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Features you want to have for accounts receivable software

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Tracking receivable invoices is very vital for managing your company's available funds. Without available funds, many businesses are forced to borrow money to meet their needs. Lack of adequate funds is the key reason businesses sometimes fail. Accounts receivable software generally allows you to record your sales and other revenues on a daily basis, create customer invoices, monthly statements, and track customers' past and present due balances. These are the main features to have for accounts receivable software, among others. Let's take a look at different features you may want to consider when buying an accounts receivable software package.

When you are ready to set up each of your customer's invoices, the accounts receivable software will help you to create individual accounts to provide you with information on who owes you money along with the amount owed and whether it is overdue and how long it has been overdue. Every time you enter new information regarding your customer's invoices, it will immediately be posted to his account keeping you up to date about his past and current invoice account activities. Some account receivable software programs will give you the option to print reports for previous months anytime you need them. Don't take this for granted because this is not an included feature for all accounts receivable software.

At the end of each month, the accounts receivable software will help you remind your customers to pay you by allowing you to print legible and detailed statements of their account. You can have the option of printing the statements to paper or simply send them to their fax machine or email. You can add logo of your company onto your printed statements exactly where you want. Make sure to use good quality printers like a laser printer.

Once payments have been received, each invoice will have the amount paid deducted from the total balance and updated to the right amount left to pay. This gives you a better understanding of the account if questions from your customers should come up. You can better control the customer accounts by customizing invoices to each of your customers' circumstances. This system will let you know the type of payment you and your customer have scheduled, the credit limit and payment due dates you have allowed before the account is overdue and comments as a reminder for future reference.

When you have to deal with outstanding balances, it can be frustrating. But, if you have accounts receivable software, it will help you to print a past due invoice report complete with essential customer information such as name, phone number and a list of all the unsettled balances. You can have the option of categorizing only customers with outstanding invoices for certain number of days such as over 30 days, 60 days or 90 days.You can add comments to remind you to review the customer's file and call the customer to make adjustments or arrangements over the next 30 days. Check after 30 days to see if he made any extra payments. If not, a reminder will let you know to call the customer back. As you talk to each customer with a delinquent account, make sure you write comments into the appointment scheduler for future reviews. This will help you remind your customers about their agreements the last time that you spoke with them over the phone.

The account receivable software is very essential to keep your company's cash flow going and to help keep track of outstanding accounts so that you can contact the customers and work out a deal with them so you can get paid. The success of your company really depends on continually on generating revenue and on keeping track of those with difficulty keeping up with their payments.

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