Picture this: A local pest control company, " Navi Bugs Control," was celebrating its second year in the business. As they looked over their finances, a stark reality hit them: while their services were in demand, their bank account told a different story. Despite sending out numerous invoices, they were struggling to get paid. The managing director, Jane, mentioned in a recent interview, "By the time we hit 74 days of accounts receivable, it felt like we were chasing ghosts. We had the demand, the team, and the services, but our cash flow was an impending nightmare."
Such situations aren't unique to Navi. In a study, it was found that pest control companies, on average, face 74 account receivable days. The struggle with unpaid invoices isn’t just a number; it's an unsettling reality that many businesses grapple with, regardless of their size.
The adverse effects of poor collections operations aren't merely financial. They ripple through a company, stymying growth, and making expansion feel like a distant dream. In this post, we'll delve into the challenges of collections, showcase real-world scenarios, and provide actionable practices to streamline your collections operation. So, let's embark on this journey to ensure your business doesn't get caught in the unpaid invoice web.
"Cash is king," they say, and they're not wrong. Why? Let’s dive into it.
● Lifeblood of Business:
Cash collection, quite frankly, is the heart of any business. Imagine the heart pumping blood – that's what cash does for a company. Without it? Well, you can't cover expenses or, crucially, payroll.
● The Unseen Consequences:
Late invoice payments aren’t just an annoyance; they’re harmful. We're talking about:
● Incurring late fees.
● Tarnishing your reputation
● The dreaded payroll scramble.
“If you’re not collecting cash, you’re not clocking profit.”
Running a business? A rollercoaster, right? Now, think of cash flow as the safety harness. Consistent money flowing in ensures your business doesn’t face any unexpected drops.
Quick Cash = Growth
The quicker you have cash in hand, the swifter you can channel it into growth. It's as simple as that.
Here’s a shocker: Many small businesses falter by neglecting delinquent accounts. Can you believe it? A sturdy credit policy, an unwavering collections process, and vigilance can steer you clear.
Remember, lingering over collections and chasing age-old invoices means less time propelling forward. So, why not keep cash collection sharp and tight, ensuring your business sails smoothly?
Ever wished for a tool that makes collections smoother? Enter KLookup, the tool you never knew you needed, but won’t be able to do without once you experience it. What’s KLookup Anyway?
KLookup is no ordinary tool; it harnesses the power of graph technology, diving deep into public and proprietary records. Its main aim? Boosting contactability and prioritising your collection pursuits. And guess what? It snugly fits into your current system via an API or a simple Excel upload, focusing solely on non-sensitive demographic specifics.
● Data Sharing:
It starts with you. Share non-sensitive demographic specifics either through an API or an Excel upload, all while keeping data security in check.
● The Graph Tech Magic:
Here's where it gets intriguing. KLookup kicks off a recursive delve into both public and in-house records using its graph tech prowess.
● Data Enrichment:
Throughout its search, KLookup garners incremental data points, heightening the chances of making contact.
● The Final Touch:
After all that hard work, KLookup asks for a humble processing or success fee, returning your newly enriched data via an API or a safeguarded folder.
"In the realm of traceability, KLookup is the unsung hero."
● Lost Bank Customers:
For banks, contactable saving and current account customers are gold. But when they ghost? KLookup steps in, ensuring those customers are found and connections are restored.
● The Elusive Borrowers:
Lenders know the pains of tracking delinquent customers or skip tracing borrowers. Enter KLookup. It’s like having a detective on your side, finding essential info for better contact.
● Insurance Woes:
Tracking down policyholders with matured policies and zero recent touchpoints? That’s a tall order, but not for KLookup. Insurers, rejoice!
Impressive doesn’t even begin to describe it. A whopping 40% traceability success rate? That’s KLookup for you. For businesses, this translates to skyrocketing contactability, streamlined collections, and yes, happier customers.
Let’s face it. In the collection game, every contact counts, and with KLookup, you’re bound to hit the bullseye more often than not.
Perfios Software Solutions is India’s largest SaaS-based B2B fintech software company enabling 900+ FIs to take informed decisions in real-time. Headquartered in Bangalore, India, Perfios specialises in real-time credit decisioning, analytics, onboarding automation, due diligence, monitoring, litigation automation, and more.
Perfios’ core data platform has been built to aggregate and analyse both structured and unstructured data and provide vertical solutions combining both consented and public data for the BFSI space catering to their stringent Scale Performance, Security, and other SLA requirements.
You can write to us at firstname.lastname@example.org
For more such information @ https://solutions.perfios.com/request-for-demo