Invoice Payments — A Cornerstone of Your Business
An invoice payment is a scheduled payment committed to a party for the goods and services provided. Therefore, it is a detailed document that outlines all the capital owed to the service provider. So, having a robust invoice payment system is necessary to run a business smoothly. All of your working capital is dependent upon the frequency of the invoice payments against the invoices generated. As you have good cash flow, you have greater chances of expanding your business into newer domains.
Tips for Faster Collection of Invoices
On-time collection of business invoices is necessary because it will ensure that your business will never face a cash crunch. So, here are some of the practices you can follow to get payments from your debtors on-time:
- Anticipate the delay for your invoices: When you are defining the deadlines for the invoices, ensure that you must account for the delay by the debtors. Therefore, you will not be caught by surprise if the payment gets delayed.
- Invoice terms: Always make sure to have strict invoice terms and conditions that will result in lesser defaults by your debtors. Furthermore, it will ensure that your debtors do not delay the invoice payments.
- Incentives for the earlier payments: Offer incentives to your debtor to lure them into paying their invoices before the due date. It will entice the users to repay the debt at the earliest.
These are some of the methods that can help you to get back your capital from your debtors without delay.
How to Get Faster Invoice Payments with CredFlow
Due to the rise of the Indian fintech sector — platforms such as CredFlow will help you to get your invoice payments up to 30 percent faster from your debtors. It will sync with your Tally to get robust insights about your business. Moreover, it will give you a complete overview of your debtors along with their ageing history. Here is the process to automate payment reminders via CredFlow:
- When you click on the collect tab, you will get all the information about your debtors.
- Click on the plus icon and select send automatic send payment reminders.
- Select the mode of communication via IVR, Whatsapp, or SMS
- Select the frequency of reminders either based on the number of days or the number of messages.
- Choose all the ledgers option to send bulk payment reminder messages to all the debtors.
This process will make your business easier and help you optimize your cash flow to grow your business. Along with that, it will help you to free up the bandwidth of the people in your organization by automating repetitive tasks — so you can only focus on growing your business.
Conclusion
Solutions like CredFlow will help you to revolutionize your business by giving you robust insights about your business by syncing with Tally. It has many features and advantages of Tally ERP 9 are numerous for business owners. Though at CredFlow, we will comprehend the information and present it as business analytics for easier understanding for all the stakeholders.
