Your accounts receivables show the amount of money owed to you as a result of business transactions on credit. When the amount in this account is too high compared to your cash at hand and cash in bank, your business will be said to be operating in murky waters. You must therefore ensure that you have little in your accounts receivables.
Debt collectors around the world insist on strict management of this account. The following accounting applications have been suggested to help you in running your business better:
FreshBooks
This is rated highly by its users because of its effectiveness. It has a simple-to-use interface and is available on the go through your mobile device. It has many shortcuts for creating professional invoices and expenses. Time tracking bars and features make it possible for you to gauge your business performance without having to punch in numbers throughout the day.
As a cloud-based application, you will not require physical storage space. This also makes payments faster and payment acceptance easier. Notifications on overdue accounts will also be provided and you can get debt collectors to get your money.
ZohoBooks
This is an efficient financial management application that helps in monitoring your account from the remotest places, as long as there is internet connectivity. It is simple to use and you can send invoices to your debtors from any place. You can also call your customers to follow up on unpaid services.
QuickBooks
This is used by most businesses and for recording transactions and analysis of reports. You can easily tell your financial situation using this application. Account receivables managers can get information on overdue accounts using QuickBooks.
Debt collection experts at GGR Inc. also use such applications in debt collection and account management. Besides its ease of use, it is available online and you can access data and send invoices from any place with internet connectivity.
Generally, QuickBooks increases automation of account transactions and has therefore been streamlined for use in CRM, e-commerce, email marketing, payroll services, payment processes and time tracking.
Wave Accounting
This is another time-saving accounting tool that helps in managing transactions, bills, invoices, reports and receipts. Advanced reporting of the tracked expenses will help you in making the right decisions to keep your business running. Integration with other online tools and cloud storage will make your access to information easy.
Sage
This is an effective accounting and online bookkeeping tool that tracks all your transactions, saving time spent on bank feeds. Invoicing is also simplified using Sage, therefore ensuring that all debtors pay back the money owed in time. This automated system is also beneficial because it will include time stamps for almost due accounts.
Xero
This is great account management application for online shops. Tracking of all transactions is possible with Xero and its online integration makes management and access easy at all times.
In conclusion, to increase your business’s liquidity and increase your income, debt collection service providers use information off your accounting software to get your money back. Investigation into your debtor’s account and negotiating for payments is done easily through monitoring and tracking your accounts receivable.
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Rajesh Kamlesh is an accounts manager with experience in using these applications. He is also a techie with experience in accounts receivable applications to help in debt collection. Get his financial advice on debt collection through GGR Inc.