Thomas Kelly
4 August 2020
Accounts receivable software, which tracks customer invoices and payments, is the best software tool for almost all business owners. Whether you are the owner of small or large business enterprise, it is a must for you in this world of e-commerce.
Once you set up this software, it will allow you to retain a history of customer charges and payments, and the function to make notes regarding any specific transaction. With the help of the fast lookup functions of accounts receivable module the customers can then be looked up by name, customer number, phone number, or company name.
More on accounts receivable software
How it works: Accounts receivable software keeps track of the various sales tasks and maintains complete customer information, including 24-month sales history, current balance, highest balance, open credits, sales person, email address, bill-to and ship-to addresses, month and year-to-date totals, credit card information, statement distribution method and last payment. In this way it gives a synoptic view of the payment history of your customers.
Why accounts software: In today’s current economic condition accounts receivable software is more important than ever before. In order to stay in business, companies of all sizes must maintain a consistent cash flow. Accounts receivable software, by which various tasks can be tracked in real time, is an effective tool to manage the cash flow of a company.
Thus, accounts receivable software is your lifesaver and will help you stay on top of finances. Introducing the appropriate accounts receivable software will have a positive impact on your company’s cash flow. For instance, an accounts receivable tool will help reduce unnecessary debt while creating accurate and real time reports showing any delinquent accounts needing to be addressed. With this information in hands, you can take immediate action to correct the problem.
The features you should look for: Whenever you go to purchase accounts software be sure that it has the following features. Just like other Australian accounting software, your software, at first, should be able to give a detailed report on customers owe at least per month.
The accounts software should be able to update your ledger by adding new invoices and other charges. It should at the same time do the work of deducting customer payments received on outstanding invoices. To print customer statements at least monthly is another important feature your software should have.
The software should have the advanced reporting and statistical tracking capabilities. According to the given statistics you can determine if receivables are being managed effectively. Last but not least is the ability to import transaction records of electronic payments from customers and perform e-mail delivery of customer statements.
