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Ever heard the expression “there aren’t enough hours in the day”? As true as it is, unfortunately, there is never going to be any more than 24! So, if we can’t have more time, how do we utilize the time we already have? The answer is Credit Hound!
Credit Hound by Draycir is an award-winning credit control software that can help you stay on top of your finances. This add-on works seamlessly with Sage 50c, giving you the edge to do more. Before we get into how this amazing add-on can help with your financial needs, let’s first talk about the what’s and why’s of credit control.
What is Credit Control and why is it so important?
Credit control is quite simply the practice of ensuring that your sales invoices are paid and not forgotten about. When you issue an invoice, you should set payment terms for your customers and display them on the invoice. Usually, payment terms would be set at 7 days, 14 days, 30 days or even 60 days. When using payment terms, an organisation needs to make sure that the terms stipulated cover them for their outgoings. An example of this could be if I were to issue an invoice with the terms of 30 days, I need to make sure that I have a healthy enough cash flow to ensure I can cover payments that I have to make in that time frame.
It is no surprise that sometimes people forget things, unfortunately sometimes those things are paying you! A step to try and combat this awkward situation is by practicing credit control. A business requires credit control to ensure their invoices are paid and bad debts are avoided.
The usual steps taken for credit control are done so by human intervention. For instance, once an invoice has reached the overdue period, it would be picked up by the credit control team from an Aged Debt Report. From this report, chaser communication would be sent to the client to attempt to retrieve the funds. Ultimately, if your clients choose not to pay at all, you can legally charge interest on the unpaid items or even take them to court! Admittedly, these are quite extreme methods and should be used as a last resort. Using methods such as this could tarnish vital relationships, which are imperative to keeping small businesses running.
How do I practice good credit control?
Credit control isn’t a new craze, and without even knowing it, you have probably done it several times in your own life. With credit control simply being the control over a collection of funds, it doesn’t sound like it would be too hard to do. This is where you would be wrong… For small businesses, cash flow management is essential. It is cited that a whopping 82% of small businesses fail due to poor cash flow management skills! I know right? A shockingly high figure! So, how do you make sure you practice good credit control? Have a read of our own Credit Controllers top tips. Another alternative option on the market is ‘Credit Hound‘ by Draycir.
Know that your credit control is under control with Credit Hound
This add-on is specifically designed to help your business’s cash flow, reducing the length of time it takes to receive payments from customers. With Credit Hound you can create automated rules and actions to automate many daily repetitive tasks, saving you time and reducing human error. Credit Hound is built to empower your business, giving you further control where Sage 50c stops. Whilst using Credit Hound you will be able to view instantly how much you are owed and who needs to be chased up for payment. A task which would usually require reports being generated is provided to you by Credit Hound in one quick glance. This powerful piece of software really does set the bar for how credit control should be managed.
Features & Benefits of Credit Hound
Automated Rules – Use automation to send reminder letters, place accounts on stop and add new tasks to chase for late payments.
Chase Screen – A dashboard style screen that displays all of the information required for perfect cash flow management.
Dispute Management – A useful tool that tracks any queries or disputes on an invoice. Get full visibility on delayed payments, the reason why they’re delayed and how they are going to be resolved.
ERP Integration – Direct link to your Sage 50c system to ensure that your numbers are up to date.
Faster Payments – Add a “Pay Now” button to your chasing letters, emails, invoices, proforma invoices, and Statements. Customers can make secure online payments via their chosen payment provider, Worldpay or Sage Pay UK.
Reporting – Generate reports that can be customised to suit your individual business needs.
To Do List – A task list that shows you who to call, when and why. Consider it your own little credit control manager!
By introducing Credit Hound into your business you could save valuable time and money. Draycir claim that with the use of their software your administration time for credit control will drop from 80% to just 20%, courtesy of Credit Hounds automation. This freed up time will allow your team to focus on what they do best… Credit Control! The implementation of such great software will ensure that cash flow is improved and bad debts are reduced. Credit Hound makes sure that your profit is the priority, ensuring that late payments are a thing of the past. If you would like to hear more about Credit Hound for Sage 50c, please fill out the form below to get in touch.
Find out more about Credit Hound for Sage 50
Fill out the form to speak to one of our Sage Specialists about how Credit Hound for Sage 50 can help you take back control of your business.
Set up rules and actions to automatically send chase letters, put accounts on stop and schedule phone calls to save time carrying out repetitive tasks.
Stephen is one of our newest members of the itas team, but this hasn’t stopped him already making a fantastic impact on the business. Stephen has over 3 years of experience working within a Finance role and has also completed all of his AAT studies. With Stephen’s knowledge and expertise he really has hit the ground running with itas. Stephen loves to write interesting blogs and endeavours to help all those in need with Sage.
In his spare time, Stephen enjoys keeping fit and maintaining a healthy social life in his home town of Chester. Stephen is always happy to help, so if you need anything, or would like to know more, please get in touch!