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Take a stand against administration taking up all of your precious work time, with the help of Credit Hound, letting you act upon invoices pro-actively rather than a manual reactive process.
With all of the constant logging of new invoices from one system to another, to the tedious task of updating each of those separate systems when an invoice is updated, there is no end to the administration nightmare! However, with the introduction of the Draycir product Credit Hound, significant amounts of your time can be saved from these time-consuming tasks, allowing you to focus on chasing up those customers which owe you at your leisure.
First, Let's Establish the Basics...
Credit Control can be one of the more difficult and most important tasks a firm can undertake efficiently. The success or failure of the credit control process a firm implements can determine the financial future of a firm. With inefficient practices leading to liquidity and bad debt issues. These are obviously two specific issues firms want to steer well-clear of! There are numerous ways firms attempt to stop bad debts occurring, and hence help solve any potential liquidity issues. A few of these include a basic credit check on any new customers, a credit limit to new customers until they are proven to be a trustworthy customer, and the laying out of clear and concise payment terms in their invoices.
The Credit Control process consists of nine key steps, as can be seen below:
As you can see above, the Credit Control process can be a long multitude of tasks when done manually. The key point you will notice is that when this process is done manually, you end up spending 20% of your time chasing customers, and the remaining 80% carrying out administrative tasks. With the introduction of Credit Hound into your firm, you can expect to see this ratio flip entirely. With 20% of your time put towards administrative tasks, you can now put the remaining 80% of your time towards chasing your customers, and ensuring your firm is paid promptly.
So, Where Does Credit Hound Come into This?
In Layman's terms, Credit Hound shows where the money is, and who needs to be chased. It does this via integrating with an ERP/ accounting system, and pulling through the data from that source. Hence there's no need for the monotonous double entry, saving your precious time to focus on more important tasks. There are several key features Credit Hound offer, which we will cover below:
Rules & Actions
These are the basis of what Credit Hound is built on. Their purpose is to make the chasing process more efficient than the current manual method most credit controllers use today. They streamline the process, enabling you to send out numerous emails or call back requests to multiple customers. You can access this within Credit Hound via the path Home screen -> Tools -> Rules. For new users, Credit Hound utilizes four key rules as standard and can be tailored to suit the user's needs. Additionally, the user has the ability to add more rules on top of the standard four, allowing for even more specification to the firm's needs.
The chase screen is one of the most critical pages of Credit Hound. In the chase screen you can, as described in the name, chase up outstanding invoices with a plethora of help. You are provided with a transaction screen, showing which invoices are overdue (red), disputed (blue), not yet due (green) and unallocated (black). Furthermore, you are provided with a history section, detailing the chasing history for the selected invoice. Along with these handy sections, you have the option to "Start Chase" in the bottom right of the screen. This feature gives the user the option to track how long they have spent on each individual invoice, and so track which customers are better or worse to deal with.
The dispute management feature is an extremely useful tool that gives the user the ability to handle disputes in a timely and productive manner. To access the dispute management screen, locate the Chase Screen -> Chase Tab Selected and you can see the 5 default dispute reasons. This is not just limited to the generic 5 options, as the user can add their own additional dispute reasons. Within the dispute management feature, the user also is provided with the option to add client and internal notes. The former being what the customer thinks, and the latter being what actions the credit controller believes should come next.
Self-Chasing makes following up on invoices a breeze! Gone are the days of constantly sending off emails and scheduling calls manually. With the Credit Hound self-chasing feature, it sends off emails and schedules callbacks on your behalf, allowing you to prioritize your work elsewhere. You can set up self-chasing in Credit Hound Manager per company in Self Chasing Rules. These are set up from top (most severe) to bottom (least severe). Therefore, for example, you can prioritize which customers you want to contact, and to what extent.
Calendar / To-Do List
The calendar and to-do list are an essential piece of equipment within Credit Hound. They help the user identify what tasks they will have to do in the future, specifically the near future. Along with the other features previously mentioned, the calendar and to-do list show what tasks need to be undertaken per day, week, month or year. You do not even have to add the callbacks or meetings scheduled via the chase option. These are automatically added in Credit Hound when these are created. Additionally, you can link your Credit Hound calendar to your Microsoft Outlook calendar. This will again save you from the time-consuming double-entry of tasks we all adore to avoid.
Credit Hound is not just useful for planning ahead, but also for analysing previous data. There are numerous reports provided within Credit Hound, which can all be accessed via the Home screen -> Tools -> Reports. Within this, you can select from an abundance of reports, including the Transaction Dossier, the Promised Cash Report and the Call-back Analysis Report. Collectively, these let you analyse credit control efforts and highlight debtor issues across any and all customers you liaise with.
Thank you for reading! We hope that you have found this article helpful, and if you have any further questions regarding Credit Hound, please don't hesitate to contact us. We are happy to assist!