The credit control function is extremely important for any business, no matter big or small, as it is directly linked to optimization of cash flow and avoidance of bad debts. However, the credit control process, by nature is complex and time-consuming, which can make it a big burden on in-house accounting teams.
QX is a leading outsourced finance & accounting solutions provider offering a range of credit control solutions that ensure that your business gets paid promptly. Outsource your credit control to QX to reduce burden on accounting teams and drive focus to core business activities.
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Read MoreHere are some of the most frequently asked questions around Credit Control outsourcing. If you have a question that isn’t answered here, please feel free to contact our sales team – they’ll be happy to help!
There are several benefits associated with outsourcing credit control to an experienced partner – namely, elimination of bad debts reduction in late payments and improved business relationships. Working with a third-party service provider can also allow your business to keep systematic record of clients, templatize due date reminders, provide swift query resolution and conduct polite but firm follow-ups. Finally, these specialists can also facilitate identification and implementation of right technology, which in turn simplifies and automates various tasks related to credit control.
A. No! It is often believed that outsourcing results into reduced business control but that is not true, especially when you partner with an experienced solutions provider. A specialist partner will function according to the structure and rules laid out in your business contract. In addition, whether the specialist takes care of the entire credit control function or just a few of its activities, is entirely dependent on you. They will not have the final say in your business decisions or strategies.
Cost saving is one of the key benefits of outsourcing credit control to a third-party vendor. However, the figure will vary depending on the size of the organization and the number of transactions and vendors it employs. Several businesses have saved costs ranging between 40-60%. Additionally, streamlining processes and improving efficiency adds to your overall savings.
An experienced specialist partner will have the capability to work with all major collection software systems. They are also up-to-date with the latest technologies and adapt to them within very short time frames. Some of the major software packages you should look out for include SAP Business One, Oracle E-Business Suite, SAP Concur, Kofax, Docuware, Access and Microsoft Dynamics NAV.
