, overdue accounts are often left to a sole bookkeeper or part time accounts receivable officer to manage who still has day-to-day accounting duties to keep on top of.
We can help take some of the strain off your debtor management practice with a suite of accounts receivable tools including credit risks assessments before you begin trading as well as ongoing monitoring of your existing debtors and early notifications of their potential to default on their obligations. Our affordable solutions will help you to better manage your cash flow by offering more informed credit limits for you debtors, adjusting your terms of trade for debtors you know may be late or unreliable, and helping you to effectively chase whatever outstanding accounts you currently have. You can even include our logo on your invoices to help encourage your debtors to pay on time.
Our debtor management software solutions will help you to shape consistent payment terms across your debtor list and, for those outstanding accounts you have chased for months but have still not been paid for, we can help you to navigate the process required for sending letters of demand or registering defaults against poor paying companies and any other ‘next step’ processes which you may need to take.
With CreditorWatch, you can simply log onto your account and check your debtors for signs of potential risk and begin taking action immediately against the company or companies with outstanding accounts. Everything is right there in plain black and white. Allocating time to chasing accounts will be significantly reduced. Simply run off a report to help prioritise your collections and pick up where you left off last time.
We are providing Australian businesses with the easy and intuitive debtor management tools previously only available to large scale corporations and they are simple enough to manage for businesses of all sizes. What business owners should be concentrating on is growing their business, not chasing up overdue payments.
Trial our quick and effective debtor management system free with CreditorWatch and discover how you can save countless hours on managing your receivables with an entirely online solution which shows you the ongoing credit risk of your current debtors and helps you to get paid on time, every time. Click here to find out more: https://creditorwatch.com.au/how-it-works