Debt management with SunSystems - tackle poor credit controls, deficient cash flow and high DSOs
SunSystems tackles a key business issue affecting today’s organization
Poor credit control, deficient cash flow and high days sales outstanding (DSOs) are every finance director’s key challenge. It is therefore surprising that despite an increasingly automated business world and the wealth of technological advancements that have radically improved the level of business and financial performance and understanding, many of today’s organizations are still reliant on manual, card or spreadsheet based systems of debtor management. Such systems are not only inefficient and often inaccurate due to lack of automated updates but they are also at the root of inferior cash management in many organizations.
By simply automating and consolidating account information in a single system this aspect of the credit control function and the level of efficiency and effectiveness in cash collection can be improved significantly, with cash flow and DSOs improving dramatically. In addition, by automating the process, organizations will have rapid access to more comprehensive transactional and account information, which will enhance customer service capabilities and increase the level of transparency and accuracy of credit control information. Crucially it will build bridges between finance, credit and wider business applications to produce critical, enterprise-wide management reports that will enhance strategic decision-making and ultimately improve the profitability of the business as a whole.
Nigel Rayner, product marketing director for SunSystems, commented: “Effective debtor management systems are often overlooked when really they should be at the top of the agenda for today’s FD. As one of the world’s leading providers of financial and business management software, we recognized a gap in the solutions available to organizations today. In response to the need for a solution that would automate debtor management while seamlessly integrating into key back office applications, we launched SunSystems Collect. Through analysis of debtor days and cash flow, close monitoring of debtors and the ability to track collection, SunSystems Collect provides management with a cost effective solution that allows for flexible account management, unparalleled credit management and debt collection.”
The rich functionality and benefits of the solution and its implementation have been designed to save time and money across the whole credit control function. Most notably, SunSystems Collect provides a complete account history and the ability to add and review unlimited notes against an account; assessment of a client’s payment behaviour before reviewing credit limits; automation of diary events, in the creation and distribution of statement reminder letters and follow-up tasks; maximization of first pass yield in the collections process and increasing cash flow.
In addition SunSystems Collect.net, a web-enabled zero footprint version, has been developed to enable users to access customer and account information remotely. This is crucial in an environment where the workforce is increasingly mobile but the need for accurate and up-to-date information remains paramount.
Rayner concluded: “SunSystems Collect helps an organization to streamline collection activity through improved task management and automation. Debtors with a poor credit history can be identified rapidly and the problem addressed more effectively thereby reducing the cash cycle and bad debts, lowering debtor days and improving an organization’s ability to conduct accurate and timely cash flow analysis. The solution delivers a rapid return on investment and can be readily customized to meet the exact requirements of the client. Its flexibility ensures cash collection and debtor management processes are efficient and effective, which is crucial to the achievement of a healthy cash flow. In essence, we remove the pain from the debtor management process and provide a cost effective solution that ensures that relevant information is delivered to the people that need it, in the right format and at the right time.”
Download more information about SunSystems Collect.
