Finance and Accounting Services
Credit Management
Full credit management services including invoice production, voice contact, query investigation and resolution to industry leading KPIs.
Is your cashflow being strangled by bad debt or late payments?
When cashflow is the life blood of a business, credit management is critical. The challenges of the last couple of years have made it far harder to manage cashflow. In addition to revenue shortfalls and increased costs, many customers have been pushed into financial difficulties and not been able to pay their invoices. Or they purposely pay them as late as possible.
At best this can have serious implications on productivity and the ability to operate or invest. At worst it may mean bankruptcy for some businesses.
Whether you are a large organisation or an SME, a thorough business credit management strategy is vital. However the costs and challenges associated with recruiting, training and implementing it can be complicated and exceptionally time consuming. The issue of debt management can be compounded by misallocation or slow processing of customer payments received, especially if this is done manually.
Handling debt management badly can have devasting consequences on customer relationships. It can also inhibit future sales. Good credit management requires a level of understanding and expertise to deal with complex scenarios.
Key challenges of debt and credit management
Cashflow
Late payments cripple cashflow and can incur additional cost.
Time and resource
Recruiting and resourcing a credit team can be difficult and time consuming.
Relationships
Maintaining good relationships whilst chasing customers for money is complex.
Errors
Errors in invoice processing can compound late payment issues.
Volume
Increasing level of late payment can be unfeasible to deal with, especially at peak times.
Opportunity
Cashflow may restrict ability to operate or compete.
Our capabilities
Significantly reduce your outstanding debt and keep customers happy
An end-to-end outsourced credit management solution, staffed with highly skilled staff and technological tools to unlock tied-up cash.
With our credit management solutions, we help our clients significantly and quickly reduce their debtors, increase their cashflow and make the process of credit management far easier and more consistent.
Our end-to-end credit management solution is staffed with highly skilled, accredited staff. They apply their expertise to complex scenarios to support trading and achieve successful debt management outcomes.
They use the latest technological tools to help them engage with your sales team and customers in a proactive and personal way, to unlock cash tied up within your debtors. Or we can seamlessly integrate into your systems.
You receive a full collection service, with experienced staff who handle relations to ensure a positive experience for both client and debtor. This may include automated routine letters, statements and reminders as well as regular direct contact, which builds relationships. Credit limits are proactively managed in line with your business’s requirements and trading, to ensure good risk management and help consistency and cashflow.
We create workflow protocols and this incudes query management, with escalation rules. This means a query that cannot be solved locally is automatically escalated via an agreed protocol for quicker client resolution and customer satisfaction.
Our software can provide you with expansive reporting capabilities and insight, to help see the true picture of debt and cashflow. This web accessed reporting can be customised to your particular needs. It is the same platform used for our Management Accounts services and requires no change to your existing systems and is immediately deployable.
Outsourcing credit management gives you access to technology that enables intelligent learning for continuous improvement and enhanced credit management, providing better consistency and repeatability. Since we invest in the technology and people, there is no need for capital investment, hiring and training staff or paying for them when they are not there. So you can benefit from the resources 365 days a year, without the burden of acquiring or maintaining it. Our credit management services are also fully scalable to keep in line with your business requirements, now and in the future.
Whatever your credit and debt management needs, we can help save you considerable time, resource and money.
Realtime dashboard
Full reporting and KPI suite updated in real time to assess status.
Cash allocation
Can automatically match invoices against client details and workflow errors or exceptions.
Query resolution
Where queries occur that cannot be resolved locally, requests are routed via email notifications and escalation rules.
Automated
Automated routines and production of letters, statements and reminders.
Voice contact
Experienced staff contact customers directly on your behalf.
The benefits
Cashflow
Released
Significantly reduced debt and speedy resolution releases cashflow.
Cost saving
Typically 20%
Cost saving versus your current in-house credit management. No need to house, hire or train staff.
Visibility
Full reporting
Easy to access, cloud based portal with real time data to see full picture.
Easy
Integration
No changes required to existing system. Can integrate into your systems.
Customer
Experience
Quicker resolution and reduced query management for better customer experience. Build relationships.
Scale
Flexible
Accommodates any level of volume to keep in line with your business.
Other services you may also be interested in
Management Accounts
A fully managed management accounts service with rapid insight and cost saving across multiple accounts from month 1.
Cash Allocation
Multiple payment channels allocated to appropriate customer accounts through automated or manual activities.
Talk to us about credit management today
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.
