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    Credit control & accounts receivables

    6 benefits of using Chaser with MYOB to optimise accounts receivables

    According to research from Illion, Australia’s late payments are at a historic low, with an average of 10.4 days late. Whilst that is better than most other countries, Australian businesses are still receiving their payments almost 11 days overdue. 

    Globally, on average about 90% of small businesses are failing due to cash flow problems. A few years back, Australian Small Business and Family Enterprise Ombudsman Kate Carnell cited that 57% of businesses are using credit cards to try and offset late payments - and things have not yet improved. The remnants of Covid has not helped businesses stay on top of their credit control and their own payables. 

    Many business owners spend less than 5 hours a week chasing down payments mostly because they simply do not have the time. But the disruption that this can have on their cash flow may have damaging effects, especially to businesses experiencing strong growth periods. It can also prevent them from paying their suppliers on time, costing them money and preventing them from taking advantage of early payment discounts that may be offered.

    There are various solutions to help businesses overcome the late payment problem... and one of these includes integrating your accounting system with a credit control one. 

    MYOB, or Mind Your Own Business, offers an excellent range of business management solutions to small and medium businesses across Australia and New Zealand. 

    The good news is, integrating Chaser with MYOB allows you to take full advantage of all the benefits of MYOB while optimizing your accounts receivable. Today, we’ll be going through the six major advantages of combining Chaser with MYOB.

    What is MYOB?

    MYOB offers small and medium businesses a range of over 50 business management solutions that let smaller teams deal with everything from accounting to payments, payroll, retail point of sale, tax solutions, and customer relationship management.

    Using mobile software and integrated apps, MYOB offers a fully online service that lets small business owners manage their administrative tasks on the go. MYOB also provides a full range of support services, with 40,000 advisors available seven days a week.

    MYOB also provides a full range of support services, with 40,000 advisors available seven days a week.

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    What is Chaser?

    Chaser is an end-to-end credit control platform that allows small and medium-sized businesses to optimise their accounts receivables.

    Late and unpaid invoices remain a real issue for smaller businesses. According to research by Mastercard, more than 38 per cent of small businesses suffer from cash flow issues because of late payments.

    In the UK, for instance, the average small business is owed £34,286, with businesses in total being owed £34 billion in total late payments.

    Chaser’s automated credit control systems allow businesses to replicate the work of an in-house accounts receivable team. On average, Chaser lets companies recover 80 per cent of their outstanding debt and get paid 16-days faster.

    Alongside their automated platform, Chaser offers a range of credit control solutions.

    These include outsourcing options for businesses who want a dedicated accounts receivable team without needing to hire extra staff, to a new take on debt recovery and debt collections that don’t damage a company’s customer relationships.

    On average, Chaser lets companies recover 80 per cent of their outstanding debt and get paid 16-days faster.

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    What are the 6 primary benefits of leveraging Chaser with MYOB?

    Around 82 per cent of smaller businesses agreeing that technology represents a solution to many of the financial challenges they face.

    Combining MYOB with Chaser represents a digital transformation offering companies a range of benefits, including:

    1. Real-time reconciliation

    Many small businesses struggle with real-time reconciliation of their accounts receivable, especially when they are using a manual, pen-and-paper based system.

    Chaser’s automated reconciliations reduce instances of human error and make sure you never end up chasing an already paid invoice.

    2. A centralised data resource

    Chaser’s data hub allows you to have instant access to a huge range of vital data on both your accounts receivable and your customers.

    Access to this automatically collected and aggregated data allows you to refine your credit control processes.

    Using previous payment data, you can schedule reminders to send at the most effective times and synchronize your own invoicing with your customer’s reconciliation processes.

    Having payment data stored in a central hub also allows Chaser customers to escalate cases to the Chaser collections team without an extensive and complicated handover process.

    3. A proactive approach to credit control

    Credit control is most effectively implemented when those measures are repeated and consistent. Without the use of automated processes, this can be a hugely time-consuming process.

    For many smaller businesses, implementing credit control without automation requires staff to be taken away from other tasks to contribute to low-value repetitive tasks, like data entry or email reminders.

    The other option is for companies to adopt a more scatter-shot approach to credit control and run the risk of unpaid invoices piling up.

    Chaser’s suite of automated options allows businesses to fully automate their credit control process from invoice reminder to reconciliation.

    The data automatically gathered by Chaser also allows accounts receivable teams to built more effective proactive collection strategies.

    4. Faster and more effective dispute resolution

    Payment disputes between businesses are often resolved through the collection of data.

    However, data collection, especially in information-heavy processes like accounting, can take a significant amount of time and is a non-profitable activity.

    Chaser’s central data collection hub makes accessing data quick and easy. All a company’s accounts receivable information is collated in one place and can easily be accessed and sorted.

    Leveraging automated data collection allows businesses to resolve disputes quickly and effectively.

    5. More effective staff usage

    Many credit control tasks straddle the lines between repetitive, non-profitable, and entirely vital to a business’s success.

    With smaller companies often lacking a dedicated accounts receivable team, this means other staff have to struggle to balance the need for effective credit control with their original responsibilities.

    Using Chaser allows businesses to automate much of the repetitive processes, such as progressive email reminders and ‘thank you’ massages after payment. Skilled staff can then be reallocated to other, more high impact, tasks.

    Automation allows staff to focus on creating growth rather than data entry and improves overall efficiency and productivity.

    Automation allows staff to focus on creating growth rather than data entry and improves overall efficiency and productivity.

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    6. Accurate cash flow forecasting

    Cash flow is the lifeblood of all businesses and being able to accurately forecast cash flow is vital to understanding what working capital a company has available.

    However, cash flow forecasting is a hugely complicated process involving vast amounts of data generated from different systems and entities.

    The ability to leverage highly accurate automated data gathering and cash-flow forecasting systems cuts down on the time and effort needed to shift through this huge volume of data. This provides unprecedented visibility of a company’s accounts receivable, resulting in faster and more accurate forecasting.

     

    If you’re interested in how Chaser’s award-winning credit control platform can be leveraged with MYOB to optimize your accounts receivables, contact us today!

     

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