Debt management is the process of monitoring, controlling and handling receivables and payables arising in the business operations of an enterprise, to ensure stable cash flow, optimize financial costs and limit the risk of bad debt.
There are many management tools on the market today. debt popular, the article below will list 14 effective debt tracking software and is most popular with many businesses today.
What is debt management software?
Debt management includes:
- Accounts receivable: The amount of money a customer owes a business after purchasing goods/services.
- Accounts Payable: The amount of money a business owes to suppliers, services, partners, etc.
Therefore, the software debt management is a digital tool that helps businesses track, control and effectively handle receivables and payables with customers, suppliers, partners, etc. to ensure stable cash flow, limit financial risks and improve management efficiency.
What are the main functions of a debt management tool?
Depending on the debt management software designed specifically, the functions will be different, but in general, a debt tracking software usually includes the following main features:
Tracking receivables
- Automatically update debts arising from sales invoices and contracts.
- Track payment deadlines and debts for each customer and order.
Accounts Payable Management
- Record debt arising from invoices for purchase of goods and services.
- Track payment schedules, alerts due.
Debt reminder – warning
- Send emails, internal notifications of debts that are about to be due or overdue.
- Help accountants and business proactively work with customers.
Reconciliation of debts
- Compare accounts receivable figures with customers or suppliers.
- Create reconciliation and debt confirmation records.
Debt report
- Summary of receivables, payables, debts by time, customers...
- Classify debt by limit, by status (on time, overdue…).
Integrate other systems
- Connect with accounting software, ERP, e-invoicing software (like Bizzi) to synchronize data and reduce manual operations.
Why should businesses use debt management software?
Businesses should use debt management software because it is an important tool to help control finances, ensure effective business operations, limit bad debt risks and maintain reputation with partners. Here are the main reasons:
- Save time and effort: Automatically record and track instead of manual/Excel input.
- Smart update, maximum error reduction: Data is updated clearly and quickly, reducing calculation errors.
- Data synchronization: Store, backup automatically on cloud computing, consistent access from any device.
- Effective cash flow control: Closely monitor receivables/payables to ensure timely collection.
- Risk reduction: Early detection of overdue debt, bad debt, smart warning for timely handling measures.
- Support quick and accurate decision making: Provide detailed reports and statistics in the form of charts to help assess financial status.
- Improve overall business performance: Free employees from manual work, focus on more important tasks, improve customer service.
Top 14 most effective debt management software
Bizzi – Automatic debt management platform
Provide mThe “three lines of defense” cost management model is designed based on the cost and debt management issues that most businesses are facing, Bizzi is one of the leading, typical tools that is most widely used today.
Trusted by medium and large companies in many fields, such as TIKI, Circle K, PNJ, Mega Market, GS25,... Bizzi offers a tight, streamlined and effective debt management toolkit, with the following outstanding features:
- Multi-channel debt reminder: Set up flexible debt reminder processes according to scenarios, send automatic emails or messages to customers before, during and after payment deadlines.
- Comprehensive debt index management: Monitor and analyze debt collection performance through key metrics such as DSO (Days Sales Outstanding) and report debt age detail.
- Track debt by partner: Automatically record, update and track debt status of each customers and suppliers, helps control receivables and payables accurately and promptly.
- Warning of due/overdue debts: The system sends warnings when a debt is about to mature or is overdue, helping the finance department proactively handle and reduce the risk of bad debt.
- Accurate debt reconciliation: Implementation support Reconcile Accounts Receivable With partners, create transparent confirmation minutes to avoid disputes.
Detailed and intuitive debt report: Create summary reports or in-depth analysis by customer, time, debt status, etc. to support timely financial decisions.
Not stopping there, Bizzi also supports businesses in controlling revenue and expenditure, optimizing capital flow in one platform with other products such as:
- Processing, reconciling and managing input invoices IPA + 3way matching
- Bizzi Expense: Business Expense Management
- Bizzi Travel: Travel Expense Management
- B-invoice: Electronic invoice
To get advice and design specialized solutions for your business, register here: https://bizzi.vn/quan-ly-cong-no/#arm_signup
This is a tool for managing customer/supplier debts, detailed reports, automatic debt reminders, tightly integrated - suitable for medium-sized enterprises. Typical features of MISA AMIS include:
- Smart Alerts
- Centralized customer information management
- Manage invoices/receipts/expenditures and control finances.
MISA AMIS CRM
This is a tool for managing customer/supplier debts, detailed reports, automatic debt reminders, tightly integrated - suitable for medium-sized enterprises. Typical features of MISA AMIS include:
- Smart Alerts
- Centralized customer information management
- Manage invoices/receipts/expenditures and control finances.
Sapo POS
With Sapo, this debt management tool supports updating by order, setting debt deadlines, warnings of debt due, reporting by customer/invoice/period. In addition, Sapo also supports multi-channel sales (at the counter, online), synchronizing orders-collection-inventory-debt.
Suitable for small/medium sized shops selling on multiple channels, simple debt management, needing debt management feature for shipping partners.
KiotViet
KiotViet debt management software provides a solution to track purchase-payment-collection history, simple debt reporting. The advantage of this debt management tool is the simple interface, easy to operate, suitable for grocery stores, pharmacies, small shops that need simple debt control, can combine with Excel.
Nhanh.vn
Debt tracking software Nhanh.vn Integrated management of goods, inventory, multi-channel sales, transportation. Suitable for small/medium enterprises, retail, online. Users can flexibly track receivables, manage detailed customer/supplier debts based on the overall reporting system of payment/debt/cash flow status.
1Office
Featuring a friendly, easy-to-use interface, 1Office is a comprehensive debt tracking software, integrating sales management (invoices, orders, quotes, revenue/expenditure), customer management, warehouse/goods management, and statistical reports.
1Office debt management tool is suitable for all sizes and types of businesses.
POS365
The main function of POS365 debt management software is to manage detailed customer/supplier debts, debt reports, and debt due reminders. In addition, the software also integrates goods management, inventory, and multi-channel sales, suitable for many industries.
Trustsales
The software provides solutions to track debts of suppliers, customers, and carriers through detailed debt reports. In addition, Trustsales also integrates sales management and customer care, links multiple shipping units, and integrates e-commerce platforms.
This debt management tool will be suitable for businesses selling online on multiple channels.
CRMViet
The main function of the debt management software CRMViet is to create invoices, receipts/payments, track sales, customers/suppliers. With an intuitive, easy-to-use interface, CRMViet is mainly suitable for SME businesses due to its limited features.
AccNet Cloud
This is a specialized debt management software for small and medium-sized businesses. The tool supports detailed tracking of each invoice, customer/supplier. Outstanding features include:
- Automatic update, credit limit management, warnings.
- Debt aging report, debt reconciliation.
- Automatic links to warehouse, accounting, sales, accounts receivable.
Viindoo Invoice
Similar to other debt tracking software, Viindoo Invoice provides automatic debt reminder solutions, supporting detailed tracking by time, value, and reconciliation based on invoices. The system will automatically record debts, support searching, and track revenue increases and decreases. All are reflected on multi-dimensional reports.
1C:Company
1C is an automatic debt tracking software, managing receivables/payables by partners, contracts, orders, and documents. Analyze and control debts by term and age. Smart, intuitive reporting system.
In addition, 1C also integrates a mobile application, convenient for tracking and managing debts anytime, anywhere.
Money Manager Ex
The outstanding advantage of this debt management tool is its friendly interface and completely free functions. Users can perform simple operations such as tracking income and expenses, real-time debt balance, storing credit card information, and invoices.
Suitable for small business or individual.
Bravo ERP
Bravo ERP software has a detailed and flexible debt subsystem, managing debt by customer, contract, order, project, department. On the software interface, you can track debt due date, payment date, number of overdue days, debt age analysis. Customize reports (charts, bad debt analysis, recovery ability).
In addition, Bravo ERP debt tracking software also integrates collection and cash flow management. In general, Bravo ERP is suitable for large enterprises and corporations that need to manage complex debts.
How to choose the right debt management software
To choose suitable debt management software, businesses need to consider the following factors to ensure operational efficiency, cost savings and cash flow optimization:
- Clearly identify management needs (basic or advanced).
- Consider the size and business sector of the enterprise.
- Consider the necessary features (accounting integration, multi-channel sales, debt aging reports…).
- Evaluate integration capabilities with existing systems.
- Consider stability, user-friendly interface, and data security.
- Learn about costs and service packages.
- Prioritize software that supports multiple devices (PC, mobile).
Conclude
Debt management software is an indispensable tool to help businesses modernize accounting and financial processes, protect cash flow and improve operational efficiency. Accounts receivable management tools help businesses track and control receivables and payables, thereby minimizing risks, optimizing cash flow and improving business efficiency.
Depending on the needs and specific model of each business, managers choose the appropriate debt tracking software.
Here is a list of 14 popular and most used debt tracking tools. If your business needs advice to design a solution to meet your debt management needs in particular and expenses in general, schedule a Demo with Bizzi today!
