How We Improved Cash Flow With Accounting Automation For One Orlando Company & How You Can Do It Too
As is the case with any business, setting up sustainable processes can be a challenge. Here’s how we used Orlando accounting automation to help a start-up company that offered multiple payment options to manage their accounts receivable and improve their cash flow-Cha Ching!
Service provider offered clients installment payment options. They needed a way to send the monthly installment invoices to their customers, provide a way for their customers to make a payment from that invoice and show the updated invoice balance. The existing process was to send out a reminder e-mail, which did not include any credit card payment options. The only options available were to send in payments by check or use PayPal. There also wasn’t any way to let a customer know if they were past due or not.
We developed an app that pulls the relevant information from the accounting system and automatically sends out the installment invoice to the customer via email, with a link to the actual invoice in the accounting system. The customer can then opt to pay their installment amount, an additional amount or the entire balance due by credit card or bank draft. It also sends a specific email body depending on whether the customer is current or past due on the account.
There was an increase in the number of payments received in the five days after the installment invoices were sent over the same time frame from the prior month by 222%. This resulted in better cash flow for the client. It also reduced the number of customers that were paying by check, which, in turn, reduced the amount of time the owner had to spend recording and depositing the checks. The number of customers that were past due decreased significantly. Lastly, customer satisfaction rose because of the convenience the process offered to the end-user.
Need help with your cash flow, give us a call!!