New credit control solution to tackle record UK late payments   13th February 2006 A credit control solution developed by Topaz, a supplier of financial, payroll and HR systems has been launched by to tackle what they say is the UK's spiralling problem of record late payments. With the average days taken to pay an invoice standing at 46, and rising at the fastest rate for four years, this new solution is designed to provide advanced credit control functionality linked to personalised customer invoicing. Prior to its official launch the software apparently proved its worth by demonstrating the ability to reduce 90-day old debts by a claimed 97 percent. The Recruitment Solutions Group, which trialled the software before launch, was able to bring credit control back in-house rather than use a factoring service. Helen McCallum, the software manager at the Recruitment Solutions Group, said, “When you see a system that cuts your 90-day debt by 97% – and allows you to take credit control back in house – you know that you have come across something special.” Topaz says that the application differs from other solutions because it applies the principles of CRM to credit control and takes a pro-active approach rather than leaving the credit controller working out what to do next. Topaz says that it does this by tracking every transaction that takes places between the supplier and the customer – not just financial transactions such as invoices and payments but every single conversation, every promise, every ‘event'.
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