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Although the Dutch economy grew by 2.6 percent in 2018, the Netherlands Bureau for Economic Policy Analysis (CPB) expects the growth of the Dutch economy to decline to around 2.2 percent in 2019. This means that for the second year in a row, growth will slightly slow down again. This is partly caused by international unrest, which in turn has repercussions on our own Dutch economy. This could include all the uncertainty surrounding the Brexit, the yellow shirts in France and the trade war between the United States and China.
Despite the number of bankruptcies being at its lowest point since the year 2001, there were still 3,144 companies declared bankrupt in 2018 (excluding sole proprietorships). Most bankruptcies of companies and institutions were pronounced in trade (687), wholesale trade (320) and retail trade (304). Followed by the hotel and catering industry and then car trade.
More than 73% of these bankruptcies have been caused by poor cash flow, including, particularly, poor accounts receivable management. Is there really no way around this?
With our all-in-one software solution "XA Flow" we support organizations and institutions with the establishment of a tight and efficient accounts receivable management process. We help you to get your invoices paid faster, reduce payment risks while professionalizing and improving communication with your debtors.
A tight accounts receivable management process revolves around managing incoming cash flows and collecting outstanding invoices. Using XA Flow is a fast and very cost-effective way to strengthen your financial position, especially because your open invoices will be paid faster. After all, accounts receivable management plays an essential role when it comes to your liquidity position.
How do we achieve this?
We support you in setting up the most efficient and effective automated invoicing and accounts receivable management process possible with XA Flow and make it easy to send invoices and personalized reminders to your customers. This can be done through all kinds of communication channels, at predefined moments. These include channels such as e-mail and printing, but also SMS, Whatsapp and Facebook Messenger. Within XA Flow it is possible to automatically create personalized payment pages, with payment options such as iDEAL and Digiaccept.
In addition, it is also possible to carry out creditworthiness tests in advance (already during the order process). We also have a link to Creditsafe which is the most widely used credit information provider in the world. Using the Creditsafe database, it is possible to easily and quickly sharpen your customer acceptance. All information is available online within XA Flow. Think of company data, credit scores and limits, management information, corporate structure, payment experiences and much more.
The credit score ranges from 0 to 100.
Starting with a score of 37, a company is creditworthy. The higher the score, the more creditworthy the company is. The credit limit is the maximum amount Creditsafe recommends to deliver on accounts to a company or institution. The limits of Creditsafe are recognized and approved by all major credit insurers. Besides Creditsafe, links with similar service providers are also possible. That's the beauty of our solution: we work 100% software independently and XA Flow can easily be linked to existing financial packages and services from third parties.
Incidentally, a debtor's reason for not paying is not always due to unwillingness. Almost all organizations and institutions occasionally find that essential information (such as PO numbers) are missing from invoices and/or that invoices are addressed incorrectly, or that the ascription is incorrect or incomplete.
With the deployment of XA Flow, your customers can easily edit their own data, and then the data is updated and your customer automatically receives a corrected invoice.
Furthermore, you can deploy XA Flow for all kinds of processes and communication workflows, including administrative processes, document processes, financial processes, but also, for example, communication processes such as e-mail marketing, Marketing Automation and Customer Journey.