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The Collect tool will enable businesses to stay on top of cash flow and get paid faster, it says.
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CreditorWatch launches receivables management system
02 March 2023
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CreditorWatch has launched an automated receivables management system for businesses which it says will help companies get paid faster, saving time and money.
Head of CreditorWatch Collect Matt McFedries said the system’s connectivity with accounting software would make it a useful tool for businesses struggling with accounts receivables and collections processes.
“By providing direct connectivity to major accounting tools, customisable workflows, automated reminders and call queues, we’re helping businesses transform collections to become an efficient and scalable function that allows business owners and finance teams to focus on other important work,” said Mr McFedries.
“We know that business owners and finance teams can be inundated with large volumes of outstanding invoices but don’t have enough time to follow up every account.”
“CreditorWatch Collect reduces this burden by automating the collection process on an account level in an intuitive, customer friendly way to help businesses recover outstanding debt faster.”
The company said improving collections of payment was a crucial component of credit risk management as businesses needed to improve their accounts receivable success rates by removing slow payers.
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CreditorWatch CEO Patrick Coghlan said the increasing number of payment defaults was troubling and the firm wanted to provide a system that could assist in reducing a business’s risk.
“The upward trend in trade payment defaults, in particular, should definitely be a concern to business owners,” said Mr Coghlan.
“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.”
The firm said the current economic situation – high inflation and interest rates alongside supply chain disruptions and labour shortages – were all creating some of the most challenging trading conditions for Australian businesses in recent history.
This has led companies to increasingly depend on the fruitful collection of debts from customers and partners to stay above the water, yet the CreditorWatch’s January 2023 business risk index found BSB trade receivables were at their lowest point since January 2015 and trade defaults had increased to 39 per cent year on year.
CreditorWatch is a leading commercial credit reporting bureau that was founded in 2011 and now has more than 55,000 customers as well as offices in Sydney, Melbourne and Brisbane.
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