If your recovery actions are taking too long or are causing a lack of productivity the solution may be at the distance of a legal management system.
Debt is a common function of all working economies, no matter if we live in Portugal, Spain or any other developed country; in that sense, borrowing is a positive thing unless it goes unchecked and gets out of hand. After the big economic crises Portugal and Spain passed through, things are becoming a lit bit easier as countries have taken the path to recovery and are doing well at the present. Still, there is a long way to go.
There are new solutions to improve cash flow management
If we take a look into the numbers about personal credit, the fact is that, in Portugal, it has raised about 1.8% to 248M €. And, although credit loans to buy a car was down 2.9%, the number of credit cards and bank overdraft rises 4.7% into 96M €, according to data provided by the Portuguese national bank (Banco de Portugal) for last January.
According to the Bank of Spain, in 2017 banks issued 15% more consumer credit — which is the same as to say “loans for the purchase of consumer goods like cars, furniture, electrical appliances or holidays” — than the year before. In that sense, it is a fact that credit is rising much faster than the mortgage debt, says the local bank: consumer credit in Spain rose by 4.5% in June 2018, from €177.8 billion in May to €186.3 billion in June.
How can companies and organizations assure the efficiency of the payments?
From the biggest organizations to the smallest ones, citizens included, all of them experience debt situations. The mortgage debts and the purchase of goods and services have increased in the past years. The credit bills become due and the future becomes darkest for the ones who fail payback. As the savings have gone up, a growing number of consumers struggle with debt and fail the required payment, as well to those who don’t receive.
How can the financial companies and the service providers answer to this debt issue? How can they assure the efficiency of the payments and manage the debt collection process?
For small businesses, cash flow is very important. So, it’s important to stay on top of chasing outstanding payments from customers (or recovering debt). But, collecting debt is a very delicate process. More than ever is important to have a debt recovery process, that can increase the productivity and the competitivity of your business.
What Will a Legal Management System Do for Me?
Businesses use legal case management software to monitor and control the delinquent loan accounts and automate collection processes as well as managing all the legal procedures accessing legal information about borrowers.
A key tool for attorneys, law firms, agencies and outsourced companies, the Legal Management System makes complicated business processes easier to manage.
In fact, the software helps dealing with themes related to the management of the following Departments: Legal affairs, Credit, Credit Recovery, Operations, Procurement, Premises and Security, Compliance and IT in a much easier way, getting it organized for all the parties involved – connecting many companies and departments and legal offices and advisors.
In the case of a law firm working for financial institutions, there is better management of the collection process, because the software can be integrated and provide information about how much it has already been paid and the amount still in debt. In fact, this software helps to control the information of the debtor, in a much better way, by centralizing the information.
A simple solution can support a good legal practice
By improving and optimizing business processes it becomes easier for outsourced companies and all involved parties to share information quickly and effectively.
An efficient and centralized solution should be easy to use, collect all data and instructions necessary to increase productivity, reduce errors and the amount of time required to take action. A case management software helps to retrieve data from a single source, maximizing the efficiency of the team.
A new agile development tool to improve your effective debt collection
That’s why Blue Screen has prepared a new legal management system (LMS) to fasten and simplify the debt recovery process. The LMS allows you to develop or couple processes and applications across all legal processes and debt recovery. Leveraged by the use of an agile development platform (rapid delivery of applications), the LMS can be adapted to the business and supports digital transformation processes and empowering mobility and overall visibility across bad debt recovery while strictly fulfilling General Data Protection Regulation (GDPR).
Initially designed for exclusive use by law firms, LMS latest version introduces significant improvements over the previous versions and has a broader scope, intervening upstream in the credit recovery process and downstream in the sale and disposal of assets resulting from insolvency proceedings.
The LMS is an interesting solution for financial institutions like a bank, and perfect to meet the needs of the telecommunication sector, where the rates of unpaid bills are high, and increasing.
To make your business more solvent, don’t hesitate to learn more about the LMS software. Any doubts? Don’t hesitate to contact us.
Our team of specialist will be more than happy to give you a hand and answer all the questions you may still have.