Tight management of accounts receivables is very important for cash flow and profitability. Collections are a problem for many companies, but they doesn’t have to be. Today’s enterprise resource planning (ERP) software can help you regain control over receivables so that you can put your focus on running your business and not on chasing money.
Many accounting departments have file cabinets full of invoices, receipts, contract data, and customer and vendor data. Making sense of all that paperwork can be a real headache, causing both payables and receivables to get out of whack. What’s worse is that if receivables are poor, then you spend time chasing customers and attempting to make collections. This is not an easy task and it’s not a friendly one either. Moving this important data out of file cabinets and spreadsheets into an ERP software, like can save you a great deal of time and effort with this whole process.
Entering your financial data into Microsoft Dynamics GP will allow you to view un-posted, posted, and archived transactions. You can see customer data, period and annual sales, payment history, and other receivables data. To encourage regular, on-time payments, you can automate customer installment payments that will calculate interest, payment amounts, and update any changes with the payments. Giving this option to your customers will help them to pay you on time and will strengthen your relationship, in contrast to the repeated collection calls which can erode a business relationship. Microsoft Dynamics GP can also automate lockbox processing, insufficient fund tracking, and multi-currency situations.
. You can create and share any number of reports that will give you insight into receivables and other financial data. The ability to view real-time financial data will help you make faster, accurate business decisions.
Automating and streamlining the receivables process will give you more time to focus on other important financial issues. Sending out invoices and getting paid on time will improve your productivity, optimize cash flow, and reduce the costs associated with overhead and collecting old money. Stop the exhausting cycle of chasing receivables and talk to Rimrock about Microsoft Dynamics GP today.
By Rimrock Corporation,
