The Uses And Value Of Debt Management Software
How can debt management software help your business?
If you are running a debt management business or an insolvency firm and you are noticing a steady increase in your workload, there is a good chance that your business could be aided and expedited with the use of debt management software. If you are in the business, it is likely that you have considered the benefits and value of this software in the past, but as technology advances and becomes more intuitive, debt management software has more to offer than ever before.Even smaller firms with more modest workloads are seeing the benefits that software is affording them with regards to time and money saved.
Below are a few ways in which debt management software, such as LogiDebt can be utilised to facilitate day-to-day processes, streamline workflow and increase compliance.
Easy Onboarding of Clients
The onboarding process is critical for every business. But for those working in debt management, there is a new set of challenges. For many individuals, discussing the depths of their debt is an emotional and stressful time. Clients may not be able to remember the extent of all their debts and may not be forthcoming with all the information.
Effective debt management software has the ability to capture key financial information including income, expenditure and assets in line with current spending guidelines. The new Logican Experian credit reports aid debt firms by providing accurate credit reports quickly for clients.
Identify the Best Debt Management Solution
Many clients in debt will be unaware which debt management solution is the best choice. A debt firm has the knowledge and expertise to know if an IVA, DMP or other forms of debt solution is the most sensible option. Efficient debt management software has the ability to analyse the solutions to help determine the best plan for a client.
Important data is centrally stored
Debt management businesses deal with a considerable amount of information. As our client lists grow, so too does our need for efficient, automated systems to deal with this data. Traditional, paper-based solutions are ineffective and outmoded in this day and age. Overuse of paper is not only damaging to our environment, but it can also seriously damage your company’s bottom line.
A considerable amount of money is spent each year on paper in traditional offices, more than half of which is waste. The use of software negates the need to print out paper, use valuable real estate to store it and cuts the time required to find important paperwork when necessary.
When a company utilises software, once any relevant and pertinent data is entered into the system, this same information is safely and centrally secured using cloud technology. Information is password protected, meaning that only authorised personnel will be able to access private documents. The security of a client’s personal data is more important than ever before with new GDPR regulations, and all debt management software should adhere to the relevant guidelines.
Routine (but critical) tasks are automated
With the use of software, certain tasks can be automated, thereby freeing up you and your staff, who are able to better spend their time elsewhere. These tasks include payment collection, bank reconciliation, document generation and payment plan calculations. This automation essentially eliminates the likelihood of human error occurring. Human error is one of the greatest obstacles to organisational success – any steps we can put in place to mitigate costs incurred from this error are invaluable.
Software can be used to manage and drive the repayment of each debt, which saves companies a high amount of stress and time when a large volume of cases are involved. It can also be used to automatically generate emails and text messages to clients, assign tasks and set calendar reminders for specific events. In fact, virtually any routine task can be automated by your debt management software package, leaving you to get on with more important work. LogiDebt is highly customisable and we pride ourselves on its ability to manage client debt and relationships efficiently.
Software can scale to a high case load
Once you have software installed, its features are highly scalable to a thriving business. Your Management Information (MI) is greatly facilitated due to the automated nature of the software, thereby helping you to steer your business in the right direction. Whether you have one client or a thousand, debt management software can still be relied upon to comprehensively track client finances, income, expenditure and assets. Software is easily able to track and display client details, the status of client debt as well as current payment plans. It can even automatically perform instant calculations regarding the best debt solution to suit each client.
Good software is intuitive and easy to use
All good software is designed to be as intuitive and user-friendly as possible. The intuitive nature of modern debt management software means that no specialised training will be required, saving agents, debt management companies and insolvency practitioners time and money. Easy-to-use software should be a priority for any company who is working with a large number of clients.
On top of this, it can be customised, meaning that it can be designed to perfectly fit in with the unique requirements and processes of your business.
Compliance can be seriously increased
Software can provide great peace of mind when it comes to adhering to compliance regulations and audit trails. When records are paper-based or simply stored on a computer without the appropriate software, document are subject to fraud and tampering. Information can be lost or forged.
Software can make sure that documents are consistent, automated and traceable, ensuring efficiency at all times. Documents can also be signed and secured using digital signatures, which are based on globally-accepted Public Key Infrastructure (PKI) standards and make use of advanced multi-factor authentication, meaning that your documents cannot be tampered with or altered.
Debt Management Software for Your Business
Whether you handle DMPs or IVAs for your clients, debt management software can revolutionise the way you work and enable you to help even more clients. If you are currently struggling with your current software, LogiDebt could be the solution for you.
To find out more about how debt management software can help you and your company, get in touch for a free demo of LogiDebt. We at Logican will be happy to help you.