Accounts Receivable Alerts ensures prompt payments
February 14, 2019 10:25 am | by John Adams
No one likes having money owed, it’s important to stay on top of your customer invoices. Businesses can prioritise sales and fall into the trap of extending credit to customers, offering discounts or ignoring payment terms if it means winning new sales. Regardless of how many sales your company makes, this becomes meaningless if you are not being paid on time. Not getting paid can lead to cash flow issues which can impact your ability to pay vendor bills, meet payroll or other obligations. You need to consider customers are sometimes not respectful or just forgetful in paying invoices, so keeping track of payment dates, when invoices are sent and due is fundamental. Accounts receivable alerts helps you stay in control of your invoicing.
SapphireOne Workflow with Accounts Receivable Alerts Enables Friendly Reminders to Employees and Customers
Collection efforts should be consistent and methodical. When processes are automated as much as possible you reduce the risk of errors from manual entry.
In SapphireOne ERP you can set up a workflow of alerts for ageing receivables. These accounts receivable alerts can be emailed to your relevant employees when the balance is near, due or outstanding. Friendly reminder emails can also be scheduled to your customers. You can create unlimited workflows with credit control reminders in SapphireOne.
Best email practices when asking for payments
It is always a good practice to set up an initial reminder one week before the Invoice Due Date. Keep it polite and in your Email Subject mention it is a follow up on the invoice #. The body of the email should be short, friendly and informative. This will also advise customers that you are on top of your invoices.
The next email should be created on the Day the Payment is due. In your Email Subject mention the invoice # and that it is due today. Keep it short and friendly and mention it is a reminder as technically the customers are not late in paying.
When the payment is overdue, and depending on your credit terms, you can send a more direct email. In the subject let them know which invoice is overdue and by how long. Ask for payment, list payment methods, and let them know what will happen to their account if not paid in time.
Click for more information regarding improvements and features within the latest release of SapphireOne ERP, CRM, DMS and Business Accounting Application. Alternatively, contact our office on (02) 8362 4500 or request a demo.
3 New features of SapphireOne ERP Accounting Software to enhance efficiency in invoice and inventory management
May 24, 2017 10:50 am | by John Adams
Press Release
SapphireOne Pty Ltd (SapphireOne), an Australian ERP Accounting Software vendor, has been recently enriched with a number of new features. SapphireOne is known among its clients as a live work in progress solution. Unlike other ERP Accounting Software solution, a live work in progress means that SapphireOne can respond immediately to specific customer requests. As a result of this, PDF Capture, Periodic Invoicing and MRP functionalities now have been added to the SapphireOne ERP Accounting software suite.
Greater control over inventory management and invoice processing :
- PDF Capture eliminates manual vendor invoice processing and enhances data accuracy.
- Periodic Invoice efficiently streamlines invoicing by consolidating recurring invoices into a single bill.
- The MRP function fulfils customer requirements while maintaining a tighter control over inventory stock levels
1. PDF Capture:
The SapphireOne accounting system already has a function that provides for the storing of documents of all types within the data file. So the additional functionality of scanning PDF documents, known as PDF Capture, from within the software itself, is a natural progression to make this procedure easier and faster for users. The SapphireOne system makes use of the fact that a PDF contains both characters and numbers that may be read by the Software. This means that SapphireOne can directly create transactions when electronically received PDF’s are read by the system. Since the system is directly reading numbers and characters, the transactions created are accurately entered and so required little or no modification before any processing.
To Learn More about PDF Capture, visit: https://blog.sapphireone.com/2017/02/eliminate-manual-vendor-invoice-processing-sapphireone-pdf-capture/
2. Periodic Invoice
Periodic invoicing has now been included in the standing transaction function of the SapphireOne system. This new Periodic Invoicing function allows consolidation of invoices to a particular client or vendor, at specified intervals. Even though the invoices that will go to create a periodic invoice, will be entered by different users, the system will automatically consolidate these to a single periodic invoice that the accounts manager will check and process. This will reduce or eliminate any errors, lessen administration tasks. and minimize the time taken for data entry for account managers and users alike.
To Learn More about SapphireOne Periodic Invoicing, visit: https://blog.sapphireone.com/2017/05/streamline-invoicing-efficiency-periodic-invoice/
3. MRP Functionality
Material Safety Data Sheets (MSDS) functionality was added at the beginning of 2017 in the SapphireOne ERP system. Now Material Resource Planning (MRP) has been added as well. MRP will allow efficient inventory management systems that will provide opportunity to keep a minimum stock level while satisfying customers’ requirements on a continuous basis. This is calculated by using historical data and lead times that must be entered into the SapphireOne system beforehand. It is basically an Artificial Intelligence (AI) setup which accesses historical data already in the system, for better forecasting of inventory stock level management in future points of time, i.e. weeks, months or even a year in advance.
“SapphireOne manages our inventory, clients and vendors. It’s a well-integrated ERP software that covers sales, purchasing, General Ledger, payroll, super and a number of other tasks.” Don Nichols, Administration Manager at Team Digital, Western Australia.
To Learn More about SapphireOne MRP system, visit: https://blog.sapphireone.com/2017/05/mrp-software-improves-inventory-management/