How much time can recourse factoring software save?
When it comes to optimizing business processes, it’s about saving and reducing. And that concerns both time and money. If you’re able to do more for less or in less time, you can be confident in your business’ ability to attract more clients and be more successful, in general. With regards to recourse factoring, it’s important to find solutions and tools which can diminish the time necessary to oversee operations. If you were to automate and simplify processes in this area, how much time could you actually save? Well, let’s look at leading recourse factoring software – SOFT4 Factoring and let’s see what it brings to the table!
In general – how does recourse factoring software work?
To answer this question, we first have to outline which recourse factoring software are we talking about because each one of them has its own unique set of features and specs. In this case, we’re focusing on the which is developed on top of the Microsoft Dynamics platform. This platform allows to create a user experience which is very similar to other Microsoft apps and offers unparalleled user-friendliness and ease of access (just as with Excel, Word, Outlook, etc.).
After the initial setup, your organization and/or staff members can begin utilizing every single feature. However, before that, developers run a crash course to introduce the most important and overall, basic features to help your staff get up to speed. In addition, before the purchase, you can request a live demo or a trial version of the application to see how things work for yourselves!
SOFT4Factoring program is accessed via cloud which is tremendous news for both smaller and expanding companies. Instead of allocating lots of valuable resources to IT management and server upkeep, you can focus on the really important things and create additional value for your company and your clients. The main interface of the factoring software will allow access to all modules which are integrated within your app. Interact with them, add new or change existing data inputs and maximize factoring service efficiency for recourse factoring. That’s generally how these tools work.
Time-saving features of SOFT4Factoring
SOFT4Factoring is rich in different features which your business can use and create value. These features save time and make it easier to complete various tasks which is essential in modernizing and optimizing processes. So, let’s look at which features can save you the most time
- Management of debt – it’s always challenging to keep tabs on accounts which are delinquent. SOFT4Factoring enables quick and straightforward inputs, monitoring and status changes, related to late or overdue payments. It’s also possible to add notes (e.g. verbal agreements, attach files, etc.)
- Overlooking agreements – every single factoring agreement has a life-cycle, full of status changes, news, alterations, etc. Managing factoring agreements is probably the very base of this software and it helps save the most time. You can systemically sort and add new data to various contracts, approve changes or assign tasks, upload related documents or create new papers to sign or print. In short, you can track everything, which is related to any particular factoring contract. This alone saves a few hours every week (or even more, depending on your company’s size).
- Fully automated document management – one more feature that can save hours each day. Within the software, users can create new templates, assign documents, produce invoices or send notices automatically, map data and do anything else, that’s necessary, with relation to document management.
- Integration with the G/L – being able to blend and integrate your factoring accounting data with the General Ledger is tremendously useful to have. SOFT4Factoring has a dedicated module, specially for the General Ledger. Doesn’t save that much time each day, but it does save a lot of time at the end of accounting periods because there’s no need to transpose or transfer data.
- Calculators – if you want to have an accurate estimate or a spot-on calculation of certain figures, SOFT4Factoring is a great software to choose. There are a lot of automated calculators, installed in the program which you can use to monitor incurring penalties, reserved amounts, interest, etc. This feature doesn’t just save time, it also prevents all kinds of mistakes!
These would be the features which can be labelled as those that save the most time.
So, how much time can it save in the real-world?
This question has a lot of different answers. Why? Because every company and every business which offers factoring is different and their business approach, as well as clientele is different. Reductions in time consumption can vary, but in general, users of SOFT4Factoring reported that they’re able to automate tasks which in the past, when done manually, could take them at least a few hours a day. The feature they usually highlight the most is automated document management which allows direct billing and communication with your clients.
Various companies globally have been embracing SOFT4Factoring as their primary tool for factoring-related operations management. One of those companies from Europe has indicated that the dedicated tool helps save at least 3-4 hours per day, related to billing and everyday tasks. It seems obvious that recourse factoring software should be able to offer you the same value and deliver the same results.
With a wide array of features, oriented at helping your business reduce the time, which is needed to organize and carry out recourse factoring, dedicated software solutions can help shrink the time needed to complete the job by a few hours per day. Of course, it depends on the scale of your organization, but automated billing and automated calculation of various figures is able to make the duties of your staff much less stressful. Overall, SOFT4Factoring has proved to help businesses streamline every process and operation, related to factoring. It’s mostly a matter of picking the right program and implementing it in the best way possible. This way dedicated software solutions can save you hours each week, leaving free time or free funds to be allocated elsewhere!