Henry Ford used to say, „More people are wasting time and energy discussing problems than actually trying to solve them.” These words can be directly referred to the issue of timely payment of obligations. Constant supervision on the repayment of liabilities minimizes the risk of late payments and improves the financial liquidity of companies. Debt monitoring systems help you with this task effectively.
For what purpose should you monitor your receivables?
The purpose of payment monitoring is to constantly inform contractors about the upcoming payment deadline or to remind them of its expiration. It is worth using the system of receivables monitoring for these activities. Integration with the accounting system possessed by the company makes the necessary work much easier.
How does the debit monitoring system work in practice?
The system collects financial and accounting data. In this way it identifies incoming and out-dated receivables. You as the owner of the company, have control over methods of communication with contractors. Contact by phone, e-mail or via SMS often helps to resolve a conflict situation right away. If the initially conducted actions prove ineffective, then it is possible to send payment appeals through system, and even to enter the debtor into the register, transfer debt to the debt exchange or prepare a lawsuit by a lawyer.
The wide possibilities of such systems make them a source of time and money savings. One of them is eWindykator. You can try its functionality completely free – HERE.
One of the key advantages of receivables monitoring is the fact that you gain the ability to easy view the current status of liabilities. Identification of receivables that may be subject expiration supports financial liquidity. Payment monitoring gives you the chance to reach the debtor by multiple channels. This ultimately translates into increasing the amount of timely payments, saving time and building a positive image of your brand.