Companies love to get paid; and the quicker the better. This is a no-brainer. Debt collection software is the most tactical method for reducing days sales outstanding (DSO) for most companies. With automated workflows and streamlined business processes, debt collection software frequently reduces a company’s DSO from anywhere from 10 to 40 percent. This results in increased cash flow, putting money in the bank 6-12 days faster.
Debt collection doesn’t have to be difficult. In fact, the right debt collection software will take a huge weight of responsibilities off your accountants and sales reps by streamlining business processes that would otherwise have to be done manually. Businesses can realize a 15 to 25 percent reduction in bad debt reserves.
An average-sized business who implements debt collection software can achieve a return on investment of 497 percent. That’s huge considering how rare a large ROI is for businesses without debt collection software. More often than not, a business without accounts receivable software can see a negative ROI.
Selling your product on credit can be a very effective way to make your sales, but it can also be easy to let those transactions slip by without collecting your money. This turns into bad debt that continuously builds and takes away from your company’s revenue. Debt collection software puts money in the bank much quicker than older, legacy methods of debt collection. Not only will it significantly reduce your DSO, but it will improve your bottom line.
Anytime Collect in an accounts receivable software that collects on your bad debt, helping you streamline your accounts receivable processes and better manage your collection activities. Request a free demo, and see for yourself why Anytime Collect is becoming the most popular debt collection software on the market.
by Josh Bailey Google+