Free Webinar: Getting to Grips with Credit Management

Dynamics 365 Finance is a complete ERP (Enterprise Resource Planning) solution, helping organisations stay on track of their global financial operations, using Microsoft technology to automate key processes.

The software offers an easy-to-follow user interface, providing a fully personalised, job-specific workspace, allowing users to keep track of their daily tasks and activities efficiently.

Getting to Grips with Credit Management

Our video demo (above) showcases how Dynamics 365 Finance can support successful credit management and help your organisation improve cash flow and reduce debt. Don't have time to watch in full? Then here's our rundown of the six most useful ways you can use the software to streamline your credit management process.

1. Calculate risk scores

Using the customisable risk profile, you can assign your own contribution factors and measurements, allowing risk scores to generate automatically based on your internal requirements.

The risk profile can be set to run in the background at a frequency that suits you, ensuring your risk classifications are always up to date.

2. Apply credit limits

You can apply suggested credit limits to customer accounts automatically using risk scores, or a combination of other chosen attributes.

Alongside setting the credit limit, you can also add insurance or guarantees and set temporary credit limits. The good news is you don’t need to worry about forgetting to remove these from the account – setting an expiration date means this will be done for you.

3. View credit management checkpoints

After a customer has placed their order, you can follow the document journey from the initial confirmation, all the way through to the final invoice.

At each checkpoint, you can set a number of grace days. This means if an order fails at one of the checkpoints but has been approved for release, there will be a limited number of days for the user to proceed with that order.

You can also choose to produce an error message, stopping the order from going any further if the credit limit has failed at any of the checkpoints.

4. Block high-risk orders

Blocking certain orders can be vital to avoiding debt. These could be orders from overdue high-risk customers, customers with expired credit limits, or those with an extraordinarily high sales value.

Through the creation of blocking rules, you can choose when to stop an order from being processed. Once the order has been blocked, the software will trigger a workflow and assign it to the relevant team. They can then action the credit stop request, performing any required checks. If approved, the order can then continue through the rest of the sales order process.

5. Credit collection and chasing customers

Overdue invoices can be detrimental to your organisation’s cash flow. Dynamics 365 Finance will send letters and emails automatically throughout the dunning process.

You have full control over the sequence, contents, and frequency of the letters, ensuring they accurately reflect your escalation process.

Within the credit and collections workspace you can settle debts, create write-off requests, set up payment schedules, and more, with further tasks being created and allocated as necessary.

6. Manage business documents

Customising your output documents gives your organisation full control over your credit control process and allows you to add that personal touch.

You can design and configure documents via the user interface within a matter of minutes – meaning there’s no need to wait for a developer to add in any new code.