Managing multiple client accounts in an organization is a complicated and time-consuming task. The intricacies involving the payment cycles is laborious and complex. Cloud accounting software is a modern day technology that can work wonders in this regard. Irrespective of the size of the business organization, it minimizes the accounting woes, gives a better picture of the finances, and also allows collaboration, flexibility, and accuracy that speed up the whole process of accounting thereby facilitating optimal payment cycles.
Working in Collaboration
Cloud accounting gives room to collaboration which works as a catalyst to the system. Different access profiles can be created for the team members based on their individual needs. The staff and accountant will have access to view the same data in real-time. This fuels the decision-making process and results in accurate and prompt pay cycles.
Accessing the Invoices
Cloud accounting enables easy access to invoices and allows verifying and sending automated invoices on a periodic basis. The automated processing ensures stronger compliance with procedural, contractual, legal, and VAT/tax intricacies. When an enquiry is fed into the system, it automatically generates accurate invoices based on a pre-decided/ set template and the sales personnel can immediately send the invoice from the system without the hassles of creating an individual invoice, mailing or follow-ups which leave the sales team with a lot of time to focus on their target. By processing the invoices on the cloud, the organization is freed from the costs of a server, software and hardware maintenance, and the staff is spared from the tedious job of right invoicing practices.
Tracking the Payments
With the modern-day options of multiple-payment interfaces and structures, it could be a Herculean task to keep a tab on all the payment sources. The software computes all the accounting and payment details of each and every customer. It also integrates various payment getaways for the convenience of the customer making the whole process extremely simple and error-free, speeding up the payment cycles. The system will send an automated payment management system to follow up emails to the clients on a regular basis.
Tackling Pending Payments
The software sends automated instant E-mail or SMS reports to default customers and also to intimate pending payments to each and every customer. A crediting period for the payment can be set in the system, and an alarm goes off if the payment is not done before the stipulated period. Once payment is received, the system updates the payment status on a real-time basis.
Automated Payment Updates
The cloud accounting software gives automated updates about fresh client payments, purchases and completed transactions which enable to accelerate the business processes by improving the speed and accuracy of the customer service.
Boosting customer relations
Accessing the data provides an overview of the customer profile in terms of previous transactions, purchase history and payment defaults. This helps in building a good client-customer relationship and also securing timely payments.
Correct billing practices could be tedious and time-consuming while handling many clients with variable pricing system. The cloud computing software uses varying price charts and arrives at the contract price for each customer. It also enables to instantly calculate and present the best pricing point for each customer package.
Payment Reports and Analytics
The cloud integration updates all the client transaction automatically to a cloud database and helps in managing the payment updates for the client accounts with ease which could be used to generate diverse payment reports and analytics.
Generating Comprehensive Reports
The cloud stores and retrieves every invoice generated and transaction completed in its database which can be used to generate comprehensive reports for a given time period. The report allows in predicting future revenues.
Reviewing Monetary Flow Status
The payment collection management software enables to be always informed about the monetary flow, giving an idea about the current monetary status of the businesses which can help in developing an optimal business and marketing strategy.
Gone are the days of keeping manual backups of files, dealing with the insecurity of a computer crash, managing invoices, tackling intricate billing and payments manually. With the new age cloud-based accounting, the data is safe and secure ensuring quick error-free accounting process resulting in optimal payment cycles.