Collections Automation: Checklist for successful implementation

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Have you thought about automating your debt collection ? Having a debt collection system is the best option for your company. With this type of program, it is possible to have better control over your portfolio.

The latter is due to the multiple functionalities that these programs have. For example, with options like Moonflow you can:

Automate the sending of invoices and payment reminders.
Have a collection website where your clients can view their account statements and make payments, as it has pre-integrated payment platforms.
Access key performance indicators for your portfolio and debt collection management.
Get collection reports in just a few clicks.
Access predictive analysis of your portfolio's performance to make strategic decisions.
Segment your portfolio to clearly identify the clients who need buy uae database from your collection managers, etc.
If this sounds interesting to you, imagine when you find out the benefits that come with automating collections ! Are you interested in finding out if you are ready to download a program of this type in your company? Download our checklist for the implementation of automation in collection processes and find out !

Benefits of debt collection automation
Debt collection programs have emerged to help companies optimize their cash flow by improving their recovery rate and reducing the percentage of delinquent accounts in their portfolios. But this is not the only advantage of such implementation. There is more!

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These 3 are just a few of the many additional benefits of portfolio software :

Leave behind repetitive collection tasks that consume your collection managers' time. By having these programs, routine tasks are automated, freeing up time and resources for key processes in your collection management.
As many functions are automated, your operating costs are also reduced. Our platform statistics reveal a reduction of up to 75% in operating costs. As you can see, investing in the implementation of a debt collection system is extremely profitable!
It allows you to have a clear, real-time view of the status of your collections. This way, you can avoid surprises at the end of longer periods. This allows you to take not only corrective actions, but also preventive and proactive actions when collecting each account.
Are you ready to automate your collections?
There are signs that will help you know if it is the best time for implementation. After all, if there are only benefits to opting for this improvement, why wait! However, there are signs that warn that you cannot let more time pass. For example:

You've noticed that there are many errors in your collection process , which is costing your company money and affecting your cash flow.
You notice that your collections team is not keeping up with the tools they currently have.
You invest too much in storage space and stationery for accounts receivable management.
Your customers complain that they don't receive their invoices on time or that your debt collectors call them to collect balances they've already paid.
Your debt collection managers spend a lot of time preparing their debt collection reports, which affects their ability to react quickly to changes in your customers' behavior and harms your business' liquidity.
Automating your collections is a success for your business. Once you choose the best accounts receivable software, you will see how many of your portfolio indicators improve. To help you know what steps you need to follow to automate your collections with software, download it! It's free.