invoice software

Invoice Software Helps Brands Get Paid Faster

Invoice software can help brands get paid faster. Signing up a new client and getting the initial order is an exciting time for a brand. The challenge often starts soon after as you try and get your retail partner to pay on-time. I know this is not always the case, but it can be a significant issue for growing brands. Often the larger the retailer the longer it takes to get paid. Doing a better job on invoicing keeps your days sales outstanding lower and helps with your cash flow. Here are some things to look for in invoice software to help get paid faster.
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time spent debt collecting

16% of Time Spent Debt Collecting

Those who don’t work in Credit Management have the perception that the credit control team spends all of its time chasing debt. However, this is not borne out by the results of the information gathered as part of the Credit Management Benchmark.

One Credit Manager interviewed during the process said that management in her company expects her team to be on the telephone calling customers from first thing in the morning to last thing in the evening and would be shocked if they discovered that so little time was actually spent chasing monies due.
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sales team cost

How much does the Sales Team Cost the Credit Team?

Before anyone clicks on the comment option to say that a business would not exist without sales, let me say that you are absolutely right. Sales is the engine of business, but the credit team manage the fuel (cash) that enables it to drive forward.

My question is really aimed at identifying where sales processes could be improved to reduce costs and eliminate wasted time for credit teams. The rationale for asking the question comes from data captured in the OnePosting Credit Management Benchmark.

Hard facts from the benchmark are combined with feedback from benchmark participants in this article to identify areas where small improvements in the sales process could have a beneficial impact on credit management.
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