Cash flows are essential parts of any business, as they are the backbone that fuels all other business functions requiring cash flow. Cash flows are a crucial part of business operations since they directly affect the sales and purchases, salaries, and any other monetary transactions. In today’s business scenario, credit payment terms make it easier for the service consumer or purchaser. However, following up on these payments when they are delayed becomes a painful task for the business owner. Not only does it require time, but also energy and resources. Credflow addresses this common problem and aids a business’s payment collection efficiency.
What is CredFlow?
Credflow is a payments management app that ensures debtors pay their bills on time. It makes use of automation capabilities to help businesses reduce their reliance on collection managers. Not only that, but it also aids in budget forecasting and provides in-depth insight into future business opportunities.
The USP of the app lies in its automatic follow-ups with debtors, improved cashflows, and auto-sharing of the invoices. As a result, businesses can reduce their working capital cycles, forecast future cash flows, and make better business decisions allowing them to unlock an additional 25-30% of capital and use it to fuel business growth. Credflow is a one-stop solution for business owners to manage their outstanding payments.
Here are a few CredFlow features and metrics that can help you make better business decisions:
Automatic payment allocation and reminders
To clear outstanding payments, it is necessary to follow up with clients regularly. CredFlow automates the sending of payment reminders to debtors and the sharing of invoices. It saves time and effort that goes into following up with debtors. With CredFlow, you can also ensure automatic payment allocation to invoices and track the amount owed and the debtor’s name based on the invoice number.
When a company modifies its terms and conditions, the owner will usually want to update and notify all relevant parties simultaneously. Credflow makes it simple to edit your information on a single sheet and distribute it to your clients in bulk. It lets you create a customizable excel sheet of your contacts. You can change any information you want, and Credflow will automatically update its system. You can also find a CTA for bulk messages in the application. It allows you to share your changes with your clients at once.
CredFlow, as an outstanding management application, displays the debtor collection period, i.e., the amount of time it takes a business to collect money from its debtors.
Suppose the debtor collection period is excessively long. In that case, it indicates that the company must ensure that its payment terms are followed by its customers, and corrective action must be taken to ensure that outstanding dues are paid on time.
Projected cash flow
The CredFlow app helps predict the accounts receivables, which show the projected cash flows for the company. It helps businesses analyze the cash flow data and plan finances for future operations.
An aging summary is a graphical representation that depicts a total figure for your past-due payments and future receivables for each company. On CredFlow, you can find the aging summary, where you can review your client’s outstanding payment, the amount recovered this year, and the average collection period.
Debtor incentive schemes for prompt payment
It can be difficult to ensure that your debtors pay your bills on time. With CredFlow, you can automate invoice sharing, create incentive schemes for debtors, and offer them a discount for paying their bills on time. You can set the discount percentage you want to offer your clients based on how quickly they pay their outstanding dues. Furthermore, you can specify how frequently you want to remind your client to pay the outstanding amount.
Improved credit control by setting the overdue period
CredFlow aids in credit control by identifying any potential bad debtors in the company. You can set an overdue period threshold in the application. When a debtor’s outstanding balance exceeds this threshold, the debtor’s balance is written off as a bad debt. The credit will then be denied to any defaulting customer. It protects the company from future financial losses if credit is extended to a defaulting customer.
Team management using automation tool
CredFlow does more than manage receivables. The automation tool also makes managing your team easier. For example, you can add multiple users to your account and customise the amount of information you want to share with your team, such as limiting approval authority, granting client access, or restricting ledger views. You can also assign targets to your sales representatives. This feature also assists small businesses with projects that require team collaboration.
Credflow has a plethora of automation features, one of which is auto-report sharing. If you enable User Reports in the settings, an auto-email will be generated and sent to your team, sharing your customers’ aging summary. It will enable you to share daily and weekly reports with members of your team or other relevant parties.
By enabling the auto-invoice sharing option, you can also share receipts with your customers. Every time you generate a receipt, a copy is sent to your client. The automation features assist you in keeping your team informed and in contact with your clients.
Summing it up..
We hope you have a better understanding of what is CredFlow. In conclusion, Credflow enables you to receive payments 20 times faster, reduce bad debts, and boost automation. It can help you manage debtors, payments and ensure better cash flow management in your business. If you wish to learn more about CredFlow, click here.