From static to dynamic credit management reporting
Reporting credit is a matter of investment and optimization and you can therefore learn how to do it. iCredit is happy to inspire you to make the transition from a classic basic report – with a view on today – to a dynamic story that strengthens your finance operation for future challenges. Read on & level up your reporting!
What is a credit management report?
An ideal credit management reporting is an automatic and real-time display of your financial figures and not a manually compiled overview. Ideally, not one, but several reports are available that you can consult at the touch of a button. There is no standard report that is applicable to everyone active in credit management.
In addition to the sector, the work area, the customer base, … stakeholders also influence what an ideal report looks like. Who is in charge of credit reporting in your organization? Is there a working capital manager in house? Does the treasury department monitor the figures? Or does the finance manager always keep an eye on things? Depending on the parties involved, there are other wishes and needs.
Start with the basics: a static, operational report
iController, Visma | Onguard, Sidetrade, … Regardless of the tool you use for credit management, you can always view a basic report. This is an operational report that provides insight into, among other things, the telephone calls made or the names, dates, and numbers of customer actions taken. You can compare this view with a summary of financial data. Tracking trends, risks, or opportunities with this is rather exceptional.
Broaden your view with dynamic data
Do you take monthly updates via the basic report in your software? A good reflex! Although it is more desirable to keep an eye out in the meantime. What are the benefits of a telephone reminder action? What is the return on investment of the credit management function? Have the desired objectives been achieved over the intended period? What is the additional risk of delayed payments in the aftermath of COVID-19? Insights like these help you and your employees to react quickly.
Dynamic reporting also offers the opportunity to follow up credit management in cycles. You prepare, install a test action, see how it runs on a small scale, roll it out effectively and see the corresponding response come in. You can plan actions for the future with a vision based on facts & figures.
Invest in analysis, create less losses
If you pay attention to the analysis of your data, you are ahead of unforeseen circumstances. Take the corona crisis, no one could prepare for that. Thanks to logical, intuitive and dynamic repporting you have become more armed for the future and its challenges. With the numbers within reach you know where you are. The effect? More flexibility and an increased resistance to catch shock waves. A must in these disruptive, digital times.
Did you know that iCredit joins forces with IT professionals and other data specialists for the benefit of your reports? Together we will get rid of outdated, polluting data and set a course for valuable, understandable financial data. Make an appointment and find out how our experienced credit management consultants take your reporting to the next level.
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