Receivables is the life for businesses
Receivables is money your customers owe you for goods or services that have been delivered or provided to them by you, but haven’t paid for yet. Receivable are usually created when a customer purchases your goods or services but does not pay for them at the time of sale. Receivables are generally received within a stipulated period of time like 10, 20 or 30 days. Terms is vital and makes it to easier to track and manage receivables.
For receivable invoices are issued for the products or services provided or delivered at a later date. It's important to manage receivable for a business to have a healthy financial position, if there are too many receivables, the business may face cash crunch. Receivable is an asset in accounting.
Receivable is easy to track and manage with HI Accounts
HI Accounts is the one point solution where all of your financial information is recorded, stored and managed Receivables management is crucial to manage the financial health of your businesses. Receivables can be speeded up by billing customers regularly, reminding for payments, using various payment methods and using discounts to encourage early payment.
When a Sales invoice is created HI Accounts automatically creates a receivable for that customer. When the customer pays, you will enter the payment on the Receive Payment screen located at Payable > Receive Payment>add choose the customer, the invoice number, and the amount paid, and the amount will be accurately reduced from the customer's receivable account. Or simply search the sales invoice and click the payment button u will be led to the receive payment screen.
Effective receivable management helps you to collect money from your customers on time and you have enough cash on hand to manage and grow your business. HI Accounts is the easiest way to manage receivable it helps you to notify invoices due, send reminders, track payments and generate reports. Access your Receivable Aging Report anytime and from anywhere to know which customers are late with their payments.