Dynamic recovery services provide companies of all sizes to get the money that is owed them so that they can succeed. Every business, no matter its size, has times when it struggles to collect from customers. If you are a small business with a limited income, the need for dynamic recovery services can be the difference between success and failure. If you are a larger company with many clients, the amount of outstanding debt can be significant.
With the use of the best debt collection management systems, businesses can more successfully and efficiently track any outstanding debt and work to recover the monies that are owed. From legal case tracking systems for lawyers to collections solutions that are used in a medical practice, it is important to make sure you are using the right collections platform to make your business successful. As the end of the year approaches, it is even more important to have the right collections and retail billing software in place.
Bill Collection Software and Dynamic Recovery Services Can Help a Company Succeed
From auto loan software to a collections package that provides a way for your business to collect from a number of different clients, no business can be successful if it cannot collect the money that is owed. Consider some of these facts and figures about the collections industry and the many challenges that companies face, as well as the solutions that might be available:
- 75% of American workers believe they do not have access to the latest efficiency-boosting technology, including solutions that can help track monies paid and monies owed.
- An alarming statistic is that American consumers owe nearly 26% of their income each year to paying down their debts. This means that there are a number of companies that are not getting paid in a timely manner.
- 47% of companies plan to increase their spending on software designed to improve customer service and virtual help desk initiatives, according to Contegix research on enterprise software users.
- Employee productivity grew just 0.3% a year between 2011 to 2016, according to the U.S. Bureau of Labor Statistics, so it is important that bills adequately record and reflect the amount of money that clients owe.
- With North America and Europe leading growth, the global enterprise software market will exceed $500 Billion by the year 2022.
- When employees fear they do not have enough time to complete their tasks, overall productivity decreases by up to 68%, so work overload is a serious problem.
How is your company doing as it reaches the end of another calendar year? If you are struggling to adequately track billing hours and collect from your customers, it might be time to upgrade to a new software platform that can help your business be more successful.