While companies put processes in place to close deals and invoice clients, in some industries, getting those invoices paid can be a struggle. Let’s dive into why Debt Recovery platforms are so important and how Chift’s Unified Accounting API can help Debt Recovery software editors gain a competitive edge.
What is a Debt Recovery Platform?
Keeping track of unpaid client invoices (accounts receivable) is a time-consuming task. Yet, many companies still handle payment reminders and payment tracking manually.
An accounts receivable management tool allows financial teams, invoice tracking teams, or simply managers to automate and improve their invoice-to-cash process. This means having a clear view of unpaid invoices and advanced automated client reminders.
In its simplest form, here is the debt recovery platform workflow:
- Import open client invoices
- Extract actionable data from those invoices (payment status, amount, invoice date, client information etc)
- Aggregate the data into a dashboard
More advanced processes include, among other things:
- Automated data import using API integrations (see more below)
- Automated client email reminders
- Generation of payment links for clients
Why do Companies Use them?
A debt recovery solution provides obvious benefits to businesses, the main ones listed below:
- Faster invoice to cash process: Invoices get paid up to 50% faster.
- Time savings: With automated processes, financial teams spend much less time handling payment reminders.
- Reduction in working capital requirement: With faster payments from clients, businesses can maintain healthy cash flows and preserve their working capital.
- Cost savings: with less time spent on invoice management, businesses can downscale their financial teams.
Debt recovery platforms play a pivotal role by helping businesses track, manage, and recover outstanding debts.
The Role of Accounting Integrations in Debt Recovery
Debt Recovery solutions provide great assistance to financial teams. However, accounts receivable management solutions remain incomplete without accounting automation.
Accounting API Integrations serve as a bridge between diverse accounting systems and debt recovery platforms. This allows debt recovery platforms to access comprehensive financial information without the need for manual entry by users. This centralized data access is crucial for assessing the financial status of debtors accurately and efficiently.
Boost Your Debt Recovery Platform with Chift’s Unified Accounting API
The Scalable and Cost-Efficient Solution for Accounting Integrations
Chift offers Unified Accounting APIs that allow you to easily integrate with all major European accounting tools in a single integration.
- Low Cost / High Scalability: Chift’s Unified Accounting API offers integrations and standardized data for the most popular accounting tools. Quickly scale your integrations while cutting your integration costs and preserving your product’s roadmap.
- 1-Click Integration: Making an integration available for your users is only a click away. View all tools supported by our Unified API and simply select those you want your users to access.
- Close More Deals: Prospects will not consider software that does not integrate with the current tools they use.
- Manage Your Integrations with Ease: Easily monitor and test integrations in real-time with Chift’s integrations dashboard and one-click API connection testing (test payload).
- European Focus: We offer integrations with the most popular accounting tools in European countries.
Key Product Features for Your Users
From quality-of-life features to best-in-class user experience, Chift also offers numerous benefits for your users.
- Automated Accounting Entries Data Import: Automatically import accounts payable data into your Debt Recovery software to load open invoices without time-consuming manual imports.
- Bidirectional Accounting Flows: As you can pull accounting data, you can also push data to accounting software to ensure accounting data reflects recently closed client invoices. For example, you can update the payment status of an invoice in the accounting software.
- Intuitive & Customizable Integration Activation: Integrations are easily activated in a few clicks through a white-labeled marketplace, or they are embedded in your platform. You decide how your users access and activate integrations. Authentication is handled seamlessly.
- Advanced User Onboarding: With advanced user onboarding, users can invite a third party, such as their accountant, to enter their credentials for authentication.
Fintech Leaders Partner with Chift
Our Unified Accounting API is used by the best B2B SaaS Vendors. You can learn more about its use for Debt Recovery platforms in our Recovr Case Study and Agicap Case Study.
Gain a competitive edge and position yourself for success in an increasingly data-driven world by working with Chift. Reduce costs and development time associated with integrations, close more deals, and increase product velocity.
Curious about how you can use Chift’s Unified Accounting API for your integrations? Reach out to our team for a demo.
