4 Accounting Software Features You’re Not Taking Advantage Of

Guest Article

If you use accounting software every day to direct your books, on top of managing the day to day operations, you might not be leveraging all the features that will ensure your business is optimizing cash flow. Any statement application has an accounts receivable( AR) module that can improve accumulating remittances from patients. Common pain pitches of the entire AR process can be avoided by plainly exercising your current accounting software to it’s fullest capacity.

Many small and medium-sized businesses struggle with collections, that combined with a paucity accurate statement chronicles, and you’ve got a mess on your hands. There are four accounts receivable functions you likely already have in your software and once activated they can procreate major difference to the bottom-line.

Recurring Billing Support

Recurring fees are common. If you are in a situation where it is possible put in recurring remittances for buyers via ACH debits or some other electronic technique, you should make love. It cures promote higher accumulation frequencies while minimizing the time spent on future collect efforts. If you’re catering good enough business/ concoctions to your purchasers, you’ll want to ensure their fees are coming in on time, so you can invest more day be concentrated on running the business rather than addressed with collections issues.

Billing/ Collection Email Integration

If legislation your patrons isn’t as simple as you’d like, then you’ll is necessary to establish some level of a billing and collections process. If a customer’s due date is arriving, you’ll want to send a remembrance email. If they’ve paid on time, they will likely desire an invoice. If they have not paid, you’ll have to begin the dreaded collects process of communicating past-due notices.

Leverage your AR software to create and send emails. It will go a long way toward improving your collectings process. This eliminates the need to follow data regarding the program and adhesive/ affix it into an email. The ability to have the present communication at your fingertips as soon as you need it will let you breeze through any remember emails or Invoice-paid emails that you provide to a buyer as a courtesy. Your AR module may even take care of auto-populating certain fields for you or re-using email templates, which eliminates the time spent drafting any emails.

Flexible Interest& Late Fee Application

No business owner wants to deal with buyers not them for their services on time, just as no business wants to be late providing services for purchasers. Treating with chronic late fees can be a bad statu and separate ties-in if it’s not directed delicately. It can also feign your concert and mess up cash flow. However, it’s a reality when customers don’t pay time.

Most accounting software will allow you to set up fascinate periods, which specify how much “the consumers ” will be charged in late fees if fee is not paid immediately. Generally, these are spelled out in any contracts you may have a patron signal, but it’s important to have these periods spelled out clearly in all invoices as well, which will help temper the expectations to a patron if they become delinquent. If support payments has not been recorded past a scheduled due date, your software likely has the ability to automatically calculate any late reward and compute it to a newly created invoice.

Early Payment Discounts

If you are able to punish a consumer for late pay, why not honor them for early? Countenancing early payment customer deductions for Net 10 or Net 15 fees can be a great way to improve purchaser connects, cash flow and likewise could be a exchanging level in attempting to establish the value of your services with a brand-new purchaser. For a activity well done, patrons should be happy to pay you on time. But with an additional level of motivation to remuneration ahead of day, they’ll be thrilled to do so if you’ve been furnishing quality services or products.

Talk to your auditor or bookkeeper enabling you to set up these features in your record application, if you don’t feel comfortable treating it. It could go a long way to helping improve your cash flow and invoice management.

About the Author 😛 TAGEND

Russ Davidson is a Digital Marketing Specialist at Software Connect, a company free software recommendations. Since 1996, they’ve cured thousands of companionships find the best solution for their needs.