Sanjay Fatania, Financial Implementation Manager at Kerridge Commercial Systems (KCS), explains what to look for in a trading system so credit-related problems can be quickly identified and valuable insight provided to your team about customer trading profiles, payment history and trends.
One of the main factors for failing companies is the inability to manage uncertainty and risk in debtors’ positions. We need to quickly identify problems and manage situations to ensure that we can remain on top of risky situations and can help our customers through tough times. Your software needs to give you tight control over your credit exposure and allow you to closely monitor situations as they unfold to limit your risk. I recommend you choose a system that, from the moment an order is placed:
- Tracks and monitors all outstanding debt positions
- Issues immediate notifications to relevant staff about the automated credit holds
- Manages what goods can and cannot be released
- Gives full visibility of exposure to all sizes of account including linked accounts potentially trading across many branches
- Uses a sophisticated credit chase centre providing full credit management detail, from full trading and payment history right through to individual transactions
- Records conversations and any actions instigated across the team ready to follow up in a timely manner
- Logs all contact and events, generates reminders and applies credit holds automatically in accordance with your rules
Managing debtors’ positions in a busy trading environment can be a struggle. Implementing a system with all the above functionality will help improve your business position by managing credit risk.
Our K8 software is a fully integrated trading and business management solution that has been designed to not only help you trade profitably, but also securely.