"Better to light a candle than curse the darkness."
You are a Financial Director, an OTC leader or simply the owner of your company and instead of increasing your Human Resources, you're willing to increase their productivity. Industry sector understood long time ago that the best way to do so was to automate high value activities. No more defects, no more "out for lunch" or "on sick leave" employees, with LOFOTEN your activity is automatically performed at any time in a cheaper way (yes it's possible).
With more than 15 years experience in Receivables management, we build tailor-made solutions that cover all your specific Receivables related activities.
We assist our customers in AR Strategy, Restructuring or business-as-usual matters.
Do you know the exact amount of your Cash receipts planned for the coming weeks ?
Do you know how many customers have been reached by phone and how many reminders have been sent out? Which customers will not pay you on time and what are the reasons for ? Our software answers all these questions.
A Credit Management solution that is always tailored to your needs and lets you automate your tasks and optimize your cash recovery.
Desktop based software using an SQL database or MS Access when allowed.
• Bad Debt provisions : Automated proposals & variances tracker
Business Case: Generate a Bad Debt provisions proposal for Quarter closing purposes.
Volume: 7-8M€ - approx. 3.000 customer accounts.
Main issue to be solved: Manual work & length (1 day)
Solution: The delivered solution, consisting in an .exe tool, generates a proposal, by company (4) and in several
currencies (EUR/USD), of the provisions based on a defined strategy and gives insight on QtQ variances.
Required resources: Line Items extraction (.txt)
Gain: No Manual work (but still possible to make manual adjustments). 15 minutes processing.
• SEPA Direct Debit rejections: Tracker & follow up
Business Case: Ensure accurate & timely follow-up of DD rejections.
Volume: Approx. 100 rejections/month for a value of 80K€
Main issue to be solved: Manual work & difficulty to track recurrent rejections MtM on particular customers.
Difficulty to clearly identify rejection reasons and take appropriate corrective actions.
Solution: The delivered solution, consisting in an .exe tool, records every single rejection and increment a counter
at customer/contract level.
After 3 rejections, a registered letter is generated. After a fourth rejection, the tool provides automatically
the list of the DD that must be revoked.
The rejection is correctly documented and provides the user with the SEPA rejection code which allows him
to take internal corrective actions if applicable (i.e. “No valid mandate” or “Incorrect Sequence Type”).
Required resources: Customer Master Data extraction (.txt) & Bank Statement file (.txt)
Gain: Automatic tracking & actions (letters). Rejected items reflagged for next DD run.
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