Inside Innovation - Autumn 2019
Updated: Nov 5, 2022
New Win for CreditForce
We are excited to announce that one of Ireland’s leading law firms has returned to the CreditForce user fold after a spell away from us.
Originally implemented with Lexis Nexis Artiion™, CreditForce is now being implemented with Elite 3E™, the firm's new practice management system. Innovation Software has in-depth knowledge and experience of integrating with Elite 3E as well as other Thomson Reuters products including E-Billing Hub™ We have connectors to many other leading ERP and Practice Management Systems, including the complete Microsoft Dynamics range (AX, NAV, and GP and including the Avanade AX Template for the Legal Sector), SAP™, Oracle One World™, Coda™, Epicor, Aderant™, SOS™, Tikit™, Eclipse™, Sage™ and many more.
Innovation Software are known globally as designers of highly effective accounts receivable collections software for industrial, commercial and government organisations, as well as versions for legal and professional services businesses that include WIP and Inventory.
Speak to us today about our full range of collections management tools.
When you need us most, we are there with CreditForce 360° Protection
Late payments are on the increase. The ICAEW (Institute of Chartered Accountants in England and Wales) has asked the government to help businesses with the increasing problem of late payments faced by SMEs (small and medium sized enterprises).
With such an increase in convenient methods of payments these days, it is a wonder that such a problem exists. The latest BCM (business confidence monitor) showed that business outlook remains negative, with late payments from customers being a major concern particularly among SMEs.
The proportion of late payments has increased over the past year for 20% of SME business. According to the BCM report six out of nine sectors (Property, Business Services, Manufacturing & Engineering, Construction, Retail & Wholesale, and Banking, Finance & Insurance) are experiencing this as a growing issue. The problem is even larger for SMEs, with almost a quarter (24%) reporting this as a problem.
Tim Gardiner, Finance Director at Panton McLeod Limited said:
“The most obvious case of abusive slow payers is still large corporates, particularly in the construction industry. A large part of the problem is where companies have complicated processes for the submission of invoices or claims for payment, combined with a lack of clarity as to who is the contracting company in relation to large scale projects.This arises from intermediaries acting on behalf of utility companies in my experience.”
According to statistics released in May by the federation of small businesses (FSB), 50,000 small firms go out of business because of late paying clients, and it is a clear problem that needs addressing.
In the current economic climate it is comforting to know that you can take steps to protect your organisation's assets. With CreditForce 360° Protection, alongside credit rating agency databases such as CreditSafe and Dow Jones, we give you the ability to provide all-round protection for your WIP and A/R balances, and a complete understanding of the potential risk of loss to which your organisation is exposed. You can take advantage of the on-going monitoring services, and:
Automatically receive information on CCJ’s, changes in risk rating, new credit reports
Analyse your portfolio of WIP and A/R by industry, risk category and probability of late payment etc
Automatically set and monitor exposure limits
Automatically capture and monitor changes to your clients’ credit rating
Define workflow to route details of changes in risk etc to whomever needs to be informed, immediately
The benefits are: greater control, reduced write-offs, and better working practices
For more information on how CreditForce 360° Protection can help secure your business's cash-flow send me an email to arrange a demonstration.
CreditForce V6 running with super-speed technology
We have been extremely busy so far this year upgrading many clients to our most powerful version of CreditForce yet - Version 6.
Our incredible Innovators in the development team have created some great new technology to improve speed in operation, as well as provide some seriously good new features and functionality.
We have also introduced incremental updates, putting a very much lighter load on your system's infrastructure – and with the massive benefit of CreditForce data only ever being about 5 minutes behind the original transactions.
CreditForce V6 is available now, with Email Tracker, which provides:-the facility to capture all replies to emails sent via CreditForce, filed and referenced perfectly, and optionally, at the time of creating the email, to specify that the reply should also automatically generate a task to notify you that one has been received. This enables users to live more within the CreditForce application without having to continuously scan their email inbox for important replies, and then cut and paste details to CreditForce. This is seriously time-saving functionality.
To learn more about CreditForce Version 6, Email Tracker and the many more enhancements included, send Caroline an email: firstname.lastname@example.org
to arrange a demonstration.
In other news
We have moved - we now have two brand new locations. Our growing Development Team are working out of the Innovation Centre, Medway, with Operations, Marketing and Management now located in our new Head Office in Ashford, with excellent high-speed connections into central London as well as international connections to Paris and Europe.
Our new addresses are:
Head Office Innovation House, 49 Avocet Way, Finberry, Ashford, Kent TN25 7FR
Tech Office Innovation Centre Medway, Unit F26, Maidstone Road, Chatham, Kent, ME5 9FD
1. Annual Review & Health Check You don’t’ know what you have forgotten or may be missing out on unless you have an annual check-up. CreditForce annual service and health-checks can be purchased for as little as £1,250. Book in yours today.
2. All New Pricing For CreditForce Insights Dashboards If you want to visualise and obtain invaluable insights from your data, speak to us about the all-new pricing for CreditForce Insights, which is developed in Microsoft PowerBI and has a range of exclusive reports designed by us for you to understand fully what is going on within your business, and enable you to forecast more accurately.
3. The DSO Challenge We're challenging you to reduce your DSO. To take part all you need to do is tell us your DSO summary for the financial year ending 2019, and then again for the financial year ending 2020. We will be looking for the biggest percentage decrease in days outstanding. The organisation who decreases their debtor days by the highest percentage will win £1,000 for a charity of their choice.
4. Help Us To Help You More Quickly The email address for raising support tickets has changed, please use: email@example.com and ensure you overwrite your old link. All your user credentials will remain the same.
If you are new to FreshDesk contact Ben Van de Peer to get set up with an account or for more information on how it works: firstname.lastname@example.org
And to speak to us about CreditForce V6, 360° Protection, Email Tracker, SRA RCAB, WIP Management or any of the modules in our CreditForce Collections Management suite, please contact us via emil: email@example.com or call us on: 01634 812 300