More and more online retailers are also offering to businesses. Unlike the consumer market, it takes a while before your money is received because the delivery is usually by credit. This is why Exact has introduced an add-on to the ERP package that will make managing debtors a lot easier.
In the world of online retail, managing debtors is of course not a big topic. After all, if you sell directly to consumers, you’ll receive your money instantly – via Interpay, PayPal or Mollie. But yes, jobs in the retail world are increasingly intertwined – retailers sell more to businesses – so of course it’s a different story. And if you’re then selling to B2B clients – you probably even have your own production line – agree to the payment clause, watch if money comes in and call or email if payment isn’t received on time.
Thus debtors management is the perfect addition to the ERP software and Exact has received many questions about this from users. So the company launched an add-on (additional software you can add to your micro subscription) to Exact Online in May that handles credit management without losing control. Chris Spender and Marcus Schwett, both senior solution marketing managers at Exact, tell you all about the add-on for a situation where you send out 20+ sales invoices per month. Spender: “When retailers switch to B2B, they really have to get used to delivery with a payment term (often a month). For buyers, it’s of course the perfect way to borrow money for free. As a seller, you have to be more active with them to ensure that buyers don’t drop out.”
This new addition is timely, of course, because debtor management is becoming increasingly important. Especially in the Corona period, people are starting to postpone paying bills, which makes it difficult for small and medium-sized businesses to organize cash flow management. “The dream of accounting software is that you can make cash flow forecasts and manage accounts receivables a huge step forward in that regard,” Schwett says. Spender explains that with Exact Debt Manager, you can simplify the process from billing to payment. “Debtors management is the best solution for retailers to keep business customers as friends while you get your money back. Businesses naturally send a lot of invoices, so it’s perfect for them. We work with monthly subscriptions so you can always run them and many businesses do.” Schuite explains that there are three reasons to start adding this debit management:
- You get your money sooner. “This is important for the cash flow position.” ;
- Reducing the administrative burden. “If someone doesn’t pay, you have a lot of work to do: you have to email, call and it will now go on alone.” ;
- The relationship with customers is still good. “Especially in the B2B world, you often have to deal with repeat customers and thus have an association with buyers. Let’s say you serve beautiful meat every month, but the payout is disappointing after a year. Then that relationship gets strained by the disagreement over money and now the system makes the decisions” .
Schuite explains that the debit management add-on chooses a specific communication scenario based on past payment behavior. “If there isn’t a lot going on and he’s a good customer, he picks a very nice email in the ‘maybe missed for a while’ category. But there’s also a strict scenario where you as a supplier can say something more quickly about next steps if payment doesn’t follow. With that The method, always switches between “don’t let it go” and “keep the relationship” and the software helps with that. The add-on is set up in such a way that a certain communication pattern is automatically chosen that matches the push behavior. There are ready-made emails that you can use right away and possibly adapt to Desired message and tone.
As a user, you always have the option to intervene. Schuite: “You have an Exact Online dashboard with an overview where you can see which emails have been sent and which are still arriving. For example, if you just talked to someone who says, “I’ll move it tomorrow,” you can wait a little longer with Email; you can move the reminder, but you can also block it.” Schwett says the add-on is part of Exact Online. “Configuration is not necessary, you just have to choose the ‘Manage Debit’ option. The great thing is that I get some important questions from the support department, which means that users are satisfied with the solution. Matching with customer scenarios works well and is of course relatively cheap, which means that companies SMEs can further automate debtor management. Many of the companies now involved thought in the past it would be expensive, but it really isn’t that bad. We are now busy implementing improvements based on the questions we receive.”
Spender compares the solution with its competitors. “They are often quite expensive and our solution is fully integrated, so you don’t need separate software. In short, if you want to get paid on time from your B2B clients and maintain a good relationship with clients, then Accurate Debt Management is ideal!”
This article was created in collaboration with Exact
Text: GDP Media | Photo: Pure Image