In an ideal world, you wouldn’t need to run after your customers to collect the payments that you need to maintain business’ cash flow. In the practical world, you have to rely on accounts receivable software to do so. These systems support you by providing all the relevant information and reports needed for the task.
What Should You look in Accounts Receivable Software
At the time of updating your system or implementing an accounts receivable automation software for the first time, you should look for a tool that will assist you in the:
- Management of various types of transactions; invoices, credits, or payments
- Efficient capturing and processing of large volume of transactions with as little as possible manual work
- Pairing of invoices, credits, & payments with the quotes and sales orders
- Defining of rules & exceptions for the processing of accounts receivable
- Approval of all types of accounts receivable transactions
- Processing of data to prepare reports & analytic regarding business’ invoices or payments, credits offered, or past transactions
Improve Business’ Cash Flow
The online accounts receivable software Australia essentially helps you in bringing automation and efficiency to customer invoicing and payments process. It brings discipline to the financial transactions between your company and its clients and makes them more manageable.
Save time, Efforts, Reduce Manual Work
The best accounts receivable software improves the efficiency and effectiveness of your accountants. It allows them to process a high volume of customer invoices. It, naturally, saves time and efforts they have to expend in collecting payments from clients.
Prepare Financial Statements & Reports Easily
Automation of accounting process leads to the accuracy of invoicing and payment process. Implementation of the software reduces the data entry and the human errors associated with it.
Data, once entered in the system, remains in the database and can be used to prepare financial statements and various reports. This information proves of immense importance in the preparation of annual financial reporting of your company.
Brand Your Small Business
Moreover, you can use online accounts software to improve the brand image of your business by preparing customised invoices. The feature is highly useful to the newly registered or small businesses having a limited marketing budget.
Business software like One Accounting software comes with professionally designed invoice templates. It also allows you to customise these templates by adding your business info to them. You can add your company’s Name, Address, Logo, Email address, Contact number, or Permanent registration number to invoices.
Nowadays, it is common to find small businesses having overseas clients. If you own such a business, you have to invest in an online accounts receivable software Australia that can offer you multi-currency support.
This accounting software gives you the option of choosing between Multi-currency or Single currency transaction mode. You can choose your Base currency and see the values of transactions in the currency you are most comfortable with. You can also set daily, monthly, or yearly currency exchange rate.
How Accounts Receivable Software Australia Makes It Difference for You
A business having healthy cash flow builds confidence and attracts investors. One Accounting software can assist you with it.
- You can access One Accounting software 24X7 from anywhere and at any time.
- In practice, you can use the latest business data like stock position and balance to make your decisions and commitments to clients or suppliers.
- You can instantly prepare and email invoices for the products sold or services rendered while you are still on your clients’ premises.
- It is faster than relying on the snail-mail to do the task.
- The system also gives you an opportunity to automate recurring transactions and save time and efforts.
- It provides an ageing report for tracking business’ receivables.
Key Features of Best Accounts Receivable Automation Software
If you are thinking of investing in advanced accounts payable software for small business in Australia, you should look for features listed below.
- Easy migration of data
- Create unlimited companies
- Multi-Currency transactions
- Exchange accounts for tracking currency
- Multi-User/ Role
- Prepare customised GST invoices
- Auto invoicing & mailing
- Automated recurring transactions
- 24X7 access to financial data
- Account reconciliation
- Live charts through dashboard
- Chart for Cash in/out
- Chart for invoices owed to & bills owed by the company
- Audit trail
- Budget analytic
- GST or corporate income tax
- Inventory management
- Prepare financial statements & reports
- Auto-save records and session data
Not all of the business owners are lucky enough to have customers who pay in cash. Most of the businesses sell their products or services to their customers on credit. They have to keep track of these transactions so as not to lose money. It is where accounts receivable software comes useful to them.