REDUCE PAYMENT DELAYS WITH AN EFFICIENT ACCOUNTING SOFTWARE

Accounting software cannot simply do everything for you. But it should help wherever possible. Adfinity is an accounting software that helps you track and process unpaid invoices.

In the current climate, effective accounting software is essential in order to generate relevant data. Any company needs it to develop and implement a strategic vision. This is exactly what Adfinity, the software developed by EASI, offers.

Typical Key Performance Indicators (KPIs) for companies are for example: profitability per team, profitability per product, productivity per employee, absenteeism,… Most modern accounting programs can display these kinds of KPIs quite easily.

It goes without saying that Adfinity offers all of this. But in addition to capturing and processing accounting data and generate reports, Adfinity uses accounting to generate additional savings. Further on they will elaborate on what exactly it is that they have developed.

Why organize the follow-up of unpaid debts?

The measures imposed in the wake of the current health crisis have reminded us, often in a rather cruel way, of the importance of cash flow. A company without cash is like a body without oxygen: it is dependent on a respirator and it has limited mobility. We believe that it is essential to add cash flow indicators to the KPIs mentioned above.

Several small streams add up to big rivers and every euro you don’t cash in is a missed opportunity. It is indeed true that if you run out of money, you have to borrow. Although rates are low these days, the cost of borrowing is not simply about paying interest. In addition, your borrowing capacity is limited and it is best to maintain it if possible.

Good accounting software helps you assess the situation:

• Is the improvement or deterioration in payments a general or specific trend, permanent or a single occurrence, etcetera?
• Do unpaid invoices (already) have an impact on a certain field of activity?
• Do my customers receive my invoices at the right time?
• Is my payment term suitable?
• Do I have many (legal) proceedings?
• How quickly do I resolve a dispute?
• Etcetera

In short, it is useful to analyse whether the invoices are clear, well worded, complete, sent on time, through the proper channels (on paper or digital). Adequate general sales conditions are also essential (article 1 – article 2).

Choose a few basic indicators, such as the DSO (Days Sales Outstanding, or the average number of days before your invoices are paid) and check them regularly. Your accounting software should provide these for you. If one or more indicators stand out, you should take a closer look. Again, your accounting software should help you with this.

Customer bookkeeping helps cash flow

One should always keep his own accounts up to date. Nothing is as embarrassing as asking a customer for a payment when it is actually already in your bank account.

When was a certain letter or e-mail sent? When did you call, with what message and to whom? Reliable accounting software can give you this information with a single click of the mouse.

Customize reminders to suit your customers. Some people prefer to receive their invoices by e-mail, others on paper.

Always answer questions, respond to complaints and keep your payment promises.

Forwarding to an external partner

Perhaps you have several critical or ‘strategic’ customers that you need to deal with personally, no matter what. But for others, there will come a time when they demand too much of your time. Whether you send a reminder or call them again and again, the payment will probably not happen anyway.

– For this purpose, Adfinity has an efficient application in which you yourself choose which invoices you want to send to a collection partner.

– Making copies of invoices is not necessary. The file is created in the application in a few clicks and automatically sent by Adfinity to the debt collection partner. The amount of time you can save is impressive to say the least.

Are you interested? Contact Adfinity (contact page) or TCM (contact page). We would be happy to discuss how we can simplify and accelerate your cash flow management.

7 September 2021

REDUCE PAYMENT DELAYS WITH AN EFFICIENT ACCOUNTING SOFTWARE

Accounting software cannot simply do everything for you. But it should help wherever possible. Adfinity is an accounting software that helps you track and process unpaid invoices.

In the current climate, effective accounting software is essential in order to generate relevant data. Any company needs it to develop and implement a strategic vision. This is exactly what Adfinity, the software developed by EASI, offers.

Typical Key Performance Indicators (KPIs) for companies are for example: profitability per team, profitability per product, productivity per employee, absenteeism,… Most modern accounting programs can display these kinds of KPIs quite easily.

It goes without saying that Adfinity offers all of this. But in addition to capturing and processing accounting data and generate reports, Adfinity uses accounting to generate additional savings. Further on they will elaborate on what exactly it is that they have developed.

Why organize the follow-up of unpaid debts?

The measures imposed in the wake of the current health crisis have reminded us, often in a rather cruel way, of the importance of cash flow. A company without cash is like a body without oxygen: it is dependent on a respirator and it has limited mobility. We believe that it is essential to add cash flow indicators to the KPIs mentioned above.

Several small streams add up to big rivers and every euro you don’t cash in is a missed opportunity. It is indeed true that if you run out of money, you have to borrow. Although rates are low these days, the cost of borrowing is not simply about paying interest. In addition, your borrowing capacity is limited and it is best to maintain it if possible.

Good accounting software helps you assess the situation:

• Is the improvement or deterioration in payments a general or specific trend, permanent or a single occurrence, etcetera?
• Do unpaid invoices (already) have an impact on a certain field of activity?
• Do my customers receive my invoices at the right time?
• Is my payment term suitable?
• Do I have many (legal) proceedings?
• How quickly do I resolve a dispute?
• Etcetera

In short, it is useful to analyse whether the invoices are clear, well worded, complete, sent on time, through the proper channels (on paper or digital). Adequate general sales conditions are also essential (article 1 – article 2).

Choose a few basic indicators, such as the DSO (Days Sales Outstanding, or the average number of days before your invoices are paid) and check them regularly. Your accounting software should provide these for you. If one or more indicators stand out, you should take a closer look. Again, your accounting software should help you with this.

Customer bookkeeping helps cash flow

One should always keep his own accounts up to date. Nothing is as embarrassing as asking a customer for a payment when it is actually already in your bank account.

When was a certain letter or e-mail sent? When did you call, with what message and to whom? Reliable accounting software can give you this information with a single click of the mouse.

Customize reminders to suit your customers. Some people prefer to receive their invoices by e-mail, others on paper.

Always answer questions, respond to complaints and keep your payment promises.

Forwarding to an external partner

Perhaps you have several critical or ‘strategic’ customers that you need to deal with personally, no matter what. But for others, there will come a time when they demand too much of your time. Whether you send a reminder or call them again and again, the payment will probably not happen anyway.

– For this purpose, Adfinity has an efficient application in which you yourself choose which invoices you want to send to a collection partner.

– Making copies of invoices is not necessary. The file is created in the application in a few clicks and automatically sent by Adfinity to the debt collection partner. The amount of time you can save is impressive to say the least.

Are you interested? Contact Adfinity (contact page) or TCM (contact page). We would be happy to discuss how we can simplify and accelerate your cash flow management.

7 September 2021