Among the essential operations a business owner handles—from employee management, to future planning that supports the direction of the company—finances and cash flow remain paramount. Unfortunately, this doesn’t always mean that the collections process goes as smoothly as it should. In fact, with manual functions and long processing times, about one-third of business owners say they wait more than 30 days for payments from customers. This is more than a mere inconvenience when half of all small businesses hold a cash buffer of less than one month.
The good news is that with the right technology, businesses can make their collections process much more efficient, ensuring timely access to the cash they need. In this blog, we’ll explore a few simple ways to make cash flow seamless.
Keep It Automated
One of the best and easiest ways to make collections more efficient is to automate the process wherever possible. This shaves valuable time off of manually billing, and tracking invoices, and following up with customers to request payments which can save hundreds of hours for business owners to focus on more pressing matters.
Harnessing the convenience of automated software solutions also makes the payment process easier for clients. Store, access, and set up billing details for faster payment processing and to avoid the work involved in tracking down customers to collect outstanding payments.
In addition, automated systems allow for efficient tracking of outstanding receivables and promoting stronger organization. Match invoices to payments received in seconds, and immediately see which clients still need to submit payments.
When collections are handled manually, valuable time is lost that could be spent in ways that contribute to a business’s success. Using an automated software system for billing and payments makes the process much more efficient, and saves time in the long run.
Centralize & Streamline
Efficient collections are one part of an entire financial processing ecosystem. Another way to keep the collections process efficient is by streamlining additional essential functions, preferably with an all-in-one software. Keeping track of core financials in one centralized location simplifies finance for businesses to provide complete visibility. A few areas of functionality to look for in a high-quality software include:
- Invoicing
- Payments Processing or Initiation
- Accounts payable
- Accounts receivable
- Cash flow analysis and management
- Purchasing
- Order management
Centralizing and streamlining billing and collections with the rest of the business functions also ensures that business owners have complete visibility of the operations as a whole. With one accessible platform, it’s fast and easy to check on outstanding payments, analyze cash flow to gauge a business’s financial standing, and create a new purchase order for more equipment.
Simply: using one software for all financial duties saves time, improves organization, and enhances transparency and visibility.
An efficient process can make all the difference between peace of mind with a steady supply of cash, and feeling scrambled and disorganized. Effortlessly track important documents, invoices, and payments using one convenient program. Contact Proseer today to get started.
