In today’s business landscape, technology is a vital part of business growth. And with the continued development and enhancement of Software as a Service (SaaS), businesses can increase efficiency tenfold by leveraging that technology to automate daily tasks, creating a higher productivity rate and opening up access to data even across complex corporate structures.
Despite the rapid development and continued success of automation technology, many businesses are reluctant to switch to SaaS-based solutions because they are still satisfied with the production from their current traditional processes.
It’s understandable that businesses feel this reluctance, because why pay for a new solution if your current one works fine? The answer to that question can be found within the many common challenges facing traditional credit and AR processes. These challenges include:
- Time-consuming manual tasks
- Lack of real-time information
- Slow credit application processing times
- Security risks
- Limited visibility
- High days sales outstanding (DSO)
While manual processes are often riddled with challenges like these, SaaS software, like Bectran’s comprehensive credit management, collections and accounts receivable (AR) solutions, are a clear way to boost efficiency in your business.
Automation and SaaS software bring remarkable change to companies willing to adopt it. With automation, teams are not only allowed but encouraged to spend their time and energy focusing on more strategic, value adding tasks because they’ll no longer be stuck manually reconciling invoices, tracking down payments and customers by hand or pouring over credit applications with missing or incorrect information.
Here are three major ways that adopting SaaS software like Bectran’s platform can help elevate your business and take your credit, collections and AR departments to the next level.
1. Increased Productivity
One of the main reasons Bectran was founded in 2010 was to eradicate the manual tasks that slow down the credit process. With a system like Bectran, rote chores — such as uploading credit applications and entering customer information by hand — are streamlined to allow workers to focus on more important tasks like strengthening customer relationships, managing credit portfolios and expanding their customer base. This provides employees with a comprehensive, connected digital workspace to get their work done more efficiently while maintaining better oversight of all the account information under their purview.
2. More Informed Credit Decisions
Making informed decisions when extending credit to customers is an essential part of a credit professional's daily tasks. To help aid in the analysis of credit risk and potential exposure, Bectran has adaptable custom scoring models to better evaluate a borrower’s history and creditworthiness. These highly configurable scoring models help your team make a more informed decision by condensing and interpreting massive amounts of information, such as information within the credit application, credit bureau data — which can be pulled automatically into Bectran via integration, for example — and more and giving credit managers a comprehensive risk score based on the factors your team deems most important.
3. Enhanced Account Visibility
Having end-to-end visibility into your open accounts, business portfolios and current exposure is critical to maintaining positive cash flow. Implementing a comprehensive SaaS software solution like Bectran alleviates that pain point by providing enhanced oversight and account visibility, which means that you’ll be better equipped to assess credit risks more accurately, communicate interdepartmentally more efficiently and further understand your customers’ interactions and creditworthiness across the entire business structure.
An end-to-end system, in short, provides access to the most up-to-date information and truly holistic views of customers’ financial health, which leads to faster, more-informed credit decisions. Even though your traditional process might work well for you right now, there is a better solution to your business. With SaaS systems like Bectran, you can revolutionize your business processes for credit and AR, helping you grow your business.
The Future of Credit and AR Management
The creation of SaaS platforms such as Bectran’s provide a revolutionary solution to credit and AR processing. With the elimination of manual processes, users can enjoy the speed, efficiency and security that a truly end-to-end solution offers. By leveraging a platform like Bectran, you can empower your credit and AR departments by providing them with the tools to do their jobs more efficiently than ever before.
To learn more, request a demo today.
Bectran is a registered trademark of Bectran, Inc.
The views expressed on this blog are those of the author and do not necessarily reflect the views of Bectran. This blog may contain links to content on third-party sites. By providing such links, Bectran does not adopt, guarantee, approve or endorse the information, views or products available on such sites