Automate debt collection and recovery operations

Improving debt collection efficiency with a document management system

Continuing economic uncertainty and the increasing amount of debt passed for collection (now exceeding £58 billion in the UK) means debt collection teams and outsource recovery companies need to ensure maximum efficiency in collecting payments and dealing with reluctant payers.

In this document-intensive environment, electronic document management systems can provide solutions throughout the collection lifecycle – from capturing incoming information to faster cash collection.

How can document management benefit debt recovery operations?

Avoid missing documents – Mislaid documents or mail can signficantly delay the debt recovery process. Capturing, indexing and filing documents electronically means they never go missing and can be retrieved in a matter of seconds. Document management systems allow collectors to view documents on-screen and – with the relevant permissions – print, fax, email, copy or add notes to a document. 

Process cheques and remittances quickly – The DCS document management system helps accelerate payment by enabling faster processing of large volumes of cheques and remittances. Remittance advice notes received from customers paying by BACS can be systematically scanned and released into the business workflow for processing by the appropriate controller or team. Electronically capturing high volumes of cheques and remittance slips as they arrive eliminates the need to handle paper, streamlines processing and speeds up cash collection.

FileStore EDM brochure on document management software

Find out more about the benefits of electronic document management software - download the FileStore EDM brochure

Deal with queries promptly – With a document management system that integrates tightly with accounting or CRM systems, corroborating and cross-checking customer queries is much easier and helps minimise delay in collection. Document management systems allow staff to view documents such as statements, contracts and debt chasing letters on-screen alongside customer details, allowing them to decide quickly on a course of action.

Right documents to the right people at the right time – Once documents are stored electronically, they can be managed coherently and efficiently in unique debtor case files. Letters of correspondence, legal notices, telephone conversation transcripts, emails and even SMS messages can all be added to the debtor file for instant access by the appropriate credit controller or debt management team without the delays inherent in handling and shipping paper documents. Electronically captured documents can be viewed by different people in different places at the same time, dramatically improving productivity and resolving cases faster.

Eliminate filing and improve compliance – Many credit control organisations still print two copies of client correspondence, posting one and filing the other for records. Some of these documents, such as invoices, need to be retained for up to seven years to meet compliance standards. Modern document management systems offer a more cost-effective approach by maintaining documents electronically, allowing easy retrieval and meeting stringent audit requirements.

Best-in-class document management systems such as those from Data Capture Solutions (DCS) integrate closely with existing accounting or output management systems, helping debt management companies eliminate slow and inefficient paper-based processes. To arrange a demo of our document management system customised specifically for the debt management sector, get in touch with one of our business consultants on 01753 616 720 or send an enquiry using our Contact Form.