Collection software

Bringing revenue to the company from new sales is the ultimate goal of every business. But ensuring that outstanding payments are collected on time is also vital to keep the cash flow healthy. However, debt collection is an intimidating and time-consuming endeavor for accounts receivable (AR) departments. Collection software can make a big difference in the process. It centralizes and automates the collection process, monitors customer payments, and helps you effectively pursue and manage overdue accounts.

Benefits of collection software

You can significantly improve your debt collection from customers with outstanding accounts receivable balances with collection software by reducing the employee input. Some of the major advantages of using collection software are explained below.

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Faster payment

Collection management provides an easy and effective system in place, and companies can get paid about 20% faster than those using manual or disconnected systems! That means if you take away the time spent waiting on hold with customer service reps (which usually happens when people call), then this will speed up your payments by 12 days which could result in millions of dollars saved per year at just one glance.

Improvement in payment forecasting

With collection management software, your team can keep track of expected payments and provide a statistical cash forecast. This allows you for more accurate budgeting and planning on when funds will be delivered or required during the year – which means better accuracy overall!

Make the most of unused credit Lines

Collection software should provide you with a holistic view of the entire account receivable process so that your company can understand how improved credit management could impact future sales. With this type of tool, identifying unused lines and working closely together to help lower-risk customers buy more products or services would be much more accessible than ever before.

Best accounting and financial management software

Upflow

Upflow is an account receivable automation solution that enables A/R departments to manage invoices and send payment reminders with pre-defined templates. Upflow’s centralized dashboard can give you insights into outstanding amounts, Days Sales Outstanding (DSO), aging balances and other metrics. You can communicate with team members using comments, schedule unpaid invoice reminders, and provide a summary page for clients to track their paid or outstanding invoices. Plus, you can efficiently integrate Xero, Chargebee, QuickBooks, and other third-party accounting tools with Upflow.

Zuora

Zuora is a subscription billing platform that provides comprehensive metrics, tax automation, and support for multiple currencies. It also has integration options with Salesforce or NetSuite out of the box!

Pega customer service

Customer Service helps you handle all of those pesky interactions and more with a simple, effective solution. You can get the Digital Edition if it’s just collection-related cases or an enterprise-level package. It includes everything from claim resolution through recovery management for Bodily Injury (BI), Property Casualty Losses(PL) & Automobile Accidents claims types as well – no matter what kind(s).

Katabat

Katabat is a revolutionary platform that combines debt collection with customer engagement. In addition, Katabet also offers innovative pre-trained machine learning so collectors can quickly identify high-risk accounts before spending too many resources on unproductive work. Fully compliant software ensures everything done within the application falls under strict guidelines set out by law while maintaining an airtight security system.

QUALCO 360

QUALCO 360 has been designed to handle everything from pre-delinquency to portfolio write-offs. The solution is aligned with ever-changing customer behavior, combining analytics and machine learning capabilities that ease the management of NPLs/NPEs by reducing losses on your balance sheet quickly so you can go back out there more robustly than before!

Collect!

Collect! is an easy-to-use, cloud-based platform for managing debt collections. The system’s robust data access and automation capabilities make it ideal for smaller to mid size entities who want the best of both worlds – scalability with ease of use. Mid sized companies can now grow without having their process being overtaken by larger competitors because they have Collect!, which provides all necessary tools at one convenient location: your laptop or desktop PC.