In this episode of Ascentis TV, Lee Kuznowski discusses the role of technology in credit control and shares tips and apps that can help businesses improve their debt collection process.
The main topics of the episode include an aspect of Xero that can help with invoice reminders and an interview with a client who has successfully used apps to improve credit control and increase cash flow.
Lee goes on to explain how Xero’s invoices module can be used to turn on automatic invoice reminders and send bulk supplier statements. He also demonstrates how notes and expected payment dates can be added to specific invoices, and how this information can be accessed in accounting reports and customer invoice reports.
However, Lee notes that Xero’s functionality can be limiting for businesses with a higher volume of invoices. He recommends looking for a single source app to help with debt collection and highlights two apps available on the Xero marketplace – Setago and Chitago.
Lee focuses on Chitago and shares a video from Daniel Calcutt, an account manager at Chitago, who provides a quick overview of the app’s credit control feature. Daniel explains how Chitago’s tool can help prevent issues between businesses and customers, reduce days beyond terms and debt, and keep bank balances healthy.
He also demonstrates how Chitago’s three types of automated emails – invoice reminders, monthly statements, and thank you emails – can be customized and managed within the app’s settings. He emphasizes that the solution can be fully integrated with the chosen email domain, making it an extension of the business’s current credit control process.
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