To Know more about what the topic says, first you must know what the accounts receivable process is and what is accounts receivable automation.&nbsp;

&nbsp;

<h2>Accounts Receivable Process &nbsp;</h2>

Accounts Receivable is the process of receiving or recovering overdue payments from customers who have bought a service or product on a credit. For some organizations, it may be simple and easy as they have a small customer base. Manually following up with them and reminding them of the payment they need to make will not be a tough task. But to be frank, it also takes a considerable amount of time.&nbsp; &nbsp;

But for organizations with a huge customer base, spreadsheets, and manual follow-ups won&rsquo;t work. Manually following up and keeping all the invoice and payment details in the mind for a single customer itself a difficult task to do. Now think of having a huge customer base. It&rsquo;s breathtaking right? &nbsp;

For them, it&rsquo;s a huge struggle to manage, maintain, and recover all the pending and overdue payments from their customers.&nbsp; &nbsp;

<ul>
	<li>
	Difficulty in following up regularly with various customers &nbsp;
	</li>
	<li>
	Difficulty in remembering and tracking the data &nbsp;
	</li>
	<li>
	Difficulty in handling Multiple Disputes &nbsp;
	</li>
	<li>
	Improper customer communication &nbsp;
	</li>
	<li>
	Reduced Cash flow and Increased DSO &nbsp;
	</li>
</ul>

These are all some of the struggles the organization with a huge customer base faces. &nbsp;

If you&rsquo;re also facing any of these or all these struggles, then you&rsquo;ll find a way out of it by reading this blog.&nbsp;

&nbsp;

<h2>What is Accounts Receivable Automation?&nbsp;</h2>

You all know that automation is the technology implementation where human tasks and operations are minimized.&nbsp;&nbsp;

Now you may doubt how this automation can help improve your Accounts Receivable Process.&nbsp;

As an answer to your question, we&rsquo;ve introduced our Accounts Receivable Automation Software &ndash; Maxyfi.&nbsp;&nbsp;

Yes, with automation, you&rsquo;ll have the following benefits in your accounts receivable process:&nbsp;

1. Industry Leading Process - Industry Leading Email, SMS, and Call Follow-ups.&nbsp;

2. Market-leading Workflows - Personalize and customizable pre-defined templates.&nbsp;

3. Centralized Communication - Provides full auditability, transparency, and cooperation.&nbsp;

4. Process-Oriented Approach - Stable and BAU with multi-user support.&nbsp;

5. Real-time Insights, Reports, with Dashboards - Improves management visibility and control.&nbsp;

6. Customer Portal with Rich Features - Increase customer response and payment recovery by 200%.&nbsp;

Yeah, with our accounts receivable management system, you&rsquo;ll be able to achieve the maximum cash flow and productivity for your organization.&nbsp;&nbsp;

&nbsp;

<h2>Solutions with our Accounts Receivable Software&nbsp;</h2>

You may have become irritated while looking for a solution to all of your accounts receivable issues. Your days may have been made more difficult by decreasing cash flow and growing DSO. We know it sucks, and we&#39;ve dealt with similar problems. As an outcome, we devised a better solution for all accounts receivable issues.&nbsp;&nbsp;

Maxyfi began its journey in this manner...&nbsp;

Most businesses are struggling with these kinds of issues and the sad thing is that they are not even aware that they&rsquo;re dealing with accounts receivable problems.&nbsp;&nbsp;

<ul>
	<li>
	The customer is paying the debt late or not at all.&nbsp;
	</li>
	<li>
	The majority of your time was spent preparing and issuing invoices.&nbsp;
	</li>
	<li>
	It is difficult to track and manage all receivable data.&nbsp;
	</li>
	<li>
	Improper communication channel and format.&nbsp;
	</li>
</ul>

These are some of the issues which need to be addressed immediately.&nbsp;

With proper analysis and a strategy, you can easily analyze your business status and enhance the standard of your business.&nbsp;&nbsp;

Don&rsquo;t think that it&rsquo;s impossible. With Maxyfi Accounts Receivable Software, it is more than possible. You can&nbsp;

<ul>
	<li>
	Make sure your customers pay on time.&nbsp;
	</li>
	<li>
	Save the majority of your time spent on manual tasks and focus more on business development.&nbsp;
	</li>
</ul>

<ul>
	<li>
	Track and manage all customer receivable data with ease.&nbsp;
	</li>
	<li>
	Use proper communication methods while communicating with customers.&nbsp;
	</li>
</ul>

&nbsp;

<h2>Let&rsquo;s walk you through what you&rsquo;ll get from Accounts Receivable Automation Software&nbsp;</h2>

With a proper and professional <a href="https://www.maxyfi.com/lp/accounts-receivable-management-software" target="_blank">accounts receivable management system</a>, you&rsquo;ll get most of your struggles got relieved and will have a peaceful and effortless accounts receivable process experience.&nbsp;&nbsp;

That&rsquo;s what Maxyfi is here for.&nbsp;&nbsp;

<h3>1. Improved and Standardized Dunning Process&nbsp;</h3>

If your business is struggling with cash flow issues and you can&rsquo;t even meet the investments you&rsquo;ve spent, then it&rsquo;s an indication of a business running at&nbsp;loss. Most of this occurs when your customers refuse or are unable to pay the debt that they owe you.&nbsp;

Are you still sending the invoice reminders manually with the data in the excel sheets?&nbsp;

Come on! You can do more than that and we believe in you.&nbsp;&nbsp;

<ul>
	<li>
	Automated invoice reminders and automated customer follow-ups can make your dunning effortlessly and easy.&nbsp;&nbsp;
	</li>
	<li>
	You&rsquo;ll get plenty of time saved as the boring and repeated dunning process has been automated so that you can concentrate and spend more time on your business development.&nbsp;&nbsp;
	</li>
	<li>
	Since all of your invoice reminders and customer follow-ups have been automated, your customers will receive proper invoice reminders, prompting them to pay on or before the due date, thereby increasing your organization&#39;s cash flow.&nbsp;
	</li>
</ul>

With an improved and standard dunning process, you can improve your organization&rsquo;s cash flow easily and effortlessly. All these will happen only if you transfer your accounts receivable process into automation.&nbsp;&nbsp;

&nbsp;

<h3>2. Centralized Customer Communication&nbsp;</h3>

Misunderstanding is the starting stage of many disputes and quarrels in any relationship. Likewise in business, any small misunderstanding and miscommunication can lead to a great dispute which may cause a huge loss to your business.&nbsp;&nbsp;

There are two ways to tackle&nbsp;misunderstanding and miscommunication in your business. One is you need to be more conscious and spend more time tracking customer data and payment records. I know, this takes plenty of time and it&rsquo;s a never-ending boring task.&nbsp;&nbsp;

Another way is <a href="https://www.maxyfi.com/lp/accounts-receivable-automation-software" target="_blank">Accounts Receivable Automation Software</a>. Okay! What is Automation to do with centralizing customer communication?&nbsp;&nbsp;

Well, speaking of Accounts Receivable Automation, you&rsquo;ll not only get automated invoice reminders and customer follow-ups. You&rsquo;ll also get some more additional and advanced features that&rsquo;ll even minimize your effort and buys you more time.&nbsp;&nbsp;

One of the features is a customer portal with a variety of options and capabilities for&nbsp;&nbsp;

<ul>
	<li>
	making your customers pay,&nbsp;
	</li>
	<li>
	provide and limit the day and time they can make the payment,&nbsp;
	</li>
	<li>
	Record the promise to pay and even send a reminder one day before the due date.&nbsp;
	</li>
</ul>

It&rsquo;ll be simple to concentrate and maintain your customer communication with proper reminders, follow-ups, and a good customer communication medium, avoiding misunderstanding and miscommunication.&nbsp;

&nbsp;

<h3>3. Real-Time Metrics with Insightful Dashboard&nbsp;</h3>

Tracking your accounts receivable data and generating the reports manually takes a lot of time which in turn you&rsquo;ll get to see the delayed reports. Delayed reports may also result in disputes and even chances to lose your customers. &nbsp;

Think of a scenario, you&rsquo;re getting an invoice for a due payment which is a day due. Once after getting the invoice, you made the payment. But after 2 days, you&rsquo;re again receiving a reminder for the same invoice which you&rsquo;ve already paid. &nbsp;

How annoyed you&rsquo;ll be? That&rsquo;s how your customers will also be. And this happens due to delayed reports and insights.&nbsp;

This also affects your organization tracking in which you&rsquo;ll only get to see the delayed reports and data, you can&rsquo;t do a proper forecast. &nbsp;

Okay... Do not overthink it. I&#39;m sure you&#39;re going through something similar. You know what the answer is (real-time reports and insights), but you don&#39;t know where to acquire it. There is an easy way to overcome this, and it is also simple to obtain.&nbsp;

Automation. Yes, accounts receivable automation is a simple, cost-effective, and effortless way to track and manage your receivables with real-time data and insights.&nbsp;

The dashboard of the accounts receivable automation software will provide 100% real-time customer and payment reports, allowing you to better manage and track your customer&#39;s data.&nbsp;

&nbsp;

<h2>Maxyfi &ndash; For a Better Accounts Receivable Management System&nbsp;</h2>

Besides the above-mentioned automation features, Maxyfi &ndash; Accounts Receivable Software also provides additional advanced features for automating your accounts receivable process and managing all of your customer and invoice information.&nbsp;&nbsp;&nbsp;

<h3>1. Automated yet Efficient Follow-ups&nbsp;&nbsp;</h3>

Maxyfi has automated Email and SMS follow-ups that deliver automated invoice reminders to your customers, allowing you to spend less time on manual activities and more time on business development.&nbsp;

You can also set reminders for follow-up calls and track the actions taken by customers. You can even schedule an automated reminder to reach the customer before the day the customer promises to pay.&nbsp;

&nbsp;&nbsp;

<h3>2. Pre-defined and Customizable Templates and Workflows&nbsp;&nbsp;</h3>

To make your follow-ups more efficient and successful, Maxyfi provides pre-defined communication templates and multiple workflows that can be customized according to your specific requirements.&nbsp;

This provides you with an appropriate channel of communication with an appropriate tone in which you can add your invoice data and send them to your customers in a matter of minutes.&nbsp;&nbsp;

&nbsp;&nbsp;

<h3>3. Unique Customer Portal&nbsp;&nbsp;</h3>

Maxyfi&#39;s unique and advanced customer portal is one of its major benefits. With our simple and quick payment option, you can make your customers pay faster than ever before.&nbsp;

&nbsp;&nbsp;

<h3>4. Insightful Accounts Receivable Dashboard&nbsp;&nbsp;&nbsp;</h3>

You can stay up to date on real-time customer invoices and payment details with our intuitive dashboard. You may check your company&#39;s total overdue amount, pending invoices, and top debtors all in one place.&nbsp;

&nbsp;

Still more to know and explore...&nbsp;

In fact, we are providing a 14-day free trial of our <a href="https://www.maxyfi.com/lp/accounts-receivable-software" target="_blank">accounts receivable software</a>. You can try it if you want to increase your accounts receivable management system and the efficiency of your organization.&nbsp;

You can learn more about our accounts receivable automation software with a quick 20-minute discussion, and you can also read our <a href="https://www.maxyfi.com/blog" target="_blank">Maxyfi Blogs</a> for more thorough information.&nbsp;

&nbsp;

In this article, you’ll learn about the accounts receivable process and what are all the changes automation can bring to your accounts receivable process 

Accounts Receivable Automation Software | What You'll Get? 

Here we'll discuss the accounts receivable process and what changes automation can make to it

What Automation Can Do For Accounts Receivable And What You’ll Get From It 

Still, there are many business owners and the AR team is struggling to analyze their credit risk which is their customer&rsquo;s capacity to repay the debt.&nbsp; &nbsp;

Are you one of those business owners who is facing the same issue, finding it challenging to analyze and manage your credit risk? &nbsp;

You&rsquo;re at the right place and it is never too late to know how to tackle the struggle you&rsquo;re facing. &nbsp;

Credit risk is nothing but a possibility from a borrower&rsquo;s failure to repay the debt or money they owe a business for which they bought a service or product on a credit basis.&nbsp; &nbsp;

&nbsp;

<h2>How does a Poor Credit Risk analysis affect your Cash Flow - Improper Debt Collection System&nbsp;</h2>

Cash flow is the most essential consideration of every business. Cash flow disruptions can have an impact on your day-to-day business operations and investments. These types of disruptions might arise as a result of poor credit risk management and analysis.&nbsp;

Some of the factors that are caused by poor credit risk analysis are&nbsp;&nbsp;

<h3>1. Increases Bad Debts&nbsp;</h3>

If you are unaware of the credit risk you&rsquo;re dealing with or if you&rsquo;re not properly addressing them, you should probably be in a bad state of your debt collection process.&nbsp;&nbsp; &nbsp;

If a customer buys a service or a product from your organization on a credit basis, promising you to pay it later, you must be furious in recovering the payment back within the due date or promised date. If the customer fails to make the payment, then it becomes bad debt for your organization.&nbsp;&nbsp; &nbsp;

There may be reasons the customers have missed making the payment within the due date. The customer &nbsp;

<ul>
	<li>
	May have been busy and forgot about the payment &nbsp;
	</li>
	<li>
	Could have thought they have made the payment already &nbsp;
	</li>
	<li>
	Still thinks that there is still time for the due date &nbsp;
	</li>
	<li>
	May be facing a financial problem or natural disaster &nbsp;
	</li>
	<li>
	May be intentionally avoiding the payment&nbsp; &nbsp;
	</li>
	<li>
	Chances that the invoice doesn&rsquo;t reach the customer or invoice with the wrong details &nbsp;
	</li>
</ul>

Your customer may be facing any of the reasons mentioned above or some other reason apart from this.&nbsp; &nbsp;

Most of these causes result from insufficient credit risk analysis for your debt collection management system. Poor follow-up on outstanding debts, invoices with the incorrect customer and payment data, and so on are signs of poor credit risk analysis, which can raise bad debts for your business or organization.&nbsp;&nbsp; &nbsp;

&nbsp;

<h3>2. Increases DSO&nbsp;</h3>

DSO (Days Sales Outstanding) is the average amount of time taking for a company or business to recover the payments or debts from their customers.&nbsp;&nbsp;&nbsp;

The higher the DSO of a company, the lower will be the cash flow, and the lower the DSO indicates a better and increased cash flow.&nbsp;&nbsp;

If you&rsquo;re facing cash flow issues in your company, one of the reasons may be the higher DSO that you&rsquo;re encountering. It means, that recovering the debts or payments from your customers is too late. This is also a result of improper credit analysis which causes credit risks and this can cause serious damage to the cash flow of your organization.&nbsp;&nbsp;&nbsp;

If you&rsquo;re not maintaining your credit risk properly, it will increase your DSO which automatically affects your day-to-day business operations. Yes, as discussed, it will directly affect the cash flow and productivity of your business.&nbsp;&nbsp;&nbsp;

&nbsp;

<h3>3. Increases Financial Risk&nbsp;&nbsp;</h3>

Every business owner has come across these financial problems at least once in their business lifetime. Increased bad debts and higher DSO for your organization indicate that your business is under a severe cash flow issue. Cash flow issue in the sense, of financial risk, will affect your business development and kills most of your time.&nbsp;&nbsp;&nbsp;&nbsp;

A poor debt collection management system always creates poor credit risk analysis. Poor credit risk management always increases the outstanding debts for your organization which in turn creates cash flow issues for your organization.&nbsp;&nbsp;&nbsp;

Recovering the debt may take some proper reports and management. Without maintaining a proper report or analysis, it is nearly impossible to increase the cash flow while decreasing the DSO for your organization.&nbsp;

&nbsp;

<h3>4. Poor Customer Experience&nbsp;</h3>

Considering all of the above-mentioned issues and struggles, you must also consider your customer&rsquo;s experience as it&rsquo;s also a major part of credit risk management. &nbsp;

Think of a possibility where you&rsquo;re getting irrelevant invoice messages from banks, repeated reminders for the invoice that you&rsquo;ve already paid, or a miscommunication.&nbsp; &nbsp;

How annoying it&rsquo;ll be! Likewise for your customers too. They&rsquo;ll also be annoyed if you keep on sending reminders irrelevant to them.&nbsp; &nbsp;

At the same, your customers will also be annoyed for getting&nbsp; &nbsp;

<ul>
	<li>
	Invoice reminders with the irrelevant customer and payment data &nbsp;
	</li>
	<li>
	Repeated reminders for the same invoice for which your customers had already made the payment. &nbsp;
	</li>
	<li>
	Improper communication medium and method for communicating with the customers &nbsp;
	</li>
</ul>

When your client experience is poor, it will be difficult to maintain a thorough credit risk analysis, which will undoubtedly result in cash flow and productivity problems.&nbsp;

&nbsp;

<h2>A Proper Credit Risk Analysis with a Debt Collection Software&nbsp;</h2>

<h3>1. Debt Collection Software Reduces Bad Debts&nbsp;</h3>

An invoice may turn into bad debt if the customer refuses or is unable to pay the amount within the due date. The more bad debt an organization has, the more the cash flow is affected.&nbsp;&nbsp; &nbsp;

A proper credit risk analysis enables you to keep better track of your customer invoices and allows you to send invoice reminders on time.&nbsp;&nbsp; &nbsp;

A proper credit risk analysis will allow you to&nbsp;&nbsp; &nbsp;

<ul>
	<li>
	Eradicate errors in the customer invoice&nbsp; &nbsp;
	</li>
	<li>
	Send the invoice to the right customer at the right time&nbsp; &nbsp;
	</li>
	<li>
	Take note of the customer response to the invoice that you sent recently&nbsp; &nbsp;
	</li>
	<li>
	Track and analyze the invoice properly with real-time reports&nbsp; &nbsp;
	</li>
</ul>

Yes, with a proper credit risk analysis, you can able to reduce the bad debts for your organization and a proper credit risk analysis can be done by a proper and automated debt collection software.&nbsp;

&nbsp;

<h3>2. Automated Debt Recovery Software Minimizes the DSO &nbsp;</h3>

As we told you before, an increased DSO will always be a big trouble for an organization. If your DSO is higher, it means that you have tons of bad debts to be recovered on your bucket list. &nbsp;

With automated debt recovery software, you can easily recover your debts and your organization&rsquo;s DSO will be reduced automatically. &nbsp;

The lower the DSO of a company, the higher will be the cash flow. &nbsp;

With automated debt collection software, you can automate all your boring and repetitive tasks by saving you a lot of time for focusing on the development of your cash flow and your organization&rsquo;s productivity.&nbsp;&nbsp; &nbsp;

If you wish to maintain all your credit risk analysis properly, you must consider automating your debt collection system. If you do so, with automation, you can easily reduce the DSO and increase the cash flow of your organization rapidly.&nbsp;

&nbsp;

<h3>3. Debt Collection Management System Reduce the probability of your Finacial Risk&nbsp;</h3>

If you&rsquo;ve come this far, you&rsquo;ll have already known the result of automation and what it can give to your <a href="https://www.maxyfi.com/lp/debt-collection-software">debt collection management system</a>.&nbsp; &nbsp;

Yes, if the automated debt recovery software can reduce the number of bad debts that are pending in your organization and also reduces the DSO resulting in increased cash flow and productivity, Hurray! Your financial problem or risk is already gone. Yes, with&nbsp; &nbsp;

<ul>
	<li>
	Automated invoice reminders &nbsp;
	</li>
	<li>
	Real-time reports &nbsp;
	</li>
	<li>
	Human-centric touch and communication &nbsp;
	</li>
	<li>
	Excellent customer experience&nbsp; &nbsp;
	</li>
</ul>

you can make your customers pay on time within the due date, reduce your bad debts and increase the cash flow of your organization.&nbsp;

&nbsp;

<h3>4. Proper &amp; Excellent Customer Experience with an Automated Debt Collection System&nbsp;</h3>

Again, with debt collection automation software, you can not only streamline the credit risk analysis of your organization. You can also streamline your customer experience resulting in good customer response.&nbsp;&nbsp;&nbsp;

A better customer experience will give a better customer response. A bad customer experience will always result in no or zero responses.&nbsp;

You should also concentrate on your customer experience to get a good response from them. If you make your customer, feel comfortable with your debt recovery process, I&#39;m sure that you&rsquo;ll get a 2x more response than what you getting before.&nbsp;&nbsp;

You have known now that automated debt recovery software can make this possible with its&nbsp;

<ul>
	<li>
	Unique Customer Portal with a quick payment option&nbsp;
	</li>
</ul>

<ul>
	<li>
	Human Centric invoice reminders and communication method&nbsp;
	</li>
</ul>

With appropriate customer communication, you can maintain a strong customer relationship, and with a good customer relationship, you can make your customers pay on time, lowering bad debts and boosting your organization&#39;s cash flow.&nbsp;

&nbsp;

<h2>Maxyfi Debt Recovery Software&nbsp;</h2>

Maxyfi is an automated <a href="https://www.maxyfi.com/lp/debt-collection-software" target="_blank">debt collection software</a> that includes all of the above-mentioned automation features as well as additional features for automating your debt recovery process and maintaining your credit risk analysis properly.&nbsp;&nbsp;&nbsp;

Features that Maxy holds&nbsp;

<h3>1. Automated yet Efficient Follow-ups &nbsp;</h3>

Maxyfi has automated follow-ups that send automated invoice reminders to the customers which helps you avoid spending most of your time on manual tasks and allows you to concentrate more on your business development.&nbsp; &nbsp;

&nbsp;

<h3>2. Customizable and Pre-defined Workflows &nbsp;</h3>

Maxyfi has pre-defined workflows which can also be customized according to your needs, to make your follow-ups more efficient and effective. &nbsp;

&nbsp;&nbsp;

<h3>3. Unique Customer Portal &nbsp;</h3>

With our unique customer portal, you can make your customers pay faster than before with our easy and quick payment option. &nbsp;

&nbsp;&nbsp;

<h3>4. Dashboard&nbsp; &nbsp;</h3>

With our intelligent dashboard, you can stay current on real-time customer invoices and payment data. You can see your total outstanding amount, pending invoices, and top debtors for your company all in one spot.&nbsp;

Still more to know and explore...&nbsp;

We are also offering a 14-day free trial for our debt collection software. If you&#39;re looking to improve your credit risk analysis and reduce your bad debts, you can give it a try.&nbsp;&nbsp;&nbsp;

With a quick 20 mins discussion, you can get to know more about our automated debt recovery software and you can also read our <a href="https://www.maxyfi.com/blog" target="_blank">Maxyfi Blogs</a> for more detailed information.&nbsp;

In this blog, you’ll learn what is credit risk analysis and how to overcome it and increase cash flow with debt collection automation software.  

Debt collection software to streamline credit risk analysis

Continue reading the blog to understand what credit risk analysis is and how to use debt collection automation software to overcome it and enhance cash flow.

Credit Risk Analysis In Debt Collection Automation Software

Have you ever woken up in the morning and felt frustrated just thinking about calling your customers to collect debt? &nbsp;

We&nbsp;know how it feels.&nbsp; A debt collector&#39;s work is one of the most difficult since it requires calling and communicating with irregular customers in order to recover overdue debt.&nbsp;

By reading this blog, you&rsquo;ll know the importance of making a debt collection call, how your conversational tone should&nbsp;be, and the timing of the ring. We also provide you with more debt collection system techniques and features that should assist you in recovering your debts quicker and easier.&nbsp;

&nbsp;

<h2>Dos and Don&rsquo;ts When making a Debt Collection Call&nbsp;</h2>

A pleasant customer experience is critical to the reputation of a business. As a debt collector, you must be attentive to your customers&#39; concerns while remaining in command of the call. Although it may appear simple to pick up the phone and call your customers for payments, accounts receivable, and debt collection calls. But it needs considerable planning, skill, and confidence.&nbsp;

Below are some of the tactics that should help you in making your next customer call a success:&nbsp;

1. Confidence &ndash; Start the call with a greeting that expresses your confidence, happiness, and politeness.&nbsp;

2. Human touch &ndash; Address your customers with their names, only limited times. Overdoing that might sound a little rude.&nbsp;

3. Concentration &ndash; Let your customers explain their claims clearly and listen carefully to what they say. Listening is the key to success. &nbsp;

4. Keep Control on the call &ndash; Don&#39;t let the conversation go off the grill. Always keep the call on track.&nbsp;

5. Be Concise &ndash; A clear-paced call will always convey clearly and help you serve more customers as possible. &nbsp;

Debt collection calls need patience and a positive attitude. If the customer is unhappy during the conversation, it might have a negative impact on your business. In such instances, one must take command of the situation and persuade the customer to make a financial commitment.&nbsp;

&nbsp;

<h2>Amazing Debt Collection Strategy &ndash; For Debt Collection Call&nbsp;</h2>

Some of the amazing debt collection strategies that can help you enhance your <a href="https://www.maxyfi.com/lp/debt-collection-software" target="_blank">debt collection management system</a> and increase the cash flow of your business.&nbsp;

<h3>&nbsp;</h3>

<h3>1. Know Your Customer&rsquo;s Conversation History&nbsp;</h3>

Most of the time, your follow-up calls result in failure due to the lack of reports. Without a proper report, it&rsquo;s really hard to follow up with a customer and recover the debts they owe you. &nbsp;

Every time you make a call, you&rsquo;ll gather some information from your customers. If they make a promise to pay, you definitely need to make a follow-up and remind them about the Promise-to-pay the customer made to you. &nbsp;

Have you ever heard of the Automation or Automated Debt Collection Process?&nbsp;

Yes. An automated process allows you to record the information, make an automated reminder for a promise-to-pay made by the customer and remind the customer about the promise-to-pay a day before the promised date. &nbsp;

With a proper and real-time customer report, you can make your debt collection call a great success and this can be achieved easily by automation.&nbsp;

&nbsp;

<h3>2. Offer Easy Payment Options &ndash; Make Customers Pay Faster&nbsp;</h3>

In most organizations, recovering debts from customers is a nightmare. It is because of the payment method they&rsquo;re offering their customers. &nbsp;

If you have a difficult method of payment, it really would be difficult for you to recover the debt from your customers. &nbsp;

Always have an easy and quick payment option for your debt collection management system, which will make the payment process easy for your customers. If&nbsp;making the payment is easy as clicking a button, more than 85% of your customers will pay faster which in terms increases the cash flow of your business. &nbsp;

When you tell your customers about the quick payment option, you will gain additional confidence when making a debt collection call.&nbsp;

&nbsp;

<h3>3. Use a Debt Collection Automation Software&nbsp;</h3>

Are you struggling in making a debt collection call and your conversation is not making any progress?&nbsp;

Well. Don&rsquo;t worry. You can automate your debt collection system and minimize the struggles you face while making a debt collection call. &nbsp;

With proper automated <a href="https://www.maxyfi.com/lp/debt-collection-software" target="_blank">debt collection software</a>, you can &nbsp;

<ul>
	<li>
	automate your follow-ups, &nbsp;
	</li>
	<li>
	have clear and real-time customer invoice reports, &nbsp;
	</li>
	<li>
	and quick and easy payment options for getting paid faster &nbsp;
	</li>
	<li>
	increasing the cash flow and productivity of your business.&nbsp;
	</li>
</ul>

Sounds great right? This is what Maxyfi will do for your business. &nbsp;

&nbsp;

<h3>Final Thoughts&nbsp;</h3>

Calling your customers and recovering your outstanding debts is not a nightmare anymore. With automation and proper tool, you can nail it up. To know more about our automated debt collection software, <a href="https://www.maxyfi.com/blog" target="_blank">Maxyfi blogs</a> can help you out. &nbsp;

Tips and strategies for making a debt collection call a great success with automated debt collection software.

How to make a debt collection call a success? 

Ideas and techniques for using automated debt collection software to make a debt collection call a huge success.

Things To Concentrate On While Making A Debt Collection Call – Maxyfi

To fully analyze this, you need to understand the business needs and challenges, the impact it creates, and then the solution you should use to address these challenges.&nbsp;

Cash flow is an essential component of every Credit Based Business. Even your customers want to have their cash available for essential and prioritized payments. The most critical component of the Accounts Receivable Process is deciding where you should be on your customer&#39;s Prioritized List.&nbsp;

Most organizations will perform Account Receivable activity either through dedicated teams under CFO or Finance team doubling up as Accounts Receivable persons.&nbsp;&nbsp;

&nbsp;

<h2>Why Accounts Receivable Automation?&nbsp;</h2>

As said before, the Accounts receivable activity is the most critical function that converts your revenue into cash. Maintaining and managing these critical accounts receivable processes manually will consume most of your time, leaving no time for you to focus on your business development activities. This will result in severe cash flow problems for your organization.&nbsp;

When this function is done manually, it doesn&#39;t help to achieve steady cash flow due to the below reasons&nbsp;&nbsp;

<ul>
	<li>
	Casual and irregular reminders &ndash; Lead to irregular messaging and increases payment time&nbsp;
	</li>
	<li>
	Mistakes in communication &ndash; Bad experience with clients and ends in disputes&nbsp;
	</li>
	<li>
	Time Consuming Activity &ndash; AR Teams performing repeated non-productive tasks&nbsp;
	</li>
	<li>
	Person Dependent Activity - Unplanned delays and absence of a person will impact the process&nbsp;
	</li>
	<li>
	Lack of auditing and transparency &ndash; No compliance check on the process followed.&nbsp;
	</li>
	<li>
	Weak management insight and control &ndash; Delayed and outdated reporting to Management&nbsp;
	</li>
	<li>
	Limited Client Response Medium &ndash; Clients can respond only through emails.&nbsp;
	</li>
</ul>

Accounts Receivable Automation should provide teams with the tools, processes, and information they need to operate more effectively, resulting in consistent and predictable cash flows. Furthermore, the data is collected centrally, allowing for total transparency, auditing, and multi-user collaboration.&nbsp;

&nbsp;

<h2>What is Maxyfi?&nbsp;</h2>

Maxyfi is an <a href="https://www.maxyfi.com/lp/accounts-receivable-automation-software" target="_blank">Accounts Receivable Automation Software</a> that helps organizations improve their cash flow and productivity while recovering their outstanding dues faster. With Maxyfi, your team will be at its peak efficiency with the perfect combination of automated (SMS, Email) follow-ups and human-centric customizable workflows.&nbsp;&nbsp;

With Maxyfi, you&rsquo;ll get&nbsp;&nbsp;

1. Industry Best Process &ndash; Industry best Email, SMS &amp; Call Follow-ups&nbsp;&nbsp;

2. Market-leading Workflows &ndash; Customizable and personalized pre-defined templates&nbsp;&nbsp;

3. Centralized Communication &ndash; Gives you complete audit, transparency, and collaboration.&nbsp;

4. Process-Oriented Approach &ndash; Stable and runs as BAU with multi-user handling feature&nbsp;

5. Real-time Insights, Reports, and Dashboards &ndash; Gives you better management insights and control&nbsp;&nbsp;

6. Customer Portal with rich option &ndash; Get 2x increased customer response and payment recovery.&nbsp;

&nbsp;

<h3>Do I need Maxyfi When I have Xero&rsquo;s Free Reminders?&nbsp;&nbsp;</h3>

Let&#39;s find out.&nbsp; 
Xero, one of the most popular accounting and bookkeeping software (the purpose it was built for), also has an additional provision to send reminders via Email. But that&rsquo;s just the tip of the iceberg in the Accounts Receivable Function.&nbsp;&nbsp;

Accounts Receivable Automation is a lot more and lets&#39; see what it needs:&nbsp;

<ul>
	<li>Configuring your Accounts Receivable Workflows based on Email, SMS, and Call.&nbsp;</li>
	<li>Personalize and standardize your Accounts Receivable Dunning messages (follow-ups) with your standards for Maximum Response&nbsp;</li>
	<li>Automate most of your communications giving your team the bandwidth to focus on High-value pending transactions.&nbsp;</li>
	<li>Human Centric Workflow Actions and Communication integrations like Confirmation and Reminders for Promise made by the customer and Dispute Management&nbsp;</li>
	<li>Assign and track your work and the status of the invoice without much effort&nbsp;</li>
	<li>Generate real-time great insights and management reports instantly from the software&nbsp;</li>
	<li>Empower your customers with the best customer portal experience for faster response and payment.&nbsp;</li>
</ul>

To summarize, an app that improves the Accounts Receivable Team&#39;s efficiency and productivity thereby improving the cash flow!&nbsp;

An application that improves the efficiency and productivity of the Accounts Receivable team thereby improving cash flow is considered to be one of the best Accounts Receivable Automation Software.&nbsp; 
&nbsp; 
It&#39;s not Xero vs Maxyfi, rather it&#39;s the winning combination of Xero accounting books with Maxyfi which gives you the best of Accounting and Book Keeping (Xero accounting books) with the Best of <a href="https://www.maxyfi.com/lp/accounts-receivable-software" target="_blank">Accounts Receivable Software</a> (Maxyfi). Plus, it&#39;s just 1-Click integration between Xero Accounting Books and Maxyfi.&nbsp; 
&nbsp; 
Sounds interesting, right? <a href="https://calendly.com/maxyfi_ar/maxyfi-demo?month=2022-10" target="_blank">Book a demo</a> on how seamlessly the accounts receivable automation connects and works with Xero.&nbsp; 
&nbsp; 
Our Package starts at just $40 and has a 14 Day Free Trial. Start your AR Automation today.&nbsp;

Maxyfi integrated with Xero accounting books will give you a steady cash flow increase to your organization with real-time customer metrics. 

Our Blogs

Most Popular

What Automation Can Do For Accounts Receivable And What You’ll Get From It

Credit Risk Analysis In Debt Collection Automation Software

Things To Concentrate On While Making A Debt Collection Call – Maxyfi

Do I need Maxyfi When I have Xero’s Free Reminders?

Recent Post