ICT Expo 2004, Dublin ~

and what's on offer to Credit Managers to automate the Credit Process

reviewed by Ulrike Dwane

When I heard about the ICT Expo, Ireland’s annual showcase of information and communication technology held in the RDS end of April of this year, I decided to go along to find out what the exhibitors of accountancy software have on offer these days by way of credit and collections tools (CCT) as part of their overall software packages.

I went along on Wednesday afternoon, the first day of the two-day exhibition. There were approximately 120 exhibitors classed into ca. 30 categories from accounts and applications software, Backup & Data Storage, Broadband, Mobile and Telecommunications, Call Centres and CRM, Development Tools, Network Solutions, Security, Servers to Training and Web Development. Many of the exhibitors fell into more than one category, as almost all of them have anxilliary capabilities besides their core competencies. In the accounts software category a total of 22 exhibitors had registered of which probably only 8 or 9 have accounting software as their core business.

The exhibition was modestly visited, which made it relatively easy to get the attention of the representatives at the stands in order to get a demo of their wares and have a more in depth conversation.

TAS ( www.tassoftware.ie ) was my first port of call. TAS, part of the SAGE group, caters for the very small business environment of typically less than 10 users, and do not have any exceptional features in relation to CCT.

ACCESS Accounting Software ( www.access-accounts.ie ) is a Windows based accounting solution, embracing the Microsoft.NET vision. In relation to CCT it has a solid functionality range. For example, scanned documents such as financial reports can be attached at customer level, fields are plentiful and flexible, accounts beyond terms can be put on hold and/or stop, payment methods are fully automated and Direct Debit runs are flexible, notes can be entered on a customer and invoice level, it has a high flexibility re design of statements, sending of documents is highly automated, report writing is flexible and downloadable but thereafter not that user friendly in its layout.

KERNEL Software ( www.kernel.ie ) is a Windows Accounting and Management Software. From a credit management perspective the CCT functions are addressed under "other features" in the Debtors, Sales Orders Processing & Quotations section.

INTACT Software ( www.intact.ie ) is a windows based Accounting and Business Management Software running on Windows 2000 / NT / XP upwards, Citrix or Novell. This solution comprises of over 30 integrated modules, but credit control does not feature as a separate module.

SAP, known as software provider for large Corporates, is entering the SME space with SAP Business One ( www.iisales.com ). SAP has a solid functionality range re CCT. Scanned documents such as financial reports can be attached at customer level, fields are plentiful and flexible, accounts beyond terms can be put on hold and/or stop via an approval procedure, payment methods are fully automated and Direct Debit runs are flexible with a payment wizard function, cash discounts can be defined for multiple accounts over different days and a payment wizard will auto apply these discounts during payment runs, late payment charges are user definable. Notes can be entered on a customer and invoice level and the CRM function is suggested as being usable as a collections tool. The dunning procedure is a special feature, which keeps the history per invoice and will auto-escalate to next dunning level, up to 10 dunning levels (surely, 3 should suffice?!). Reporting functions include multiple standard reports, drag & drop and also a query wizard that can be used to build SQL reports using a wizard interface.

MSP Ireland ( www.msp.ie ) provided me with a demo disc called Cash Collector, which is a very nifty collections tool. Cash Collector is an easy to use system, which helps to tighten up the collection process, gives visibility of how effectively account follow-ups are being actioned and aids in the collection activities, which can be picked up relatively easy by another person, if the usual person is absent. The user, who can have a range of assigned accounts, sees a prioritised list of calls on screen, which are triggered by for example diarised follow up notes, credit terms, invoice amount / age etc. – depending on the rules, which are driven by the user's credit policy. You can set alarms, develop a range of reason codes with reporting facilities, set a collection status and have multi-currency facilities. Helpful also is the on-screen sorting ability. The online help manual for training purposes is easy to follow. To be able to use Cash Collector, you need to be able to query or export some basic sales invoice information from your accounting system (which almost all accounting packages can at this stage). Cash Collector imports data from simple comma separated ASCII text files. It can cater for 100,000 open invoices at any one time. A forward aging report helps with cash forecasting. MSP Ireland also provides asset and cash flow management software.

SAGE ( www.sage.ie ) have an automatic URL available if you want to link into a credit rating website on a customer level. In the late payment charges space interest can be calculated at month end via the finance system, when the invoice is created and entered. Collection notes can be entered in a memo field but not at invoice level. Dunning letter templates are available, but the system does not keep a record of which letter was sent and when. Sage's Orbis Software, specialises in automation and alerting, which, amongst many other features, helps to automate document delivery and has an alert mechanism of customers on hold. The ACT Manager, a CRM tool, is recommended as a collections tool.

EXCHEQUER Enterprise Software ( www.exchequer.com ), awarded the "best Mid-Range Accounting Software", gave me a demo of the CCT functions, which was impressive. The software is designed to give immediate access to any account information. The ObjectCredit Controller, a specific window for credit control, gives a full picture of the debt situation for each customer that is highlighted and you can drill down into the ledger from any of the balance figures to see exactly how the debt is made up. The history window shows monthly trends, again you can drill down into transaction lists for each period to view original transactions. The customer record is split into sections, using the tabs (such as Notes, Discounts, Ledgers, Orders) at the top. An interactive notepad alert system is at the heart of the Enterprise software. Each record and transaction throughout the system can have unlimited notes stored against it. You can set reminders and drill-down directly into the originating record or transaction. The Exchequer Sentimail module enables you to rely on proactive business alerts to keep you updated about all areas of your financial operations such as warning credit control and account manager, when an account is within 15% of credit limit, escalating if credit limit is exceeded, notifying financial director of seriously bad debts, notifying account manager and customer when an account is placed on hold, informing account managers if an order or payment is received for their accounts. Exchequer has a report writer accessing the data directly and a spreadsheet tool OLE/COM Server which links in dynamically with Microsoft Excel, i.e. the ability to view from within Excel the live data stored in Exchequer without the need to export. Exchequer also has a web-enabled authorisation workflow module as well as technology which makes it possible to run the Enterprise suite of accounting modules across the internet. The Form Designer for invoices and statements is highly flexible.

TRIOKEY ( www.triokey.com ) brings web-browser based, high speed, adaptable, and industrial strength financial systems in a range of off-the-shelf packages, accessible to all sizes of business. One of its outstanding features is that the company's customers can track their orders online, review their history and get statements when they want them. They can view invoices and statements through the account information option, which is specific to their account.

WORLDPAY, Internet Payment Solutions, ( www.worldpay.ie ) are banking on the rapid expansion of the internet trade. Their services enable you to accept payments over the internet by phone, fax and mail, accept all major credit cards and debit cards, national and international, accept instalments, standing orders and direct-debit style payments, bank transfers (such as the German ELV system) – even mobile payments as well as trade in any language and most currencies. WorldPay is part of the Royal Bank of Scotland Group.

My overall verdict: A lot has been developed, but there is a lot more room for improvement.

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