In any business today, having customers as your debtors is an unavoidable fact. To be able to stay in business and remain competitive, you must be willing to provide good service, good pricing and most of all, provide credit terms to customers. Most often than not, problem starts when you have credit debtors. For smaller number of such credit debtors, the task of maintaining their records of debts due will be relatively simple. However, as your business grows and the number of customers grows at the same time, the task of keeping track of the debts due from customers will be a daunting task.
With this constant problems face by business organizations, it is highly anticipated that such problems can only be solved with the help of computerized system. Debt Collection Management was therefore developed specifically to assist businesses in managing their debt collection activities.
Not only is Debt Collection Management designed and developed to assist businesses in collecting debts but also helps them keep an up-to-date record of all debts owing.
There are two parts to the features available in Debt Collection Management; the first part deals mainly with keeping track of all correspondence, transactions or dealings that have transpired between you and your debtors; and the second part deals with keeping an up-to-date and detailed record of all your customers’ balance.
By having the first part of the features in Debt Collection Management, you will then be able to organise and manage all activities in relation to debt collection. As all the information relating to what has taken place with all customers are recorded in Debt Collection Management, this would in effect make calling customers for debts owing very easy and efficient as all the information you required is available at a click of a mouse. You will no longer face the problem of relying on memory to recall who has promised you payment or what was said to you or whether anyone else in your organization has already called the debtor etc.
In fact, this feature of Debt Collection Management will also provide you everyday with a list of customers you should call for payment of debts owing to you. Therefore, there is no need to fumble through your records everyday to search for which of your customers to call. All you need to do is refer to the list provided in Debt Collection Management, and just start calling!
To enable this feature to function perfectly, it relies heavily on the second part of the features as detailed below.
The second part of the features essentially enables you to inform your debtors on the spot of the exact and accurate outstanding amount owing. This is especially useful when you are on the line with your customers and they request for the details of the outstanding invoice owing to you. However, it is important to note that this feature can only effectively work for you if the invoice records and customers’ balance are constantly updated.
Debt Collection Management is therefore termed as the Ultimate Debt Collection Assistant. How? As illustrated above, the answer lies in the features available and the underlying design architecture of Debt Collection Management.
Debt Collection Management 3.5 is a COMPLETE BILLING SYSTEM with the features of auto-reminder of debts due and up-to-date of customers’ balance without the complications and restrictions of an accounting system.
At one glance, it may appear that whatever that is available in Debt Collection Management 3.5 is also available in any accounting system. This may be true only to the extent of generating invoice.
Debt Collection Management 3.5 has bridged the gap that is left out by most accounting system. Debt Collection Management 3.5 provides you with the features to organise all your debt collection activities. For most accounting system, you are only able to generate aging reports to check the latest status of all invoices due to you. From these reports, you will then start calling your customers for payment. There may not be any feature available in the accounting system that allows you to record down all debt collection activities that have taken place with any of your customers. At the end of the day, the debt collection activities remain very heavily dependent on human intervention and memory.
Now, with Debt Collection Management 3.5, once any invoice is generated using the available Invoicing feature, the invoice will be automatically updated in Debt Collection Management 3.5. Hence, the customers’ balance will also be updated at the same time. Once the invoice is due, Debt Collection Management 3.5 will remind you to request the necessary payment from your customers.
The Invoicing feature in Debt Collection Management 3.5 is designed in a very user-friendly environment. The layout of the invoice can be changed according to your requirements and desire. All you are required to do is to select or unselect the options available. Thus, the types of invoices generated are suitable for all types of trade and industries.
Debt Collection Management 3.5 also comes with a very special and useful feature of generating Customer Statement of Accounts.
In certain accounting system, you are only able to generate the up-to-date customer statement of accounts after you have closed the relevant accounting period. Without closing such period, you will not be able to obtain an accurate customer statement of accounts. This makes collection of debt very difficult, as the statement produced may not be up-to-date. Also, without such information, it would be difficult to forecast on the cash flow status and to project the future of one’s business.
In contrast, with Debt Collection Management 3.5, there is no need to close any period. Once you generate an invoice, upon posting the invoice, the customer balance will be automatically updated. If you wish to, you could generate a customer statement of accounts up to the current invoice date by specifying the Cut-off Date in the options available. Debt Collection Management 3.5 will enable printing of customer statement of accounts from any date to any date in a specific month or from any month to any month containing all open invoices for the customer selected and/or all customers.
These are just a list of the few vital features available in Debt Collection Management:
With the features listed above, Debt Collection Management strives to achieve:
¨ An organized method of debt collection activities
¨ Able to manage your cash forecast easily
¨ Keeps track of promises made
¨ Comprehensive Reporting
¨ Allows user to track up-to-date status of debt collection activities
¨ Able to keep track of payment of invoice, whether partial or full payment
¨ Up-to-date information on Debtors
The most significant difference between this latest version 3.5 and the previous version is that Debt Collection Management 3.5 is now entirely developed in Microsoft Access 2000. In order to migrate Debt Collection Management into Microsoft Access 2000, it involves some architectural changes at the core level of Debt Collection Management both to suit the new platform and to increase the efficiency level of Debt Collection Management 3.5. Result: outstanding performance achieved for Debt Collection Management 3.5!
The other significant change is that we have decided to combine both Debt Collection Management and Debt Collection Management Invoice into a single product. With this new Invoicing feature, Debt Collection Management 3.5 now allows you to generate invoice from Debt Collection Management itself. By doing so, all invoices generated will automatically be recorded in Debt Collection Management and thus updating the customers’ balance automatically.
The other changes are more at the user interface to provide a better representation of the relevant modules and options under their respective categories. This serves to provide users with a better way of operating Debt Collection Management to realize its full potential as a debt collection assistant.
When you mention the word “invoice”, the next word that springs to mind is “accounting system”. This is the conventional way of generating invoice. Most of the time, generating invoice by using accounting system is not as simple as it seems. It usually involves a lot of set up routines and procedures before an invoice can be generated.
In any business transaction, one will inevitably have to generate invoice so that you will be able to collect payment from your customers. In the case of business entrepreneurs who are just starting out or always on the go, they would just turn to using spreadsheet and other simple application software to generate invoice instead of operating an accounting system. With this alternative method, even though the part of generating invoice is fulfilled, the other part of having a system to keep track of invoice due and payments received is not fulfilled. This latter part is usually done by having another spreadsheet or just manually.
After thorough research on the market trend and situation, we at Quantum Generations have concluded and recognised that this is an unfulfilled requirement for businesses and entrepreneurs. The solution to this: to include Invoicing features in Debt Collection Management 3.5!
With the new Debt Collection Management 3.5, you will no longer require an accounting system just to generate invoice. Coupled with the existing features of keeping track of all payments received (be it full or partial payment), you will have a Simple & Neat Billing System without the complications and complexities of an accounting system.
The foremost benefit is that with the Invoicing features in Debt Collection Management 3.5, it will fulfil the requirements of businesses that want to avoid the complications of operating an accounting system merely to generate invoice.
Debt Collection Management 3.5 allows you to generate invoice with a centralized invoicing system. This means that all the invoices generated will be in auto-running numbers and therefore there will not be a problem of generating invoices with duplicate numbers. You will also be able to do away with keeping track of your invoice numbers manually. All the information relating to invoicing and your customers’ outstanding balance due to you can be found in Debt Collection Management 3.5.
In essence, Debt Collection Management 3.5 actually provides you with all the necessary and relevant information that is recorded in the Accounts Receivable of any accounting system. In any accounting system, the reason why Accounts Receivable module is so important is because this is the module that stores the core information of any businesses i.e. customer information and total debt due.
Now, with a fraction of a cost and without the complications of an accounting system, you can now have the full feature of an Accounts Receivable. Further, the graphical representation of your customers’ payment history will provide you with an idea of which customer you should be cautioned. The availability of information relating to the cash flow status also enables you to properly plan your company strategies and activities.
From the above, the inevitable conclusion is that Debt Collection Management 3.5 not only helps in businesses who just require an application software to enable them to generate invoices without the hassle of an accounting system, it also helps businesses keep track of all debts due to them as well as taking care of all activities necessary to collect debts from customers. For businesses that just require a “billing system” and not an accounting system, Debt Collection Management 3.5 would definitely be suitable.
The generating of reminder notice is an added useful and necessary feature to assist you in obtaining payment from your customers.
To evaluate Debt Collection Management 3.5, we have provided you with an easily downloadable version. Just click here to download.
If you would like to know more about Debt Collection Management 3.5 or have any inquiries, please e-mail to us at email@example.com or call us at 6-03-7958-6612 or fax to us at 6-03-7954-9064.
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