When you consider how you are doing managing accounts receivable and credit, do you feel like no matter how fast you run you never seem to catch up? That sense of feeling you are always behind the curve instead of ahead of the curve is normal when you only use traditional tools for managing accounts receivable and credit.
Traditional accounts receivable and credit tools are essential to good AR management but they are focused on past history. If you only use traditional accounts receivable and credit tools, then managing AR is a bit like driving a car by looking in the rear view mirror. You really need to also be able to predict where you are going, not just where you have been. This is where Business Intelligence (“BI”) software tools come into play.
BI tools are not a crystal ball. Predicting the future is still up to you. BI software helps you to make sense of the accounts receivable and credit data you have so you can visualize where you are going. It helps you to gain the insights you need to predict the future so you can take steps to prepare for it now. Here is how BI software can help you.
REPORTS AND DASHBOARDS
Accounts receivable and credit software packages have the capability to produce a massive amount of data. But what does it all mean for your accounts receivable in the future? With BI software you can customize reports and dashboards including graphics which will help you and other stakeholders in your company visualize where accounts receivable is headed for an individual account, groups of accounts or all accounts.
BI software reports and dashboards can be customized to give you and your stakeholders clearer insights into collections and cash flow, adequacy and appropriateness of credit limits, trends in past due accounts and other information which could help you to take steps now for predictable changes in future accounts receivable.
Reports and dashboards you customize with BI software can be shared throughout your company with other stakeholders to promote and benefit from collaborative inputs. Sharing can be scaled with built-in security so stakeholders are limited to reports and dashboards which are appropriate for them.
The predictability of your accounts receivable will improve as you share information and exchange insights with other stakeholders.
CLOUD BASED SOFTWARE
BI software applications can be cloud-based or premises-based. Cloud-based applications offer a number of advantages including:
- Access from your location or remote locations
- Ability to use remote workers
- Availability of subscription contracts reducing up-front costs
- Easy log on, reliable service and robust computing capability
BI software can give your company the ability to synthesize accounts receivable data into reports and dashboards which can help you to predict accounts receivable and come up with action plans to deal with future challenges.
The BI tools you need are available from Lockstep Collect, a leader in cloud-based and premises-based software solutions made specifically for businesses selling on credit.
If you would like to learn more about how you can benefit from BI software tools, please contact Lockstep Collect at www.lockstep.io.