Implement Collection Software
All businesses face the monthly 3-day collections trauma (find the spreadsheet, update it, and try to contact everyone, nicely). A debt collection software transforms that intimidating monthly cycle into an effective and instant mechanism for recovering outstanding payments. The software simplifies the collection process with its advanced features like automatic reminders, resolving queries with a collections bot, increasing the repayment percentage, and more. So if you want to increase debt collection rates and retain good relationships with clients, consider implementing collection software with accounting processes. Whether you represent a debt collection agency, a third-party collector, or have an in-house collection team, you can take charge of the whole credit life cycle with collection software.
Best collection software for a streamlined and automated approach
A/R is a crucial function in collection management software as it provides important information needed by the CEO, CFO, sales reps, and customer service team to make informed decisions.
Managing outstanding debt is one of the biggest challenges and an automated and error-prone approach is needed for efficient management which is provided by the following collection management software.
Upflow
Upflow is an accounts receivables software that helps B2B companies handle their cash collection and eliminate tedious manual processes. It can track their invoices, schedule automated payment reminders, provide real-time key metrics (A/R, DSO, aging balance), offers multiple payment options (credit card, wire transfer, etc.), and integrates easily with accounting software (Xero, Quickbooks, Netsuite, Salesforce, etc.) in 1-click. You can involve multiple users (like the sales team) in the cash collection (A/R) processes, drive your collection efforts with extensive analytics and forecast your growth strategy. Upflow helps you resolve invoicing and payment issues with your clients in a centralized platform where all your work details will be tracked so that clients won’t be able to create a dispute.
Collect!
Collect! is also one of the best debt collection solutions designed to streamline and automate the entire collection lifecycle. With features, such as debt collection, accounts receivable collection, credit, and debt management, contact management, credit bureau reporting, and phone call tracking, collectors can save time and plan multi-tiered collection strategies. Moreover, Collect! manages all financial activity for debtor accounts, calculates interest and commissions, settlements and judgments, net/gross client remittance, and more. The software offers both on-premise and cloud deployments to meet the needs of any business.
My DSO Manager
My DSO Manager is a cash collection software that also enables you to manage cash to keep the bottom line healthy. It is affordable for B2B businesses of all sizes to increase their cash flow and profitability with modern and intuitive functions. My DSO Manager has a smart upload module for easy implementation and strong features like scoring, reports, interactive emails, automatic reminders, and handling multi-entities and currencies.
TurnKey Lender
It’s an AI-driven debt-collection platform that automates all recurrent collection tasks and payments, simplifies reporting, and more. It’s a stand-alone integrated solution that automates the entire collection process in real time. It’s best for consumer and commercial lenders, alternative finance providers, embedded lenders, and traditional creditors. TurnKey Lender supports Cloud, SaaS, and Web-Based deployment with features like payment collection, multi-channel communication, accounting integration, borrower management, credit reporting, in-house collections, invoice management, audit trail, asset lifecycle management, and more.
FrontSpin
FrontSpin has a power dialer and communication tool that helps you reach more contacts in less time. It’s best for sales teams who sell by phone to close deals. It’s a cloud-based solution that automates communication with existing customers as well as new prospects. FrontSpin has debt collection features like real-time alerts, callback scheduling, client management, multi-channel communication, contact management, auto-call recording, and more.
IT Planning and Budgeting Process Explained
The process of planning and budgeting can be a daunting task for any organization, especially if you need help figuring out where to start. However, depending on how much a business prepares, it can either be a beneficial IT strategy or an unsuccessful yearly event.
What is IT Planning and budgeting?
The IT planning and budgeting process is when a company creates a roadmap for its future technology needs and costs. This includes everything from new software and hardware purchases to upgrades and maintenance. Budgeting is critical because it ensures that the company doesn’t overspend on its IT projects. To do this, businesses must clearly understand what they need and how much it will cost.
Why is IT Budgeting Important?
Budgeting is important for any business, but it’s especially crucial for IT. That’s because technology can be a major expense, and if not managed correctly, it can quickly become a drain on company resources. IT budgeting ensures that a business makes the most efficient use of its IT resources and allows it to allocate funds appropriately. This process can also help businesses avoid overspending on unnecessary projects or underinvesting in areas that could be critical to the company’s success.
IT Budget Planning Process
There are many factors to consider when planning an IT budget. From the initial considerations to choosing the right software, every step is crucial to the overall strategy. Below are a few of the steps you need to take to complete an effective IT budget.
Consider budget calendar
Staying on top of payment dates is key to successful budgeting, allowing businesses to allocate funds properly and meet deadlines. Businesses should also consider the time frame to complete their IT projects. This will help them create a realistic budget and timeline for their IT planning.
Examine the previous budget
Businesses should start by evaluating their previous year’s budget. This will give them a good idea of where they’ve allocated funds in the past and where they may need to make adjustments. It’s also helpful to look at any under or overspending from the previous year to help inform the current budget.
Determine IT priorities
After looking at the previous budget, businesses should identify their current IT priorities. These could be anything from upgrading hardware to investing in new software. Again, it’s important to be clear about what the company’s needs are so that they can allocate funds appropriately.
Create a strategic plan
Once the company’s IT priorities have been identified, it’s time to create a strategic plan. This should include a detailed roadmap of the company’s IT projects and how they’ll be completed. The plan should also include a timeline and budget for each project.
Get input from stakeholders
It’s important to get input from all stakeholders when creating an IT budget, including everyone from the CIO to the IT team. This will help ensure that the budget is realistic and meets the needs of all involved parties.
Make adjustments
After getting input from stakeholders, businesses may need to adjust their IT budget. These adjustments can help businesses have the appropriate funds for their IT projects.
Finalize the budget
Once the budget has been finalized, businesses should create a presentation to share with their team. This will help ensure everyone is on the same page and knows the company’s IT priorities.
Implement and Manage your IT infrastructure
No business is too small to benefit from having a well-organized and managed IT infrastructure. In fact, with today’s technological advances, it’s become easier and more affordable than ever to put together a comprehensive IT infrastructure for your business. As a businessman, you must also understand how important it is to back up your data. It is essential to have a secure and reliable backup solution in place to protect your data from corruption, accidental deletion, or malware. Overlooking these areas can cost your IT infrastructure dearly in the long run.
Focus on your business’s demands
The first step in setting up your IT infrastructure is to focus on the specific needs of your business. What are the areas that need improvement? What processes can be streamlined with the help of technology? Once you have a clear idea of your business’s needs, you can start planning your IT infrastructure accordingly. For example, if your business relies heavily on paper documents. This would allow you to scan and store all your documents electronically, making them easier to search and retrieve. Alternatively, consider setting up a VoIP system if you need to improve communication within your organization.
Choose the right tools
After you have identified the specific needs of your business, it’s time to choose the right tools to implement your IT infrastructure. Again, there is a wide range of options available, so it’s important to take the time to research and compare different products before making a decision. You should also consider your budget when choosing tools for your IT infrastructure. While getting high-quality products is important, you don’t want to overspend on unnecessary features. Once you’ve chosen the right tools, it’s time to start setting up your IT infrastructure.
Set up your IT infrastructure
Now that you’ve chosen the right tools, it’s time to start setting up your IT infrastructure. The first step is to choose a location for your server. If you are a small business owner, you can use a simple desktop computer as your server. However, you’ll need to invest in a more powerful server if you have a larger business. After you’ve chosen a server, you’ll need to set up your network. This includes choosing the right networking hardware and software and configuring your firewall and security settings. Finally, you’ll need to test your IT infrastructure to ensure everything is working properly.
Manage your IT infrastructure
Once you’ve set up your IT infrastructure, it’s important to keep it well-maintained. This includes regularly backing up your data, patching your software, and troubleshooting any problems.
