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Solving the Debtor Dilemma in 2010 : The IRIS Exchequer Difference
13 Jul 2010
With the start of a new financial year, many companies have come to find that the number of debtors has built up over the changeover.
In 2010 take the effort out of chasing debtors and free up more time to focus on other projects by solving your debtor dilemma.
Earlier this year we surveyed our customers asking them how they managed debtors, we then asked the same questions to organisations not using IRIS Exchequer Accounting Software. The results were enlightening.
70% of businesses questioned that did not use IRIS Exchequer claimed that their debtors had leapt from 30 to 60 days, while a further 30% were taking 90 days and more to settle bills. The research highlighted that using mature accounting software with antiquated debt recovery processes are causing cash flow problems in small to medium-sized businesses.
74% of businesses questioned claimed that their debtors were taking longer to pay. This compared to only 45% of IRIS Exchequer users. The business intelligence tools and debt chasing facilities within IRIS Exchequer are helping financial directors keep their finger on the pulse and avoid their cash flow reaching negative limits.
Taking the effort out of chasing debtors…
IRIS Exchequer has a powerful in-built debt chasing facility which can be configured from the system set up screen.
A good example of Business Intelligence working within Credit Control is the use of pro-active business alerts that are automatically triggered if a customer exceeds the credit limit or a payment is overdue. This new level of technology enables a company to monitor and manage every aspect of the business without incurring any additional resource overhead and advances mean that reports can be viewed on mobile devices such as PDAs and from e-mail applications such as Microsoft Outlook.
Rather than notifying the Credit Controller or Finance Director, prompting manual intervention, the process is completely automated so if an invoice is overdue by a couple of days, the system will automatically send a copy of that invoice and statement to the customer via email. If the invoice remains unpaid, then the Credit Controller or FD can be alerted. If, however, it is paid, no action needs to be taken.
Information in a familiar environment…
IRIS Exchequer's Microsoft Outlook Dynamic Dashboard is an intelligent tool that has the ability to see at a glance important business information, such as your top customers, most popular products or problem debtors, and directly access important reports from the familiar Microsoft Outlook application.
Continually updated and real-time financial data on a dashboard become part of the everyday routine and the need to produce long and detailed reports is reduced.
IRIS Exchequer also offers a prompt payment facility which enables users to automatically and legally charge interest to customers who exceed the agreed terms.
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