Receivable refers to the unsettled transaction or debt, which are owned to the business by the customers. Basically, it represents the amount your customers have not paid for the stock that has been delivered. It is acceptable to some extent, but to maintain a proper cash flow of the business (especially inventory) with the vendors, timely settlement of the receivables is crucial. The faster it is the easier inventory management will be.
Businesses cannot control the clients with it, but some in-house methods can fasten the things appreciably. This is where QuickBooks, the most renowned business accounting software, can help. It offers a number of features that businesses can use to simplify the receivables tasks. These are the ways in which QuickBooks makes receivables smoother and faster:
- Track Pending Receivables: QuickBooks offers a very reliable track of the receivables and lists the pending ones. Being aware of the current status lets the business deal with the customers according and helps with the planning of the steps to get the operations executed without any hassles.
- Remind Customers for the Due Payment: QuickBooks can be updated with the contact details of the customers and set to send the reminders to let them know about their pending payments. This reduces the burden of following up every customer personally to get them make payments faster.
- Accept Payment in Various Forms: Reminding customers would hardly help with the faster receivable operations if the customers are not able to make payments via cards and other electronic mediums. QuickBooks will not let anyone down with it as it supports the cash, card, e-check, and many other forms of payment.
- Instant Updates of the Transactions: After the payment has been made by the customer, QuickBooks will update the user instantly, so that the requisite procedures at the business-end can be processed without any delay. For smoother business operations, it plays an important role.
- Generate and Send Statements: QuickBooks can maintain a track of each customer and thus, it can generate their transaction statements easily. Most of other business accounting software can do the same, but what makes QuickBooks a standout is its ability to send these statements to the customers via email automatically.
Accounting operations have to remain in sync with a number of things – that could be customers, vendors, employees, etc. and QuickBooks has made its name in the market by offering simplified ways to do all that. For the businesses that have more inventory-specified operations and payment from the customer-end is not instant, the feature that QuickBooks offers are indispensable. It can greatly reduce the manpower requirements for the business. At the same, since it automates most of the tasks, it also reduces the chances of error.