FUSION for Budgets
DEBT REPORTING TOOL FOR BUDGETS & FORECASTING
Managing budgets and forecasting within any Local Authority is challenging at the best of times, circumstances of citizens are constantly changing, new government mandates and legislation are regularly released and you have a number of different systems handling revenue and debt.
Ensuring that your Council is on a solid financial footing is paramount and you need to have confidence in the accuracy of your data when financial modelling to help make the best business decisions. This is why councils are increasingly turning to the latest analytics and debt reporting tool ‘FUSION’ to get a real insight into their debt.
A Single View of Debt
FUSION works by taking data sources from all your debt systems including Council Tax, Benefits, Housing Rents, Parking Services, Non-Domestic Rates and more, to provide you with a single view of debt. This means you can accurately report on, not only where the debt is, but also what the likelihood of it being collected is, and when.
RELATED BLOG ARTICLE: – What is the overall debt owed to the Council? >
Key Benefits
- Make decisions on provision for doubtful debts and consequent write-off policies
- Consolidate all the debt a single customer may have across a variety of different departments
- Data accuracy and more reliable forecasting – reduce the chance of double counting debt from the same account
- Take a more strategic approach by analysing the most successful recovery approaches across different departments and use this to implement best practice and drive up collections
- Reduce council costs by reducing duplication of effort across different collection teams
- With more information comes the likelihood of identifying debtor trends e.g. are people in a particular area or of a particular age more likely to get into debt? This gives the council the opportunity to be more proactive in addressing this
- Facilitate information share amongst different council departments and use it to drive best practice
Key Features
- FUSION can create any number of reports including by type of debt, account and by debtor and enables users to customise their own reports and easily download them
- Data is presented using digital dashboards for easy ‘at a glance’ insight
- Data can be presented in any number of ways depending on management needs
- FUSION can be integrated with credit checking facilities to evaluate a customer’s propensity to pay and help make decisions on extending credit terms
- The solution is fully managed, hosted and supported in a secure data centre
