One of the biggest contributors to poor cash flow is ineffective management of credit control. Credit control teams work tirelessly to ensure that processes and procedures are adhered to so that cash flow remains consistent and the cost of debt recovery is reduced. However, this is a time-consuming, error prone and costly process. Credit Control automation solutions are fast becoming a reliable source for finance professionals to overcome these challenges.
Automating credit control processes can ensure that business rules are enforced, employee errors are eradicated, aged debtor times are reduced and cash flow is strong and consistent. It will also relieve finance teams of repetitive administration.
- Managing credit control
- Automating credit control processes
- Common benefits of automating credit control processes
- Is credit control automation right for your business?
If the outgoing payments, such as rent, wages and production, outweigh the incoming, then there is going to be an issue with cash flow. It’s simple mathematics. It is therefore essential to keep an eye on cash flow before it becomes too late.