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Debt collection Software

Revenue Management Software :: IsoEvolve vs Xero

Most businesses believe that the best way to bring in revenue is through new sales. While this is an okay philosophy it is as important to be paid for all invoices sent. In this article, we will be comparing the revenue management options of IsoEvolve and Xero.

The collection of debts is also vital when it comes to managing the revenue for your business. Debt collection is however a challenging and time-consuming endeavour. If your business accepts payments in forms other than cash. You need to set up debt collection practices to avoid cash flow issues. No matter the size of your accounts department, investing in software can reduce the employee input needed to manage invoicing and overdue payments.

Revenue Management :: Features

Customer Relationship Management.

The ability to manage all your client interactions in a single place is important. A good CRM solution will assist you by giving you a complete picture of the contact activity and history. You need to be able to view contact information, history of invoices, payments, bills, notes and emails.

Both Xero and IsoEvolve have built-in CRM systems allowing the user to have full access to the complete client history. The ability to connect your email to your CRM ensures that clients know where the message has come from. This is important for maintaining relationships with new and existing clients.

Invoicing and Billing

The most basic use of billing is to keep a record of all sales that happen within the business. You can create invoices using tools like Excel or Word, while these may be free, and easy to access. The cheapest option is not always the best for your business. Free templates aren’t professional and can b hard to customize. One small change causes the entire format to scramble. And you end up wasting time creating invoices rather than managing your business.

That is why most businesses opt to use accounting or invoicing software to automate the process of invoicing. With invoicing software all you have to do is upload your company information to the software, customise the template with your brand info and you are ready to invoice.

Xero has built-in invoicing features that allow you to create, edit and send invoices directly from your software to the client. Once the invoice is generated and sent, it is added to the client CRM so that you can track it.

IsoEvolve also has built-in invoicing features but tops that off with the ability to generate an invoice directly from the appointment in its built-in diary. This saves time and ensures that the correct invoice for the appointment type is sent. This works beautifully for healthcare practitioners and financial managers. Once the invoice is generated and sent, it is added to the clients’ profile so that you always have access to it.

Manage Payments Received

Once you have sent the invoice to your client, the next step is payment management. As you can imagine this involves capturing payments and allocating them to the invoice. In this day and age where proof of payment notifications can be manipulated. The best way to do this is to reconcile your bank statement. Or to offer direct online payments from your invoice.

In this aspect accounting software like Xero is superior to IsoEvolve. Xero has integrations with online payment gateways. This allows you to add a pay now button on the invoice. Making it easier for the client to pay you instantly. Xero also offers bank feeds, where it is checking your bank account daily and capturing the transactions. While this is efficient you do still need to reconcile the payments against this invoice. But at least you don’t have to go through the bank statement manually.

With IsoEvolve, you can upload your bank statement to the software and it will pull the transactions. Then it will match the payment reference to the client/ invoice reference and allocate the payment.

Manage Quotes

In many businesses, you need to be able to send a quote to a client. Once a quote has been sent who tracks it. To make sure the client gives the go-ahead within your stipulated timeframe. This is normally managed by the business owner or perhaps an office assistant. With software, you can quickly and easily manage quotes.

With Xero, you can easily prepare and send professional quotes to your clients. The client has the option to accept the quote directly with the integrated accept button. You can then mark the quote as accepted or record it as declined and why. The accepted quote can then be converted into an invoice and sent back to the client for payment.

With IsoEvolve you can prepare a professional quote and send it to your clients in a few clicks. The quote can then be stored in the CRM while it is awaiting approval. The approved quote is then converted into an invoice.

Revenue Management :: Debt collection

Debt collection is vital for the cash flow of any business. Making sure that a business collects on all invoices is important. But it is equally important to maintain good customer relations. It can be aggravating for a customer to receive a payment reminder notice before their invoice is due. It is just as damaging to a customer relationship if the company generates an invoice with mistakes.

Automating the collection process minimizes human errors in the payment tracking process. Your company will be less likely to generate duplicate invoices or misapply customer payments. Debt and payment tracking software collects all relevant information about customer accounts. So that nothing important is lost in translation between different employees working on the same accounts.

While Xero has amazing invoicing, billing and payment features it is first and foremost an accounting software. This means that it does not have built-in debt collection features. When it comes to revenue management we cannot forget debt collection and this is where Xero falls short.

IsoEvolve on the other hand has built-in debt collection functionality. This ensures that the software is tracking every invoice. From the time the invoice is sent the software tracks the payment terms. If the payment terms are exceeded the collections process kicks. This process is based on the rules and terms set by the business owner.

Conclusion

One of the most critical aspects of a company’s cash flow management and long-term sustainability is how effectively it collects on customer debts. Debt collection does not always get the attention and analysis that it deserves. You cannot manage a business’s revenue if you do not take debt collection into account.

While Xero is a powerful tool it is aimed at the accounting market rather than revenue management. Xero would work well with a separate debt collection software while IsoEvolve is a one-stop-shop. IsoEvolve has both accounting and debt collection features that allow it to handle the revenue management for a business. Using IsoEvolve can help a company reduce bad debt write-offs, collect money faster, increase efficiency and economy, improve profitability and maintain good relationships with customers. 

At the end of the day, we firmly believe that revenue management software is vital for any private practice or business. Do your homework and pick the option that would best suit your needs. Remember that a great revenue management solution should help you to keep everything where it should be. And give you the business owner time to actually focus on what you do best, which is running your business.

For more information on Xero click here

For more information on IsoEvolve click here

Does Debt Collection Software Make Sense for Your Business

Every business no matter how big or small at some point has to contend with overdue or unpaid accounts. This is not to say that they don’t have a proven invoicing or follow up process. It is more a sign of the times.

The last few years have taught us that people and businesses do not have as much disposable income as they used to have. This has seen a steep rise in late payments on accounts and non-payment of bills.

As business owners, we do have to understand the economics of the time. However, we also have the fundamental right to collect funds that are due to us.

Why use debt collection software

The biggest question that we often get asked is how do we go about collecting funds without alienating our clients or ruining our client business relationships. The most effective way to collect these funds would be to have a debt collection software or accounting software. These have processes in place that will help you to follow up on overdue or delinquent accounts. We’ve seen many small businesses that use either Excel or Word as their accounting program. Struggle on a month to month basis to keep track of the accounts that are overdue. Some businesses have fantastic invoicing software which ensures that they know when their invoices have gone out. However every month they have to draw a report on their accounts ageing or overdue accounts.

Using Excel, Word or reports pulled from software is not the worst way to collect or follow up on overdue accounts but it is very time-consuming. If you are a small business, a one-man show or a business that doesn’t have a large administration team. You need to find ways of managing overdue accounts that are not time-consuming. And ensures that your team is able to follow up effectively and quickly on all accounts that are overdue.

Where debt collection software comes in.

This is where debt collection software does come in. With software, you are able to assign payment terms and assign messages that need to go out. As well as set rules as to what messages go to clients based on times and payment terms that you set. This saves your staff time and in the long run, saves you money. As you are able to chase up on an overdue account far sooner than if you took your once a month three day scour through excel spreadsheets process out of the equation.

This is not to say that every business requires debt collection software. What this article is about is to show that by having the use of debt collection software you can ensure that overdue accounts are collected a lot more efficiently. There is nothing wrong with collecting on overdue accounts yourself. And there’s nothing wrong with being a Jack of all trades when your business is starting out. However, as your unpaid book grows so does the amount of time needed to chase up on each account. And this is when you would start looking at if debt collection software makes sense for you and your business.

Benefits of Debt Collection Software

Some of the key benefits of debt collection software are that will make your unpaid process far smoother irrespective of how big or small your business is.

There is an entire industry built around debt recovery. Therefore an entire industry around debt recovery software and solutions. One of the biggest benefits of debt collection software is that it gives you a clear view of the status of your bad debt book.

1 :: Multiple forms of communication

This is a vital feature in any debt collection software. You need to have a system that allows you to use various communication methods. Email or SMS notifications, the possibility of WhatsApp notifications, and even E-statement functionalities. Each of these increases the probability that you can get communication with the debtor. Many businesses perform these actions outside of any billing or debt collection software. And this often results in disastrous consequences for the simple reason that you have no control over the communication that is being sent.

Remember the more actions performed outside of your debt collection software the more unreliable your data becomes.

2 :: Automated Reminders

The larger your bad debt book is, the more difficult it becomes to manage the volume of reminder messages that need to be sent. These reminder messages in my opinion are often the last line of defence between your debtor making a payment or not. When looking for debt collection software you want to make sure that the system can remind debtors when their payments are due, or notify the debtor when they have not honoured a payment agreement.

3 :: Bulk Actions

Another great feature that you want to look for when you are looking for debt collection software is does the software offer bulk actions?

Bulk actions are an amazing feature that allows you to create bulk documents or notifications. This allows you to contact a larger audience in a shorter period of time. Bulk actions allow you to create things like settlement campaigns or send notices out. With a single action to all accounts in a certain status. These bulk actions allow you to apply intuitive pacing concepts based on the availability of your staff etc.

4 :: Reporting

A really important feature to look for, especially with debt collection software, is reporting. Is the debt collection software you are using or looking to purchase able to give you a definitive report on the status of the accounts. Or dashboards that show you the status of your bad debt book at a glance? What is sitting in 30 days, 60 days, or 120 days? When was the last communication sent out? Are you running campaigns? Is it able to send financial reports to your accounting team for them to work on?

This kind of reporting ensures that you as the owner have your finger on the pulse and can see what is happening at any given time on your bad debt book.

5:: Integrity of Your Data.

Remember the more things happening outside of your debt collection software the more unstable your data is. Good debt recovery software will help to protect the integrity of your data. What this means is that your software should not allow staff to delete information or edit notes. There should be a very clear audit trail on everything that has happened within the software. Vitally important is everything that has happened on an overdue account.

What this does is, ensures the credibility of your data. Should the account be handed over for litigation, you can be assured that your data is credible. And have a full audit trail of absolutely everything, this is a really great way to ensure that everything is above board.

6:: Ease of Use.

The last thing you want is to have debt collection software that is difficult or too technical to use. Or where you’re going to have to send your staff for hours and hours of training. You want to have something that’s very quick to learn, fairly easy to navigate, and is able to adapt fairly quickly.

You don’t want to be sitting with something that’s difficult to use because the moment it’s difficult to use, what’s going to happen is your staff are going to go outside that system again which corrupts the integrity of the data.

Conclusion.

There are a number of decent debt collection software and systems out there. We firmly believe that debt collection software, like billing or accounting software, is vital for a business. Do when looking for a debt collection system or software do your homework.

Remember that great debt collection software helps you to keep everything where it should be and gives you the business owner time to actually focus on what you do best, which is running your business. Having software means that you can also manage your workflow, you can see what your staff has been doing, have notices gone out, have follow-ups been done, and you are no longer reliant on word of mouth or corrupted data.

If you would like some additional information on our IsoEvolve Debt Collection software please click here

IsoEvolve :: Debt Collection Made Easy

Nobody likes to make those calls to debtors to collect funds, not even debt collectors. But in the current economic climate, we find ourselves, this is becoming more and more necessary. To compound, this issue most small businesses follow up on accounts off of a spreadsheet or report.

Filtering and editing a spreadsheet for overdue accounts takes time. And is often the last thing you or your admin team want to do. Therefore pushing your follow up process back, and leading to accounts being overdue for longer than they should be. IsoEvolve debt collection software changes that two to three day edit the spreadsheet to see who to call into an instant option.

Debt collection does not have to be difficult. With the right tools, you can ensure that your follow up process is smooth and efficient. There is no need for the uncomfortable conversations with debtors that put your staff off. IsoEvolve allows you to define the messages that go out as well as when they should be triggered to be sent.

Benefits of IsoDebt Software

  • Strategic workflow and continuity.
    IsoEvolve allows you to design and customize your workflows for multiple strategies. Different strategies are able to be run concurrently and have sufficient intelligence to prevent duplications or conflicting workflows. Historic and current data must be available to predict models for the future. Automating these workflows (or parts thereof) is a key component in moving away from manual human intervention.
  • The integrity of your data.
    IsoDebt is designed to ensure that information cannot be deleted. The history of notes is automated and cannot be tampered with, thus ensuring credibility should you be audited.
  • Automated Reminders.
    IsoDebt has the ability to remind your clients when their payments are due. As well as notify you when a payment agreement has been breached. Reminders to your clients and your admin team become critical when volumes increase. And ensure that your bad debt book is correctly maintained.

The goal at the end of the day is successful debt recovery. Debt collection software goes a long way to ensuring reliable, accurate processes and reduced revenue leakage. Cash is king and every business needs a stable cash flow to succeed. If your practice is bleeding cash due to bad debts not being recovered. Then you need to consider debt collection software.

For information on our IsoEvolve Revenue Management Software please click here

For information on what to look for when buying debt collection software click here

Understanding Debt collection and the benefits of a debt collection software

Debt collection is like the cousin nobody wants to talk about. Every business has to have a debt collection process and understand the benefits of debt collection software. Most small business owners do not enjoy this aspect of their business. But it is vital without it businesses bleed cash flow so how do you implement a system that maintains your client relationships and your cash flow?

3 Reasons Why People Avoid Debt Collection.

There is no business that does not at some point have a client that has not paid an account. The problem is that most small businesses do not know how the debt collection process works. And more importantly, they do not like that side of the business so they tend to sweep overdue accounts under the rug. This affects cash flow and ultimately businesses either have to write bad debts off or hand accounts over to collections agencies.

Single person business.

Small businesses are known for moving very, very quickly when they open up. And the biggest issue with this is often this comes at the expense of critical or crucial small details, such as setting up that streamlined way of doing things that everyone in the organization can follow.

When you start out in business you are on your more often than not on your own due to cash restraints. This means that in many new businesses the business owner is also the admin clerk, accounts person, debt collector, and salesperson. All these hats make it difficult to manage each aspect and debt collection gets pushed to the back of the queue.

This is detrimental to the business, as the more delinquent accounts there are the worse the cashflow is. This results in little to no growth of the business. You need to make sure that even if you are a one-person business you are spending time on the overdue accounts.

Difficult Conversations With Debtors.

It’s uncomfortable having tricky conversations with people, especially if it’s about money, and especially if it’s not part of your everyday practice. There’s also the added worry of possibly damaging the relationship between yourself and the client, or losing rapport with customers. But lets be fair most people don’t like to have those difficult conversations.

It’s also common in small businesses that you actually just don’t have the experience in conflict management. Or you might not be fluid in the type of language to use. Many people just have a fear of putting their foot in it when it comes to debt recovery conversations.

Time Management and Resource

A very common problem when it comes to debt recovery, especially in a smaller or newer business is not having the time to follow up on debts even though you’ve got the best of intentions. It becomes very easy to put it off or procrastinate because you are too busy. Let’s also be honest, you would rather be doing anything else than chasing customers for debt recovery.

The hours and days after an account becomes overdue are critical. The longer it takes to follow up on an account the greater the chances are that you are not going to recover those funds. Remember that trying to do everything yourself is not the most productive use of your time. If you are busy seeing clients, you don’t have the time to follow up on the overdue accounts. And you are not adequately resourced for prompt debt recovery.

Benefits of Debt Collection Software

When you use software you, retain control of your bad debt book. And can manage the notices etc that you want to be sent to your clients. There may be monthly or annual costs for the software but this is not a percentage of each account.

The software also allows you to hire a debtors clerk or admin person to manage your accounts. It also gives you the option to fully manage the accounts yourself without having uncomfortable conversations with your clients.

Reasons you should use debt collection software.

1:: Consistency.
Using software like IsoDebt ensures that your unpaid accounts are managed effectively and consistently. Consistency maintains your message and your clients need a predictable flow of information from you.

2:: Instant, Accurate Data.
With automated debt recovery software, the data in front of you is real-time and accurate. Guaranteed. No double-checking required, just reliable information you can count on.

3:: Automation of Manual Tasks.
The best part about the software is its ability to automate manual tasks and processes. Smaller repetitive tasks are taken care of automatically and you are notified as soon as an intervention or approval is required.

4:: Multiple Communication Channels.
By using multiple communication channels you can send notices to a debtor via email, SMS, or WhatsApp. This means that your notices are being sent on three of the most popular communication channels.

The goal at the end of the day is successful debt recovery. Debt collection software goes a long way to ensuring reliable, accurate processes and reduced revenue leakage. Cash is king and every business needs a stable cash flow to succeed. If your practice is bleeding cash due to bad debts not being recovered then you need to consider debt collection software.

For information on our IsoDebt Software please click here

IsoDebt vs Swordfish Debt Collection Software: Which is right for me?

It can be overwhelming to be on the hunt for debt collection software that suits the needs of your business. In fact, a simple google search will bring up dozens of results. Each of these will claim that they are different and unique.

At the end of the day, you’re looking for software to manage and process your unpaid accounts. In this article, we will be doing a comparison between our IsoDebt software and Swordfish Debt collection software. Both of these systems have great benefits and would make the debt collections process in your business run a lot smoother.

Because we fundamentally believe that building trust is the highest currency for any business — we have no reservations about giving you a brief walkthrough of the main differences and distinguishing features between IsoDebt and Swordfish so you can make the best decision based on what you’re looking to achieve for your business.

Swordfish Debt Collection Software

This is a collections software that is designed for small to medium businesses as well as for the debt collection industry The software was developed by legal and debt collection professionals to offer an effortless and simple solution to debt collection.

Services

Swordfish offers numerous services that can complement an existing debtors department. They provide the legal information regarding debt collection and the engine to collect debt on a large scale. Swordfish Essential will assist small business owners to keep on top of current debtors and is a cash flow management tool.

Their services include:

  • Debt Collection Management Software, Procedures & Strategies
  • Dialer and Systems Integration
  • Debtor portals
  • Tracing functionalities
  • Performance and team management
  • Detailed legal functionality

Typical Clients

Swordfish is a great software for attorneys or debt collection agencies that want to better manage their workflows. Swordfish offers a cradle to grave debt collection system, that is a preferred solution in the debt collection industry.

Pricing

Swordfish debt collection software offers 3 packages that range from R 599 per user to R699 per user with R 7000 set up fee and monthly R 2500 security and hosting fee.

So, who is Swordfish a good fit for?

If you are a large business, a debt collection agency or an attorney then Swordfish would be the software option for you. If you are looking to streamline your collections process, manage your calls and your staff this is definitely a great software option for you.

IsoDebt

Kitrin IsoDebt is software that provides a consistent and proactive approach to managing unpaid accounts in a business or healthcare practice. IsoDebt is simple in itself allowing the business owner or their admin team to effectively manage the overdue accounts.

Services

IsoDebt offers a proactive and consistent approach to the unpaid management function in your private practice. And cloud-based unpaid management software offers you the following key features and benefits which rival many of the features that similar debt collection software and practice management software offer.

  • Low Monthly Costs
  • Free Online Based Training
  • Free Online Based Support
  • Integrates with Existing Practice Management Software and Accounting Software
  • Full Audit Trail Functionality
  • Powerful Functionality with an Easy to Use Interface
  • Having a Defined Process and Manage each Overdue Account Effectively

Typical Clients

Kitrin IsoDebt is designed for a small to medium business or private healthcare practice. The reason behind this is there is an entire industry built around debt collection. This industry is aimed at debt collection agencies and not at business owners. Cashflow is king, if you run a successful follow-up campaign on your accounts, your bad debt book reduces. This reduces the number of accounts that need to be handed over to an attorney or debt collector.

Pricing

Kitrin offers both annual and monthly payment options. This allows the customer to choose which would best suit their needs.

Annually the pricing is between R 2,400 and R 3,600 while monthly instalments are between R 200 and R 300.

Team

The Kitrin team is a small team of 7 people including executive management.

So, who is Isodebt a good fit for?

IsoDebt is the software option for any small or medium business owner looking to manage their outstanding accounts. IsoDebt is also designed for healthcare practitioners in private practice who need to manage their outstanding accounts and unpaid medical aid claims.

Things to consider when choosing a debt collection software.

At the end of the day, both Excalibur and IsoDebt have their place in the market. The deciding factor comes down to what you are looking for.

If you’re looking for unpaid management software, debt collection software or simply a consistent process for your overdue account management, the IsoDebt would be the option for you. However, if you are a larger business or collections agency then Excalibur would be the option for you.

Of course, there are other debt collection software options out there, and you as the consumer need to do your research and see which offer makes the most sense for your business.