iController

In recent months we have seen the highest inflation rates in almost all countries. 📈

Whatever the reason for inflation, several recent events like Covid-19, supply chain issues and war, have put pressure on the cash flow of many companies. ❌

We can almost speak of the 'perfect storm' and it does not immediately look like this storm will pass.

These will be challenging times for the accounts receivables department. There is an increasing risk that payments to suppliers will be delayed and payment deferrals will have to be granted.

In this article we examine what inflation actually means and how you can best organize your collections management accordingly. 👉 https://icontroller.eu/blog/impact-of-inflation-on-debtor-management/

It is almost impossible to manage debtors well and efficiently without software specifically designed for the task. 🤯

Good collections software not only ensures faster payment of invoices but also saves time and increases efficiency for teams. It also improves customer relations. 📊

iController software offers lots of features and possibilities that put efficient collections management within reach. Find out why: 👇

https://icontroller.eu/blog/eight-advantages-of-collections-software/

In collections, procedures regulate how you deal with customers and ensure a consistent approach to collecting outstanding invoices.

With procedures you can better automate the processes in collections and at the same time strengthen the customer relationship. By working with templates, reminders and dunning letters can be sent much more quickly and with attention to the specific customer. 🛎️

In iController we’ve just added more flexibility and made the procedure flows even better. For every customer multiple procedures can run at the same time. And that’s a game changer. 💥

Read all about it in our latest blog 👇

https://icontroller.eu/blog/new-procedure-behaviours-in-icontroller-offer-more-flexibility/

There are different ways to calculate DSO, but in the end only one thing counts: to have the lowest possible DSO figure. 🥇

The lower your DSO, the better for receivables management and thus the health of your business. Your customers will pay their outstanding invoices within the given payment terms. And that in turn has a direct, positive effect on your company’s cash flow and liquidity position. 📈

So what steps can you take to turn a relatively high DSO into a lower one? What factors contribute to a high DSO? Find out in our latest blog 👉 https://icontroller.eu/blog/dso-how-to-improve-it/

Various strategies are available to protect your company’s cash flow against late payments. One of these is the company’s credit policy. 📚

Your credit policy is an essential ingredient in risk management and will protect your business from customers who are unable to meet their payment obligations.

But how to draw up a credit policy? 🖋️

Follow these 9 steps to get you started:

https://icontroller.eu/blog/9-steps-towards-an-effective-credit-policy/

Digital transformation of business processes is high on the agenda for many companies. 🔝

The all-in-one business management solution Microsoft Dynamics 365 Business Central is one of the main players in this market.

iController is now available in the Microsoft AppSource so you can connect with iController in no time. 🏎

Financial teams now have a better overview and insights into client’s outstanding invoices and amounts right from Business Central. 💥

A big thanks to Scapta for bringing the app online. 🙏

“Know your customer” is as important in credit management as in other parts of a business.

Know your customer or KYC, was introduced in Europe to guard against malpractices such as fraud, money laundering and terrorist financing. 🙅

Organisations can nowadays use the same basic KYC process principles to hedge their financial risks. KYC can have a positive impact not only on outstanding invoices and collections but also throughout the customer journey. Read more 👉

https://icontroller.eu/blog/know-your-customer-an-important-step-in-the-order-to-cash-process/

The role of payment profiles in the collection process is rarely highlighted. Yet they can help in debtor management and ensure better results. 💸

In our latest blog you can find out why you should create payment profiles and how to do it. And discover the many advantages of working with payment profiles.🚦

As a bonus we disclose how our customers go about setting up payment profiles in iController, and what is the end goal in this process 👉 https://icontroller.eu/blog/the-role-of-payment-profiles-in-collections/

𝐈𝐧𝐯𝐞𝐬𝐭 𝐈𝐧 𝐎𝐮𝐫 𝐏𝐥𝐚𝐧𝐞𝐭 is this year’s Earth Day theme. With iController and Billtrust we are happy to do our part.

We are donating $10,000 to OneTreePlanted to plant 10.000 trees as part of their Million Tree Challenge. 🌳

Billtrust is also running a Billtrust for Good fundraising campaign with employees, customers and partners for OneTreePlanted to help raise an additional $10,000 to plant a total of 20.000 trees and will match donations from our customers up to $5,000.

Let's make an impact together this month and join us. 💚 👉https://billtrust.benevity.org/community/fundraiser/19

It is a very good Friday indeed 🤩 Look what the Easter Bunny dropped off at our offices.

Enjoy the sweets and the sunny weekend.
Happy Easter to all!

An accounting or ERP package can be used to perform many business and financial functions, but it is not nearly versatile enough to handle all facets of the credit management process.

For example, with accounting software you can send payment reminders, including a copy of the invoice as an attachment, keep simple graphs and reports, and make notes.

Good debtor management goes further than that. ⚡️ Ask yourself the following questions. How do you deal with reactions and complaints? How do you switch quickly and easily between manual and automatic reminders? How do you ensure that you communicate with customers in an appropriate and pleasant manner? 🤔

That’s where iController kicks in.

Find out in this latest blog the benefits of using credit management software on top of your existing accounting package 👉 https://icontroller.eu/blog/why-you-should-use-credit-management-software-on-top-of-your-existing-accounting-software/

In iController, automatic dispute management is built into the platform by default and is part of a broader workflow within dunning and credit management. 🤝

The goal is always the same: iController takes care of all coordination around a dispute. All communication, internal and external, is registered. And afterwards, reports can be drawn up so that business processes can be critically examined.🔍

This article gives an insight into the handling of disputes in iController👉 https://icontroller.eu/blog/dispute-management-in-icontroller/

Does your company use DSO as a KPI to measure its financial performance? DSO analysis indicates how efficiently you collect payment: the lower the figure, the better the cash flow. 💸

But did you know there is no such thing as an ideal DSO? 🤔 There are just too many factors that have an impact on the DSO and determine what a good or bad one is!

Discover all these factors and how to tackle them in this blog 👉 https://icontroller.eu/blog/dso-benchmark-compare/

Treating all your customers in the same way will not produce the best results.

If you really want to lift your credit management to a higher level 🪁, thorough segmentation of your customer base is a must. Only then can you start working in a more customised way.

Read in our latest blog how customer segmentation can help your company collect payments faster 👉 https://icontroller.eu/blog/collect-payments-faster-with-customer-segmentation/

With effective credit management you want to get the debtor balance as low as possible.

In doing so, you can free up extra working capital and deploy it in the company, for example to pay creditors or to avoid interim financing. 🎯

In our latest blog we discuss seven tips to be successful in credit management 👉 https://icontroller.eu/blog/tips-for-successful-credit-management/

When it comes to Enterprise Resource Planning systems (ERPs) and accounting software your options as a company are wide-ranging.

But no matter what software package you are using, at iController we have set-up seamless integrations and API’s with the most commonly used business software. 🧩

If a client doesn’t pay and you need to temporarily stop supplying goods or services, you simply update this in the iController tool, which will automatically communicate with your software. 🔄

Read more about our API 👉 https://icontroller.eu/features/rpa/

For CFOs, selecting and building the best financial stack for their needs is tricky.

In recent years, the responsibility for a company's digital activities has increasingly fallen to the CFO. Crucial elements in the digital story are the greatly increased use of tools based on artificial intelligence (AI) and Robotic Process Automation (RPA). Data visualisation via real-time dashboards also continues to gain importance. 🧑🏽‍💻

In our newest blog we outline the major challenges that CFOs experience when choosing these tools 👉 https://icontroller.eu/blog/the-modern-cfo-searching-for-the-best-financial-stack/

Effective debtor management is essential for companies and organisations to stay focused on the future.

Fortunately, many companies have made the switch to some form of automated accounts receivable management software in recent years. 🤖 After all, not doing anything about automatic debtor management can cause a lot of costs, hidden or otherwise.

Discover these costs in our latest blog and find out how iController can help 👉 https://icontroller.eu/blog/the-hidden-costs-of-not-using-debtor-management-software/

We don’t need a special day to hand out a compliment - these are just some of the things we hear on a regular basis in our office. But anyway, thank you for being you! 🤩

The order-to-cash cycle or O2C is the complete process your business undertakes to accept an order, extend credit, deliver the goods or service, collect payments and report on the process. 🎡

In this article we explain the cycle step by step and see how the order-to-cash process can drive business efficiency, increase cash flow and strengthen customer relationships. 👉 https://icontroller.eu/blog/the-order-to-cash-cycle-a-guide-for-businesses/

How do you manage accounts receivable? Still using spreadsheets?

You are not alone. Many companies and organisations still revert to the old, familiar spreadsheet, especially Excel, for the follow-up of debtors. 📊

Spreadsheets have long proved to be extremely useful instruments when it comes to keeping track of figures and data. But managing outstanding debts in this way has its limitations. 🙇‍♂️

Find out why you better switch to debtor management software asap 👉 https://icontroller.eu/blog/why-spreadsheets-are-no-longer-the-right-tool-in-debtor-management/

In our upcoming webinar, we'll introduce you to the newest AI-features inside the iController platform. Our Advanced AI technology can predict when an invoice will be paid by the client and accurately predict cash flow. 📊

But we also provide a sneak peek of AI-features currently in development 👀 Such as our AI Optimization module that gives the collector predictive insights in the result of his/her actions. Should you make a telephone call? And when is the best time to call the client, in order to maximise the likelihood of payment? 🤷🏻‍♀️

The webinar is free and open to everyone but registration is required 👉 https://www.eventbrite.com/e/icontroller-webinar-6-introducing-ai-in-your-debt-collections-registration-261665838567

A company can’t survive without healthy cash flow because it’s the lifeblood of your businesses. When it slows down, it means trouble for your operations. 😵‍💫

Learn what is, how it impacts your business, the importance of managing and analyzing cash flow, the statement and more 👉 https://icontroller.eu/blog/what-is-cash-flow/

Your customer hasn’t paid an invoice? With a reminder that is known as a dunning letter, you encourage the debtor to pay faster. ⏩

With a dunning letter, you try to encourage the customer to pay, but voluntarily. You let the customer know that the invoice was not paid within the statutory payment period and that you expect it to be paid.

In our newest article we give some tips and recommendations when sending dunning letters 👉 https://icontroller.eu/blog/what-are-dunning-letters-and-whats-the-best-way-to-use-them/

Want to free up funds quickly? ⚡

Factoring helps your business to receive money owed from outstanding invoices before they are paid, regardless of the payment term. 💸

Outstanding invoices are sold to a specialist company, a factoring agency, which immediately pays out most of what is owed on the invoices, regardless of the payment term. In most cases, you will have the money in the company account within 24 hours. ⌛

Read more about factoring, its forms and costs, in our latest blog 👉 https://icontroller.eu/blog/what-is-factoring-advantages-disadvantages-costs-functioning/

Frankort & Koning is a Dutch wholesaler of fruit and vegetables. 🍅 With an annual turnover of € 250 million and serving clients in different countries, it is a European company of some stature.

Debtor follow-up involves large outstanding debts. Amounts of 30 million or more are no exception. There is also a great diversity of clients such as retailers, wholesalers, market vendors, … Each of them requires its own approach. 👐

Read about how iController helped Frankort and Koning to lower its credit losses and deal with the time consuming process of sending out duplicate invoices. 👉 https://icontroller.eu/blog/frankort-koning-customer-success/

A KPI that companies can use to measure their financial performance is DSO, the Days Sales Outstanding.

With DSO analysis 🔎, you find out how efficiently you collect payment for your products or services. The lower the DSO figure, the better the cash flow. 📈

Calculating your DSO is one thing, but interpreting the figure is another. Therefore, compare and benchmark ⚖️ your DSO to get new insights. Read more about it in our newest blog: https://icontroller.eu/blog/dso-benchmark-compare/

We all know the cryptocurrency Bitcoin, but the blockchain technology behind it could prove to be much more significant. 💥

Blockchain technology is driving the next generation of payment solutions. Ever wondered how blockchain works? Or what’s the secret sauce of blockchain in B2B? 👨‍💻

In our latest e-book, we explain what blockchain is all about. Learn how B2B companies and their AR teams can use blockchain to transform their business processes. 📈

More importantly, we highlight some promising use cases in the world of payments, order-to-cash and credit management.

Download it now 👉 https://icontroller.eu/e-book/

Efficiently setting up debtor management – the process of ensuring that customers pay their invoices – should be a priority for every business. ❕

After all, the customer has already received the product or service, but has not yet paid for it. Such customers can jeopardise the health of a business and dry up the necessary cash flow. 🧨

In our newest blog article we provide the most important tips on how to set up debtor management efficiently. 💡 Automated debtor management is a must, and you’ll see that issues such as customer relations and risk management also play an integral role.

Check out our fourteen steps to efficient debtor management 👉 https://icontroller.eu/blog/efficient-debtor-management/

Customers that have difficulties paying one or more outstanding invoices can have a major impact on a company’s cash flow. 💥

Granting a payment plan can be a solution. 🤝

In our newest blog post:
✔️ we explain what a payment plan is
✔️ we list the advantages and disadvantages of a payment plan, for both the customer and the creditor
✔️ we teach you how to draw up an effective payment plan as a company
✔️ we tell you how we deal with payment plans at iController

Check it out: https://icontroller.eu/blog/payment-plan-why-how-benefits/