As a business owner, you strive to turn each new potential customer into a long-term, repeat customer. This goal can be achieved using several different strategies, whether it’s competitive pricing, excellent service delivery, or even ease of transaction. However, as your firm expands, it can be challenging to keep up with customer communications, various transaction records and accounts receivable management. If you’re having trouble managing day-to-day business operations, such as accounts receivable, you risk losing customers and sales.
Some self-acclaimed experts may argue in favor of having an accounting firm inspect your books on a monthly or quarterly basis. However, unlike accounting firms who audit after the books have closed, accounts receivable software monitors your sales in real-time and ensures that debtors pay up quickly.
Want to learn more about the value of accounts receivable software in today’s competitive marketplace? Let’s take a critical look at accounts receivable software and what it can help you achieve.
What Is Accounts Receivable Software?
Accounts receivable software is a cloud-based integrated computer program that companies use to improve cash flow regulation and management. Through automatic, accurate and efficient accounting and financial reporting, firms can run cost-effective operations.
For example, with Sage Intacct accounts receivable software, you can send and process invoices, access the general ledger, automate and inspect payment options and improve collection processes. Or, you could stick to doing everything yourself and get bogged down by inaccuracies and timely collection of debts. Remember, your time is the only variable in the business world you can control – accounts receivable software can help you make the most of it.
Accounts receivable software also:
- Facilitates and improves the remote working experience
- Allows for a more intimate connection with clients via email
- Provides a functional round-the-clock payment channel
- Grants business owners and managers remote access to financial reports
Businesses rely greatly on cash flow, which is hinged on customers’ speedy payment for services rendered. Below is a rundown of the best ways to take full advantage of accounts receivable software to grow your business.
5 Strategies to Optimize Your Accounts Receivable Software For Faster Payments
It is one thing to have accounts receivable software, but it is a totally different ball game to understand how to make the most of it to get paid faster. If you do not build a business operations channel that integrates seamlessly with the software, your business will not see any significant growth.
1. Support Different Payment Options
One of the clear signs that a company is willing to serve its customers is by supporting several payment options. It’s important to understand that not everyone can pay in cash or via bank transfers. Some prefer using less traditional fintech solutions. If you offer different payment options, clients will find it easier to pay you as they will not need to move money around before sending you payment.
2. Write Your Invoice in Simple Terms
Your invoice must be free of technical jargon and easy to understand regardless of the industry you are dealing with. Remember, not everyone has the same level of industry knowledge as you. Invoices written in crystal-clear terms ensure that your clients understand your charges, which is vital to a positive customer-proprietor relationship.
3. Ensure Your Business Operations are Straightforward
Tinker with your business processes and make necessary adjustments to eliminate every factor that could make doing business with you stressful. An inefficient operations framework impedes clients from paying on time, and you may lose contracts as a result.
4. Ask For Upfront Payment
If you have a reputable track record of delivering on your promises, it shouldn’t be hard asking for upfront payment – which can be in full or a percentage of the entire fee. Adopting this upfront service payment approach helps you save time that you might have previously spent reaching out to customers.
5. Incentivize Early Payment
If you can’t adopt upfront payments, you should create a reward system for early payers. Incentives can be discounts, gifts and extra service benefits, or a “customer of the month” plaque.
Sage Intacct’s Accounts Receivable Software Expedites Payment
The Sage Intacct accounts receivable software has features that ensure you receive payments from your clients by creating a clear communication channel between you and your customers. This makes sending and receiving invoices swifter and automates the cash application process. It provides you with a more timely and accurate accounts management service.
Sage Intacct Automates Outreach
Depending on how many customers you have, it can be tiring to try to reply to each one of their emails and calls. Sage Intacct’s software is designed to automate your sending inquiry and collection emails. All you need to do is draft a template and select the parties who will receive the collection email. This way, you can send your customers reminder emails in no time and devote the time you save to growing your business.
Effective Invoice Generation and Distribution
With Sage Intacct, your business can fully utilize self-service options by making invoice generations and distribution less of a burden. Money is saved on employing an extra pair of hands that would have been needed to manually generate invoices and follow through on the payment.
Automated Cash Flow Management
Because Sage Intacct handles everything sales, from invoicing to payments, clients can do business with you in record timing because there is a smooth flow of transactions. Clients pay faster when business dealings are effortless and straightforward.
Reduce the Amount of Paperwork
Manual operations can generate a lot of paper, and it can be frustrating trying to sift through them. Cash payments can be easily managed and traced with Sage Intacct software as your accounts receivable bookkeeping tool. This saves you money on the amount of time, resources and physical materials needed to trace a single transaction — especially for big businesses.
Connect With Intuitive Business Concepts To Get Paid Faster
Healthy cash flow management is vital to any company looking to scale because it is critical to planning for the future. Businesses must create a competent account receivable management system. Intuitive Business Concepts will tap into its wealth of experience in helping businesses manage their cash flow effectively by integrating the Sage Intacct accounts receivable software into your operations framework. Contact us to get more info on how you can optimize your cash flow management system, or you can request a demo to learn more today.
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS , LMS , and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215.