Did you know that a company’s effectiveness can be quantified not in terms of the number of clients it has but how high is the accounts receivable ratio?
Businesses that have a slow or weak collection process, bad credit policies or customers not paying on time have low receivables turnover ratio and as such should reassess their credit policies and collection processes to ensure timely collection of cash for smooth operations.
With our new-age accounting software, you can now automate routine tasks giving your accountant relief from trying to find a new reason for that outstanding collection follow-up not done in time!
Now here’s what TEZ ERP® can do for you…
- Issue Sales Invoices that contain a link to your payment gateway, thus saving you follow-up time, should your client/customer decided to pay upon receiving the Invoice.
- Send automated alerts with proforma invoice and sales order. These alerts could also contain a link to your payment gateway, and if a customer uses this link to make a payment, invoice is automatically created and mailed to the customer, thus saving a lot of time and effort.
- Once payment is made, the system recognizes the transaction and automatically creates a corresponding receipt of invoice, a copy of which is directly sent to the client’s Inbox.
- If payment is not received within the stipulated time, automated reminders are sent to the customer, with payment links, simplifying the entire process of communication, follow-up, collection, and accounting.
The Receivable Management feature in our business management accounting software ensures that the customers pay their invoices and helps prevent overdue payment or non-payment. It results in better cash flow and higher available liquidity for use in investments or acquisitions, thus contributing to a company’s profit.
A sound Receivable Management system contributes to:
- Growth in Sales
- Increase in Profits
- Accurate Billing
- Establishing Credit Policies
- Maintaining Up-to-Date Records of Receivables
Features of TEZ ERP® in terms of Receivable Management:
- Streamlines tracking and invoicing and shorter payment cycles
- Provides aging statistics and key numbers to help companies make smarter decisions
- Maintenance of Accounts Receivable Ledger
- Accounts Receivables Aged Listing
- Automated Collections Communications
- Comprehensive Dashboards and Reporting
- Customer-wise payment cycle analysis
- Executive-wise payment cycle analysis
Now your staff will not face an unpleasant response for sending a receivable reminder. By merely automating payment reminders, you can get rid of having a calendar for reminders and let our software do the work for you. However, when aging is high, human intervention is inevitable.
TEZ ERP® has a well structured Credit Management system. To know more about our Credit Management CLICK HERE.