From Chaos to Control: How Know-it Brings Order to Your Credit Control Process
Managing accounts receivable can often feel like navigating through chaos, especially when dealing with late payments, discrepancies, and inefficiencies. However, with the right tools and strategies in place, businesses can transform this chaotic process into one of control and efficiency.
In this blog post, we will explore how Know-it can help bring order to your accounts receivable process, leading to improved cashflow, stronger customer relationships, and overall business success.
Identifying the Chaos:
Late payments, missed invoices, and lack of visibility into payment statuses are just a few of the challenges that contribute to the chaos in accounts receivable management. These issues not only affect cash flow but also strain relationships with customers and impact the overall financial health of a business.
Actions to Take: “Know” Your Customer
Knowing your customer is so important! Conducting thorough credit checks on new customers before offering credit is vital to verify their financial stability, payment history and creditworthiness to assess the risk involved. Using all tools available at your fingertips including The Gazette, Companies House and credit checking is key to understanding your customer, their history and future risks.
By identifying everything you need to know about your customers, you can regain some control within your accounts department.
Automation is Key
We understand the pressure businesses feel chasing countless invoices. Utilising a software which automatically sends chasing letters, emails and SMS’ to your customers, reminding them of outstanding payments means you can reduce the likelihood of late payments and therefore improve cashflow!
“Know” when to ask for help
The power of outsourcing is clear, and as a last resort, it is always an option. We understand the importance of maintaining customer relationships, and this can be kept intact even when outsourcing your commercial debt recovery. By taking the pressure off your department and getting support from an external source, you can regain some control over late payments.
Transforming Chaos into Control with Know-it:
By leveraging the advanced features and capabilities of Know-it, businesses can transform their accounts receivable process from chaos to control.
Know-it Credit Control Software offers a comprehensive solution to streamline and automate the accounts receivable process. By integrating advanced features such as automated invoice reminders, integrated credit checking, and in platform debt recovery, Know-it empowers businesses to take control of their accounts receivable operations.
