Our ultimate guide to credit control software: how it works, what the benefits are, and how to use it in your business.
Often, credit control softwares such as itsettled provide an automated process, meaning that you, the business owner, don’t have to worry about credit control tasks.
As we’ve just touched on, credit control softwares can save you a lot of valuable time. Often these credit control tasks can get pushed right to the bottom of the to-do list, especially when there is no dedicated credit controller employed at the company. Chasing for payment is a task that can easily be procrastinated - after all, no-one enjoys calling customers to ask why they haven’t paid their invoices. A credit control software that automates these tasks is therefore the perfect solution.
A credit control software such as itsettled works much the same as many other softwares. Using itsettled, you upload your invoices (either manually or via an accountancy software integration) and the software gets to work. You can sit back and relax, knowing that an automated software, built on nearly three decades of experience in the credit management industry, is doing everything for you.
There are many different benefits to using a piece of credit control software within your business. As well as improving your cashflow position from quicker payments, it will give you greater clarity on which customers consistently pay you late and which customers are timely payers.
When you have greater clarity on your customers from using credit control software, you’ll be able to make more informed decisions about how you bill your customers moving forward.
Late payments are causing significant issues for UK businesses, with the FSB reporting that 440,000 SMEs could close this year due to late payment.
Using a software such as itsettled allows you to significantly reduce the amount of late payments you experience as a business. By using a consistent automated process of expertly tailored letters, your customers will come to understand that if they don’t pay on time, there will be consequences.
93% of invoices uploaded to itsettled’s credit control software have been paid - we help many UK businesses eradicate the issue of late payments for their business.
When you’re not being paid on time, it’s natural that your cashflow levels won’t be as healthy as when you’re being paid on time consistently. Therefore, when you’re using a piece of credit control software (H4) such as itsettled which consistently gets you paid on time, your cashflow position will be far healthier. When you’re in a stronger cashflow position, it’s easier to reinvest that money into your business to further your growth.
When you’re using an automated credit control software, you’re saving time on those boring but necessary credit control tasks such as sending payment reminders. This means you can be more efficient with your workload and spend that saved time on investing in your business and communicating with customers. With itsettled you hardly need to spend time using the software, as every piece of communication is sent automatically.
itsettled’s credit control software is built on co-founder Glen Morgan’s near three decades of experience in the credit management industry. As a Fellow of the Chartered Institute of Credit Management, Glen is widely considered an industry expert and has been asked to advise the UK Government on credit management via the Parliamentary Review and Leaders Council.
Another bonus of using itsettled’s automated credit control software is that if you don’t get paid once all automated steps have been completed, itsettled’s in-house credit control experts will step in to recover the invoice for free. As an itsettled customer you also gain access to credit reports which can be incredibly insightful and allow you to check out potential new customers as well as assess old ones.
If your business trades on credit, you can use itsettled’s credit control software to manage your credit. Because itsettled was designed to be used by anyone within a business, regardless of their financial experience, any staff member can use our software.
itsettled is simple to use and set up, and due to the automated nature of the software, once you’ve uploaded invoices that you want chased, you can simply sit back and let itsettled do the work for you. You may choose to designate the task to your Financial Director, who can use the automated credit control software to save themselves time and energy.
Some of our customers have multiple employees using itsettled, which means that if anyone is on holiday or off sick, credit control tasks can be completed by anyone.
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