An overview of Profit4’s credit control software features

Efficient credit control is a vital element of any business. Discover how credit control software can automate the process.
OGL Software
July 1, 2024
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Profit4 automated credit control software on laptop

Credit control is a challenging part of any business. Chasing clients for payment and building relationships can be difficult if you’re only keeping track using spreadsheets or written notes. Many businesses struggle to follow up and keep track of outstanding credit.

While some management of credit processes is unavoidable, it can be time-consuming and frustrating. This is why many businesses are switching to automated credit control software, allowing them to streamline their process. ERP software like Profit4 comes equipped with all the tools you need to automate your credit control.  

So how do Profit4’s credit control software features work? In this article, we will cover everything you’ll need to know about credit control software. We’ll explore some of its key benefits and how it can transform the credit control of your business.  

Why does credit control matter?

Effective credit control is an important factor in the financial stability of a business. By effectively managing credit, businesses can maintain a healthy cash flow, minimise risks of bad debt, and create strong client relationships. Timely collection of outstanding payments means a business will have the necessary liquidity to meet operational expenses and weather economic uncertainties.  

As well as the financial benefits, credit control also means that a business can safeguard its reputation and credibility. Fast follow-up on overdue payments creates a reputation of professionalism and reliability. Lax credit control practices can lead to strained client relationships and even legal repercussions. Because of this, it’s important to prioritise effective credit control.  

Profit4's accounting dashboard

What is Profit4?  

Profit4 is an enterprise resource planning (ERP) software solution designed to streamline business operations. Offering a wide range of integrated modules, Profit4 helps businesses to optimise their processes, enhance decision-making, and sustain growth. There are many integrated features including accounting, inventory management, order processing, and customer relationship management.  

When it comes to credit control, Profit4 offers a series of tools that allow you to track customers and send automated email replies. By automating these processes, Profit4 makes credit control easy.

Main credit control features

Create workflows for customers

At the heart of Profit4’s credit control systems is the workflow system. This enables you to make simple workflows that will track their credit control statuses. There is no limit to the number of workflows you can create in the software, meaning you can manage a diverse catalogue of clients.  

Schedule automated email reminders

For each workflow, you can schedule automated email reminders for customers. You’ll be able to set a preferred delivery time and insert a template. Customers will then receive an email at your desired time.  

Diary tasks

Within each customer workflow, you will also be able to insert diary tasks. This will direct platform users to contact a specific customer, with all the information they need available.  

Automated dashboard

The automated dashboard allows you to see different customers’ credit control statuses, depicted for you in the tracker tab. Four different colours help you make note of the most pressing cases – dark green, light green, amber, and red.  

The dashboard will then give you detailed information about the due date, next communication date and type, as well as the total amount they still need to pay.  

The dashboard also gives you the option to drill down into individual customer cases. By clicking on a customer, you will be able to see their case in more detail, with information including their order reference, ACC stage and action, and commentary, as well as sales transactions.

Man typing on laptop

What are the main benefits of using Profit4 to automate credit control?

Saves time

If you have a large list of clients or customers, then you’ll know how difficult it can be to manage all outstanding credit cases. By automating the process with emails, you’ll save a lot of time for your accounting team.  

Simple data

Profit4’s dashboard enables you to view each of your customers in a simple way. By organising customers into workflows, you can easily identify pressing cases and work to rectify them.  

ERP Integration  

Accounts receivable is a small part of your wider financial network. The best way to have complete control over these processes is to integrate them to a wider system. Profit4 embeds accounts payable and receivable processes into a web of handy accounting tools, letting you get a comprehensive understanding of your business accounts.

With a range of ERP tools including stock management, automated orders and customer relationship management, you’ll be able to keep track of each aspect of your business. This offers you a more expansive view of your financial network so you can make fast decisions when needed.

Reminders for your team

Human error can happen, which is why it’s nice to have reminders for users. These can be sent directly to your accounting team, reminding them to telephone customers who are late on their payments.  

Do I need credit control software?

If your team is finding it hard to chase up customers and maintain proper cashflow, it might be time to automate processes with credit control software.  

If you only have a small list of customers, then you may be able to keep track of payments and cash flow without the need for automation. However, if you have a large or growing customer base then having automated processes is a simple solution. Dedicated software allows you to effectively manage a growing customer base, with unlimited workflows that scale up to any number of clients.  

Automate your credit control with cloud-based ERP software

Streamline your credit control system with Profit4, a fully integrated, cloud-based ERP software. Bringing together several essential tools for businesses, including account reconciliation and automated stock control, Profit4 enables you to streamline each aspect of your operations.  

From credit control to automating purchase orders, cloud-based ERP software allows you to cut down on manual tasks and reduce human error.

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