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What is believed to be the world’s first proactive standalone credit control software solution has been launched by Topaz Computer Systems, a supplier of financial, payroll and HR systems.
The solution offers seamless integration with all leading accounting systems.
Prior to launch, the module demonstrated its ability to reduce the 90-day debt factor for a leading recruitment company – traditionally a sector racked by cash flow problems – by 97%.
At the same time it enabled the company to return to in-house credit control rather than use a factoring service.
The system provides a 360-degree view of all transactions, taking the pro-active approach rather than leaving the credit controller working out what to do next.
Every transaction that takes place between the supplier and the customer is tracked, not just financial transactions such as invoices and payments but every single “event” such as a conversation.
As such, Topaz Credit Control supports the entire credit lifecycle – from credit checking, credit insurance risk analysis through to promised payments, chase letters and copy invoices.
Every event or process is checked through the credit controller’s workflow with in-built escalation procedures and visual management reporting ‘dashboards’ providing the complete overview.
Source:
Credit Control Journal
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