Outstanding Management matters most to your Businesses
if your customer owes you a hundred thousand ‘they have a problem, but if they owe you a million then ‘it’s your problem’
The longer an invoice sits as Accounts Receivable, could lead to cash flow issues and at some point in time it may turn into bad debt
Automated Outstanding Management is equal to wealth creation
- Ease of Managing accurate receivables as well as frequency of your payments
- Help in reducing the order to cash cycle – Faster realisation of your sale into Cash
- Provides much needed cash inflow for your business which is very important for growth and expansion
- Identify the receivables which are crossed the due date and assists in follow-up with the customers
- Set-up internal controls to manage the credit – Alert System to manage better
Challenges Today
- Difficulty in tracking and matching invoices to receipts and advances received
- Difficulty in managing and tracking Managing Credit Days/Due dates
- Reading through the outstanding statement is challenging if the reports are not simple to understand
- Non availability of analytical reports on-time will hamper your timely decision making
- Though automation helps, unless it does not mimic the human chain of action and reduce the time taken for follow up and collection, you are always going have difficult time in managing the Outstandings
Tally’s simple and automated bill-by-bill Receivable and Payable management is the answer to overcome the challenges
Simplified Receivable and Payable Management in Tally.ERP 9
- Simple to track and match the Invoices to relevant receipt through an unique reference for each invoice and the party
- Easy to track the pending invoices and the one which is settled since each bill is tracked and matched with invoice
- Real Time status of receivables and ageing analysis on click of button at amazing speed increases the efficiency in managing the outstanding
- Easy to implement and manage with zero/ minimalistic assistance
Automated bill-by-bill Receivable and Payable management
- No Extra efforts to manage receivables and payables – Just record an invoice
- Instant insights on the bills which are over due, bill nearing the due date etc. is available on click of a button
- Know which bills are pending from long-time by click of a button
- Ageing analysis gives important analysis about bills which requires immediate follow-up
- Print/e-Mail reminder letters to follow-up with the customers and speed-up the collections
- Providing Credit limit as internal control will help the business in avoid overselling to a customer beyond the payable limit
- Safe guards you from potential risk of bad debts
- Alert system to assist the owner in knowing the over due bills during Invoicing and helps him to act accordingly
- Safe guards you from potential risk of bad debts
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Summary
Article Name
Secret 1 : Automate your Outstanding Management
Description
Secret 1 of 7 : Automate your Outstanding Management
Author
Orson Automation
Publisher Name
Orson Automation
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