As seen with most of the business owners, they get so much indulged in various other activities that it is unable for them to learn about keeping their finances on the right track. No matter how much time you invest cash planning, organizing books, staying in touch with your customers, or tracking every update of your payments, the absence of receivable management software will not sit you in the control at all.
Let’s assume that you haven’t received the payment who missed the due date and now is on a long trip with his family. And during the same period, another customer has forgotten to acknowledge your invoice or lost it somewhere in a pile of mail. Your business can’t afford such delays and you have to come with an idea which can remove these errors created by the paper-based system since paper can get mixed up in huge piles on the desk, mail can get delay due to various reasons before it reaches its receiver, banks can shut their door during several holidays or weekends, and deposits demands some time before the clearance.
The chances are the probability of something going wrong from the moment you have sent the invoice to the customer, him approving the payment and finally the respective payment reaches its respective bank account. To get rid of this problem you can set up a system where the whole long procedure can be done online and with efficiency. There are various account receivable software free download options available for you to upgrade your system in alleviating the uncertainty of errors the in paper-based process. Using such a system provides your organization with the opportunity of digital transactions once you integrate them with such software. Once the payment is done by your customer with few buttons clicks, the automated system will sync it up with your books.
This quick process will enable you to handle your transactions smoothly and you can save a lot of time for yourself which was previously being invested in deposits, funds, and maintaining piles of a paper trail.
Let’s talk about these tools and how you can benefit from them by setting it with your payment system:
1. GET STARTED WITH YOUR ACCOUNTING SOFTWARE
To receive the payments quickly and without error, you need accounting software that equally keeps up with this pace. You might be using the paper-based system previously to manage all you book via spreadsheets, but the time has come to change to it. Free accounting software will bring a fresh change to your accounting system. You can choose amongst the various available software which fully integrates and flexible enough to handle the type of data and payment process you deal with. This will soon be proving themselves worthy and their efficiency will bring a boost to your business’s financial operations. Make sure the software you are choosing can provide its benefits in finance for many years to come and can be changed with ease when the upgraded technology and your business demands.
2. DON’T OVERLOOK THE ONLINE PAYMENT OPTION
Your business should be prepared for receiving the payments from more than one mode in online transactions such as direct payments or time-time online transfer between various bank accounts. The process of receiving the payment remains the same just like receiving a cheque but the only exception came into play is the elimination of the paper use by making the process automated and creating data of all the digital accounts which keep increasing along the way. Free collection database software keeps the data record of all the online payments done between the bank accounts in an automated manner by setting up all the required information of customers and providing them the bill on a regular period with a predefined interval set throughout the contract term. Sometimes your customer ought to track a detailed accounting system before sending you a cheque. Let’s assume that there is a planned conference for your clients on behalf of your company while you are running an events business, your customer while paying you, might look up for getting approval from the head of the department, finance team supervisor, and possibly an executive before doing the instant payment via mobile payment option.
3. SELECTING THE BEST SOFTWARE
No matter what your business’s worth or scale is, you should choose to have more than one payment-processing options with yourselves after evaluating everything from the transaction fees to the time taken in the processing, user friendly and how compatible it is for the client. Amongst various free collection software, QuickBooks payment has always been a great choice especially with the new start-ups or businesses and for the regular user as well who are familiar with its portfolio products. This platform enables you to handle everything from your books which includes sending, receiving, and accepting payments from the customer through a mobile device.