You might look up to free collection database software while sitting in your office chair and being appreciative about the cash flow due to the recent spike in your product or service sales and those might be projected receivable amounts seek the attention you have to clear and logical with your thinking by understanding the basic fact of all, which is that you can’t all those piled up bills of your company through the unpaid invoices lying over.
If your accounting department is not strong enough to handle the pressure work management related to the cash flow then there are high chances that your accounts receivable reports might just do the justice with all the problems you are facing with the cash flow and you might losing upon the required capital on hand to manage all the operating expenses. The AR reports tell you about the duration of all the invoices you’ve seen piling up where the collection of payment is still pending, but most importantly, it helps you in evaluating the financial stats of the customers connected to you and the company itself.
For many years, the large- or small-scale business was reluctant towards choosing accounts receivable management software has shown the same approach towards the pending reports. In this the accountants sit up and create manual reports based on the distinguishments such as their region, who the salesperson was and later bundling them in monthly, 2 months, 3 months and in some cases 4 months late from the due date.
1. THEIR OLD CONVENTIONAL APPROACH INCLUDES THE FOLLOWING STEPS:
- The employees of the organization would get a copy of the accounts receivable via downloading from their respective accounting software or ERP based solution. The downloaded files contained data is usually found to be in an unorganized manner with no sorting which later becomes a hefty task while handling and sharing it promptly.
- The date when reaches the accounting department, the staff who will further process it starts by personal sorting and analyzing all the core details and their information which often turns out to be a time-consuming affair.
- After the accounting staff is done with their analysis, they send the completed data accounting reports in the form of excel sheets, which is the most preferred way by them and there is no free collection software available for that.
This old-school approach towards the aging reported has cost them a lot of important time and drains on organizational resources almost a monthly basis. And the biggest drawback was the absence of real-time data from these reports which usually made them particularly useless. This is because of the potential situation which arises suddenly where several clients will pay with their outstanding invoices pay the due amount immediately after a few days or weeks the accountant went through the relevant account receivable aging data.
But there is a ray of hope amidst all: which we can thank upon the latest technology, organizations not choose to rely upon the real-time reports without facing the hassles of any manual report creation. The automation process is full of new features and various organizations started capitalizing on the real-time account receivable status while making the accounting department efficient. The staff can now handle more or different work by saving up a lot of time for them with the help of account receivable software free download.
2. CHOOSING THE ACCOUNT RECEIVABLE AUTOMATION SYSTEM HELPED THE ORGANIZATION IN SEVERAL WAYS:
- Time-Saving- Whether you accept or rather deny but the fact is almost every employee giving about 20 percent time from them of each week in searching the information. The automation process will make the whole process fluid where any staff member can create aging reports through a process that negates the chances of searching down the data manually. This will enhance their work efficiency, saves them up a lot of time, and increased productivity.
- Providing Excellent Reports- Automation system has proved that knowledge is power. This system has made it possible to generate real-time data and following reports which can be accessed and read by the user of it, from sales to the C-suite. Furthermore, it can be used in picturing out the financial situation of any company and providing accurate decision-making ability. There is quickbooks accounting software also available for the better approach.
- Accuracy with data management- No matter how much we tilt on the technology we as human beings tend to perform mistakes and that is fine thanks to the excellent free accounting software that negates the inaccurate financial data and we can rely upon the final reports.
- Fluid cash flow- Why to risk your cash-flow when you have the option of solving the problem or simply avoiding it in some cases. When you update your accounts department with an accounting automation process it enables your company to generate accurate AR aging reports within a few clicks on the computer screen.