When you are managing a business, your accounts payable are very important. You need help setting up invoices, taking payments, and crediting each customer account. Plus, you do not have time to do all these things on your own. Even if you hire a full-time staff to handle accounts payable, they may make errors during the day because they are inundated with paperwork. Use the tips below to ensure that your business is managing its accounts properly.
Find A Quality Accounts Payable Program
NetSuite accounts payable software does everything for you. The software can create invoices, take payments, send payment information to the account program, and send reminders to customers. You can print reports based on the information in the accounts payable program, and the program automates many things you do not have time to do.
Use Software To Create Invoices
You do not want to send the wrong quote to your customers, and you do not want to send the wrong documents to your customers. The accounts payable program you use that runs through NetSuite will create custom invoices, automatically fill out each invoice, and send that invoice to the email address you have chosen.
It only takes a moment to create each invoice, and a copy of the invoice is saved in the system. You can review your invoices at any time, or you can send a copy of the invoice to customers who have lost them. Plus, you may need an extra copy of the invoice when customers claim they never received it.
The program creates a log that shows when invoices were created and when they were sent.
Reminders And Payments
Customers will receive payment reminders through the system that are sent via phone, email, and text. Your customers may choose a particular method of contact, or they might ask for several reminders to make sure they do not forget. You can add extra information to each reminder, and you can automate each reminder.
Send alerts to your customers when the bills are 30 days, 60 days, and 90 days past due. You will get an alert when the payment is made, and the payment information is automatically sent to your accounting program. When the ledger is filled out in realtime, you can review each payment. Plus, you can see how the payments you get each day are changing your company’s finances. This is especially important if you are waiting for a big payment for one of your best clients.
The Payment Portal
The secure online portal that is created for each customer allows them to click on a link, fill out their payment information, and make the payment. The payment portal expedites the process for everyone, and your customers can even make their payments on a mobile device. There is no need to write checks or send payments through the mail. Ensure that you can accept electronic checks, bank transfers, and credit card payments.
Use Your Software To Review Invoices And Payments
It is hard to review papers that have filled up your desk. Many business owners or managers get so busy that they will never review these documents. However, you can go into the accounts payable program to review each invoice, check on payments made, and send extra reminders.
You can create reports using your accounts payable program, and these reports can be sent to everyone in your accounts payable department. You will see who has made a payment, who needs extra reminders, and who has set up a payment arrangement. Plus, you can use these reports to determine who is going to collections. You can write up a report that shows how much cash-flow you have every month, and you can use that report to determine how successful collections have been.
Conclusion
Managing your accounts payable division is easier than you think if you are using automated software. The program you use should align with your accounting program, and information should be automatically transferred from one program to another. Your employees can send automated alerts to each customer, and customers can make payments online using the payment portal. You can collect more money every month, and your customers are less likely to forget about their payments.
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