Choosing debt collection software requires consideration of business needs, user skill level, monitoring and reporting functions, technical support, and price. Hosted systems may be a good option for small businesses without IT staff. Price should not be the first consideration.
Whether part of an accounts receivable office or in the center of a debt collection agency, quality debt collection software can streamline the process and coordinate records so better decisions can be made. When choosing a debt collection software package, you must consider the needs of the business. Many additional features can add expense without adding value, and the added complexity can make the system more difficult to use.
When selecting debt collection software, you should consider the skill base of the people most likely to use the program and how much the program will be used. Those less familiar with debt collection may want a simple program with easy-to-understand features, especially in an accounting office where debt collection is only one facet of the job. If you are choosing software for a debt collection agency, on the other hand, these simplified systems may be limiting and you should look for a more comprehensive debt collection software package.
Monitoring, reporting and management functions are likely to be critical. Be sure to choose a system that presents information in a way that is useful and can be understood. A good debt collection software package can update and coordinate information from multiple files quickly and easily, so relevant information can be viewed immediately.
Technical support can be important, especially when the system is first set up or after other changes to your computer system. This is especially important for small businesses without information technology (IT) staff. If no one in your office knows computers, make sure your debt collection software package is well supported.
It may be worth considering hosted systems, where debt collection software is accessed online for a monthly fee. With no expensive software packages or upgrades to buy, a hosted system could be an attractive, maintenance-free option for some businesses. For small businesses without IT specialists, this could be a good value. However, other companies prefer to maintain ownership and control over their system.
Price is likely a consideration as well, but it shouldn’t be the first thing you consider. A cheap package is not a good value if the system doesn’t work well. Instead, shop first for software that meets your needs, then compare prices between them and think twice before buying fancy software with impressive features that you’re unlikely to ever use. It’s worth shopping around, and deals can be found, so contact several vendors to find the best prices you can get.
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