Automate Account Receivables with the Best Accounting Software
Running a business can be hard, from product creation to marketing, sales and finally getting paid! Here are several ways to automate account receivables by utilizing recurring invoices, promotional pricing and payments through the best accounting software.
If you are a service company who offers services in exchange for monthly subscription payments, automating these payment collections can save you time and get you paid faster.
Here is a summary of what we are going to discuss
- Recurring Invoices and how to create them
- Auto Pay for recurring invoices
- Automated Reminders to collection payment
- Importance of a Payment and User Portal
Create & Automate Recurring Invoices with Best Accounting Software
The first step to any great accounting system for Software as a Service (SaaS) or subscription company is to have a robust recurring invoices option that allows you to create your services and keep track of it on a monthly basis. Within Utiliko, you’ve got exactly that, an option to create a one time invoice, let’s say for installation or deployment of your accounting software as well as a recurring invoice setup that allows you to get paid daily, weekly, monthly, quarterly or even yearly.
Within the recurring invoices, you select your start date, end date, your services and frequency to create the invoices for the client. Most systems leave the process here but an important part of recurring invoices is to enroll the client in Auto Pay so you can enjoy a fully autonomous collection system. Utiliko in this case will automatically create the invoices from the start date, if enrolled in auto pay, it will charge the client via ACH or Credit Card, email them a copy of the payment and post the approval code within Utiliko, without you ever lifting a finger. The funds are transferred to your account with Next Day Funding.
Auto Pay and Why It is a Life Saver
Having customers pay you late every month or having to chase after customers is a waste of time and your precious resources as a small business owner. Having an integrated accounting and payment solution is extremely important and allows you to create your recurring invoices and forget about it. The invoices will automatically get created, the payments are drafted from your clients’ accounts, deposited into yours and everyone is happy.
Having a separate accounting system and merchant services account makes it very difficult to spend your time on what matters, growing your business. Fortunately Utiliko was built from grounds up with the concept of recurring invoices and auto pay in mind in order to make life easier for the business owner.
Automated Reminders and Collection Emails
You will always have those customers who just insist in paying by check or credit card manually every month and no matter what, you are unable to convince them to enroll in auto pay. Utiliko has a solution for that as well. Once you setup a recurring invoices, if it is not enrolled in auto pay, the client automatically gets an email when their invoice is due and they can simply just click on PAY NOW from the email and make payments 24 x 7. If the customer does pay their invoices within the allotted due date, they will automatically get email reminders as follows to entice them to pay the invoice.
Friendly Reminder – this is the first reminder that goes out to your client reminding them that they have missed their due date of payment.
Second Reminder – this is the second reminder that is automatically emailed to your client informing them that their invoice is past due.
Collection Reminder – this is the last and final email that will automatically be emailed to your client notifying them that their services will be disconnected and account will be handed to a collection agency if payment is not made.
The above reminders have proven to be extremely helpful in ensuring that clients pay their invoices and keep your cash flow going.
Importance of a Payment and User Portal
Let’s face it, you are not able to work 24 x 7, so it just makes sense to give your customers the option to pay you whenever they want. Utiliko has a full client portal that allows your customers to login, view their projects, tickets and most importantly invoices and to make a payment. This allows you to get paid 24 x 7, even at 3 am.
Your customers also have the option to just simply make a payment without even logging in. Once the customer receives the email with their invoice link, they can simply click PAY NOW on the invoice and be directed to that invoice where they are easily make a payment for that specific invoice. Best of all, because of Utiliko’s full integration of accounting and merchant account services, everything updates real-time.
About Utiliko Accounting Software
Utiliko was created specifically with Software as a Service (Saas) and subscription model in mind. We set out to solve our very own problems in accounting and customer collection and payments. We reviewed every use case and designed the best accounting software to revolve around those problems by creating innovative and automated solutions.
Utiliko is more than just an accounting software, it also integrated your CRM, Support Ticketing System, Project Management, Human Resources (HR), Email and more. Sign up for a free trail account and focus on growing your business not chasing customers to get paid.