CreditorWatch has recently launched a new solution, CreditorWatch Collect, which is an automated debt collections tool designed to assist businesses facing cash flow issues.
This latest offering enables businesses to manage their accounts receivables and collections processes efficiently, which is crucial during these challenging times when maintaining cash flow is vital for survival.
The current economic environment in Australia is proving to be one of the toughest in recent history for businesses, with supply chain disruptions, labour shortages, high inflation, and interest rates contributing to the challenges. In such conditions, successful debt collection from customers and partners is critical for businesses to keep moving forward.
However, according to CreditorWatch’s January 2023 Business Risk Index, B2B trade receivables are at their lowest point since January 2015, with trade payment defaults increasing by 39% YoY, indicating the growing challenge of collecting debts for businesses.
To address this challenge, CreditorWatch Collect is designed to provide businesses with an efficient way to manage their finances and optimise their collections process. By leveraging the power of automation, businesses can speed up payment processing while also cutting costs and saving time, making it a valuable tool for businesses to maintain financial stability in these challenging times.
CreditorWatch CEO, Patrick Coghlan, emphasised that the upward trend in trade payment defaults should be of concern to business owners. “Businesses need to ensure they are getting paid on time to ensure they can pay their own liabilities and have sufficient working capital to maintain their operations and grow,” he said.
CreditorWatch Collect extends CreditorWatch’s range of B2B credit risk management solutions that now span customer onboarding and assessment tools, credit risk monitoring, through to debtor assessment and automated collections.
The tool provides a new way of collecting debts and empowers businesses to reduce overdue invoices, helping them get paid up to 14 days faster while giving visibility over debtor account details to identify potential risks.
Matt McFedries, Head of CreditorWatch Collect, highlighted that the tool offers direct connectivity to major accounting tools, customizable workflows, automated reminders, and call queues, making it an efficient and scalable function that allows business owners and finance teams to focus on other important work.
“CreditorWatch Collect reduces this burden by automating the collections process on an account level in an intuitive, customer-friendly way to help businesses recover outstanding debt faster,” he added.
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