Accounts receivable software is a tool that businesses can use to manage and keep track of their accounts receivable. By automating invoicing, payment, and collection processes, this software can save businesses time and effort.
Additionally, accounts receivable software can provide valuable insights into a company’s financial data, such as identifying top-performing customers and identifying overdue invoices.
Peakflo offers an accounts receivable system software specifically designed for small businesses. This software enables businesses to quickly generate and send invoices, set credit terms, and manage collections more effectively.
By using this software, businesses can improve their liquidity, reduce the time it takes to convert credit to cash and seize new investment opportunities.
Furthermore, finance teams can access real-time information about all aspects of the accounts receivable process, both at the individual and company-wide levels. This enables them to monitor and manage their finances more effectively.
Let’s find out the advantages of accounts receivable automation software for your business.
Defining Receivables and Cash Flows
To measure business cash flow, every business must keep track of all its receivables and payables. This will give the business an idea of how much money is coming in and going out and will help them to better manage their finances.
By monitoring cash flow, businesses can ensure that they have enough money on hand to meet their obligations, and can avoid running into financial difficulty.
The accounts receivables make up “Cash In”, while the accounts payable are part of “Cash Out”. Customer accounts receivables are incurred when a customer purchases goods or services on credit. Accounts payable are incurred when a company purchases goods or services on credit.
If the supplier is a business, it already has cash flow considerations and decides how long it will take to receive offline or online payment from the customer. These short-term credits are known as current assets on your balance sheet. They have an inverse effect on cash flows and accounts payable.
The business, for example, has sold $100,000 in 50% credit and half the cash, receivable, within a few months of its sale. The $50,000 in cash sales would be recorded directly as sales over there and is a cash flow to the business.
Cash inflow for the business will include $50,000 of the rest. Cash inflow to the business will only be incurred if the amount is received in the next year.
The Benefits of Peakflo Accounts Receivable Software
Peakflo’s accounts receivable and payable automation software provides a host of benefits to businesses.
By automating key financial processes like payment processing, invoicing, and reporting, this software can help businesses manage their finances more effectively, save time and money on administrative and accounting functions, and improve their cash flow.
Here are other benefits your business can reap from accounts receivable automation software:
One of the biggest benefits of using accounts receivable software is automating your accounts receivable processes and simplifying your life. Automated posting of order transactions to general or AR ledgers with precise tax calculations for each invoice allows for fast, accurate, and precise tax filing.
This accounts receivable management software can save businesses a lot of time and money by ensuring that taxes are correctly calculated and processed promptly. The software can also help businesses keep track of their G&A expenses and income so that they can make informed decisions about their finances.
Peakflo automates manual accounts receivables processes, empowering finance teams to leverage digital invoicing and accelerate collections.
By automating these processes, Peakflo enables finance teams to focus on other strategic tasks, such as working with customers on payment plans or improving internal controls. In addition, automating receivables can help reduce accounting and administrative costs.
Manual tracking of accounts receivable can be error-prone, leading to missed payments, incorrect invoices, and other issues. With accounts receivable software, businesses can automate many of these processes, reducing the risk of errors and ensuring that invoices are accurate and payments are processed correctly.
Achieve Peak Cash Flows
Cash flow is crucial for any business. Accounts receivable software can help businesses achieve peak cash flows by automating payment reminders and streamlining the payment process, businesses can accelerate payment times and reduce the time it takes to receive payments from customers.
Using accounts receivable software can also help businesses reduce costs. By automating many of the processes involved in managing accounts receivable, businesses can save time and reduce the need for manual labor. This can lead to lower labor costs and higher productivity, as well as a reduction in costly errors.
Find out how much your business can save by automating end-to-end finance operations.
Enhance User Experience
Accounts receivable software can also enhance the user experience. By providing customers with automated payment reminders and real-time updates on invoice status, businesses can improve communication and build stronger relationships with their customers. This can lead to increased customer satisfaction and loyalty.
Accounts receivable software can help businesses improve compliance by automating compliance-related tasks, such as tracking payments and managing credit terms. This ensures that businesses are following all applicable regulations and guidelines. This can help businesses avoid costly penalties and legal issues.
Serve Actionable Reporting
Accounts receivable software provides robust reporting capabilities that allow businesses to track and monitor their financial operations in real time.
For instance, Peakflo provides the insight you need with configurable dashboards, reports, and KPIs to track cash flow management, automate quote-to-order fulfillment, and integrate planning and budgeting. This enables businesses to make data-driven decisions and identify potential issues before they become major problems.
Our accounts receivable software provides real-time customer aging, invoice analysis, and recurring invoice calculations. There are also exceptional reports that can flag any account anomalies. This makes it easy to keep track of your finances and ensure your business is running smoothly.
Facilitate the Highest Security Standards
Accounts receivable software provides robust data security features that protect sensitive financial information from unauthorized access, ensuring the confidentiality and integrity of financial data.
Integrate Without Disrupting the Existing System
Peakflo is more than just an accounting solution. It’s a complete business management software that offers a wide range of features, including integration with ERP systems. With Peakflo, businesses can manage their entire financial operations and more, all in one place.
One of the key benefits of Peakflo is its integration capabilities. The software can integrate with other ERP systems, allowing businesses to streamline their financial processes even further. This integration enables businesses to sync financial data and automate many of the tedious tasks associated with managing financial data across multiple platforms.
Top Features of Peakflo’s Accounts Receivable Software
Our software for accounts receivable automates company credit management, cash application, payment processing, and invoicing. It gives finance leaders a better way of managing business cash flow and overall financial health.
The company’s size and goals for improving accounts receivable will determine the best accounting software. Here are some features you get:
Cash Flow Management
With Peakflo’s software, you can automate the account receivable process. This means you can save time on manual tasks, such as data entry and invoicing. The software can also help you keep track of payments and customers’ credit balances.
Automate invoicing and payments by consolidating them with one vendor. This will simplify your sales, billing, and payment processes, and make it easier to keep track of your finances.
This will reduce friction and increase your cash flow in your business. By reducing the amount of time and effort required to manage your finances, you’ll be able to focus more on generating revenue and growing your business more quickly.
In addition, having a healthy cash flow will give you the flexibility to make investments and take advantage of opportunities as they arise.
Digital B2B Payments
Accepting payments from customers is an essential part of running any business. However, managing payment processing and invoicing can be a time-consuming and complex task.
This is where Peakflo’s payment portals come in. Our payment processing channel enables businesses to accept from all major channels, including ACH payments, credit card or online payments, wire transfers, and EFTs.
As a result, businesses can keep track of their finances and avoid any potential missed or late payments. This can help improve cash flow and ensure that businesses have the funds they need to operate and grow.
Automated Credit Requests
Automated credit applications can help you move customers through the application process faster. By automating the process, you can eliminate manual data entry and reduce the chances of errors. This can help you get approvals faster and keep your customers happy.
Automation software also collects third-party information and helps you make quicker decisions. This is because they have access to a wider range of data than you do, and they can use this to process information more quickly.
Invoice Generation Distribution
Invoicing is a critical aspect of any business operation, but it can be a time-consuming and labor-intensive task. That’s where electronic invoicing comes in.
Electronic invoicing, or e-invoicing, is a technology that allows businesses to create, send, and receive invoices digitally. By using e-invoicing, businesses can streamline their invoicing workflows, reduce the time and labor involved in manually entering invoice data, and improve cash flow by getting paid faster.
One of the most significant advantages of e-invoicing is that it can integrate with the most popular AP portals through APIs. This makes it easy for businesses to quickly deliver invoices and receive payments, helping to streamline accounting processes and get paid faster. The integration of accounts receivable software with e-invoicing portals can help businesses to eliminate the need for manual entry of data and reduce errors.
Moreover, customers can view and pay invoices 24 hours a day via self-service billing or payment portals. This allows customers to pay their bills at their convenience, helping businesses get paid faster.
Automated Cash Application
Intelligent cash applications software can provide market-leading match rates even for missing or decoupled money by automating the process. This means businesses can receive their payments more quickly and with less hassle, improving their cash flow and bottom line.
Automated Collection Follow-ups
It’s true that relying solely on email reminders may not be the most efficient way to collect payments from customers.
That’s why Peakflo offers multi-channel reminders, including SMS and WhatsApp, based on an escalation matrix that supports an efficient collection strategy.
With Peakflo’s accounts receivable software, businesses can set up templates and reminders that are tailored to each customer’s payment history and behavior.
For example, the software can send a friendly reminder email to a customer who is only a few days past due, followed by a more urgent SMS or WhatsApp message if the payment remains outstanding after a certain period.
By using multiple channels and a strategic escalation matrix, businesses can improve their collection rates and reduce the risk of payment delays. This approach ensures that customers receive timely reminders and can choose to pay using the method that works best for them, whether it’s through email, SMS, or WhatsApp.
Peakflo’s accounts receivable software provides instant reconciliation, enabling businesses to reconcile their financial data quickly and accurately. One of the key factors that contribute to this is the integration of the software with ERP systems.
Peakflo’s integration capabilities allow businesses to sync financial data across multiple platforms, eliminating the need for manual data entry and reducing the risk of errors. This integration makes it easy for businesses to reconcile their financial data in real-time, ensuring that their books are always up to date and accurate.
One of the features that enables instant reconciliation in Peakflo’s accounts receivable software is the use of static and dynamic virtual accounts (VA). Static VA allows businesses to create a unique virtual account for each customer, making it easy to track payments and transactions. Dynamic VA takes this a step further, automatically generating unique virtual accounts for each transaction, providing even greater accuracy and flexibility.
Another important feature of Peakflo’s accounts receivable software is accurate, real-time, and automatic data matching. The software can match invoices, transactions, credit notes, and payments automatically, ensuring that all financial data is reconciled accurately and in real-time. This feature saves businesses time and effort by eliminating the need for manual reconciliation and reducing the risk of errors.
Do You Want to Automate the Receivables Process?
Automating your invoicing process can help you free up time and make it easier to handle larger volumes of complex invoices.
By automating your process, you can avoid the need to manually create and send invoices, which can save you a significant amount of time. In addition, automating your process can help you manage large volumes of invoices more efficiently, as you will no longer need to manually keep track of each invoice.
It is important to carefully evaluate the options and choose the right partner. There are many factors to consider, such as compatibility, interests, and goals. Taking the time to find the right partner can lead to a more fulfilling and lasting relationship.
There are many automated accounts receivable software solutions available, but they can often be difficult to set up and configure. A managed service solution like Peakflo can be a great alternative, as it offers all the same benefits without the need for complex setup or configuration.
This allows you to focus on your account receivable process and outsources the technical complexity. This arrangement is often used by businesses that have a lot of invoices to process, but lack the in-house resources to do so efficiently.
By outsourcing the account receivable function, businesses can free up time and resources to focus on other areas of their business.
Using one of the best accounts receivable software like Peakflo, you can save yourself a lot of time each month. You won’t have to worry about uploading files manually to your customers’ AP portals, or managing paper and electronic invoices separately.
With Peakflo, everything can be done through one process, making your life a lot easier. It is also an easy-to-use software that can be used by anyone with a basic understanding of computers.
Automated invoices can also improve the accuracy and timeliness of delivery information. You can eliminate the risk of production errors and copy-paste by pulling data directly from your ERP software. This way, you can be sure that your invoices are always accurate, and that delivery information is delivered promptly.
Automate AR with Peakflo
Peakflo’s automated system for account receivable processes should be reliable and solve all basic AR problems. Features it includes:
- Smart Payment retries to manage payment failures or delinquencies
- Providing flexible payment terms to your customers is a great way to retain them
- Increase your customer base through easy coupon creation and usage tracking
- A/R dashboards-Use this tool to measure the KPIs that are important, such as AR aging, collections made by dunning efforts, and Days Sales Outstanding (DSO).
A comprehensive subscription management and billing solution can give you the ability to not only manage your subscriptions, but also bill your customers automatically. This can save you time and money, as well as provide a higher level of customer service.
Peakflo’s recurring billing, payments, and revenue recognition automate the entire process so you can focus on what matters. This solution is designed to streamline your business operations and improve your bottom line. With Peakflo, you’ll have everything you need to manage your recurring billing, payments, and revenue recognition all in one place.