The Power of Mobile Accounts Receivable
In the last blog post of this series, we focused on how an online mobile payment solution allows you to pay business bills anytime, anywhere and gives your company a competitive boost. In this one, we discuss the importance of mobile AR and its ability to amplify operations.
You’re out of town when you remember it’s past the due date for an outstanding invoice. You wonder if the customer has settled their invoice, since that represents a substantial amount of money for your company.
But how do you find out if you’ve received the payment? Do you either:
A. Call accounting to ask
B. Take a look at your bank balance
C. Check your smartphone or tablet
If you don’t have immediate insight into financial operations or rely on paper for AR transactions, you probably have to call your accounting contact to get a status update. He or she may have to check the mail or ask another employee who may have the information. Most likely, the answer does not exist at his or her fingertips. But what if your contact is out? You’ll have to wait for the information and any status updates. If your office received the customer’s check, it still has to be located, noted, and deposited before the bank credits it to your account.
Next, you can check your bank balance. It will show deposits. But it won’t show if your office has the payment in hand or if the customer has communicated with employees regarding the payment. Sure, it can show you what has hit your bank account, but typically not much else.
Option C offers a convenient and information-rich option—having all the information you need in the palm of your hand no matter where you are. In this fast-paced, mobile business environment, it offers the ideal option.
Mobile Accounts Receivable and the Competitive Edge
The above example describes just one component of mobile AR. However, mobile AR offers many other benefits that can help your company stay ahead of the pack.
Who wants to spend hours locked in an office creating, addressing and mailing invoices? No one.
With mobile AR provided by the Bill.com app, you can create invoices from any device. Reference information such as past invoices and payments are accessible by the app as well. The app will even populate remittance information from your customer’s account. When you’ve completed the invoice, you send it electronically to your customer. In addition, it is often useful to attach documents to invoices via your phone.
With just a few taps, you’ve transformed hours or even days of work into a streamlined process.
Transparency and clarity
Instead of digging through mail or files or relying on someone to tell you the status of AR, the Bill.com mobile app delivers a precise overview of AR. The mobile app displays a dashboard with a concise report of open and overdue invoices. By tapping on specific invoices, you can view images of the invoice just as your customers would see them. You can also manage customers and items from the app and eventually collaborate with customers by adding notes or answering questions.
Need to remind clients about payments? You can send gentle reminders that payments are due soon or notices that payments are late through the Bill.com mobile app.
Stabilize cash flow by collecting payment quickly
Many businesses ride the cash flow roller coaster. You can, however, add a certain amount of stability to your finances by collecting payments swiftly and regularly.
Using Bill.com for AR enables your clients to pay quickly online in a variety of digital formats such as ACH or credit card—that fits their preferences. They can even set up recurring payments that will process on a scheduled date each month, quarter or year. When they receive your electronic invoice, they simply hit pay to be taken to your branded payment portal. The money is deposited directly into your account and Bill.com will send you notifications on your device when any new payments from customers arrive.
Finally, you can view a list of all received electronic payments from your app—giving you comprehensive insight into your AR performance and ultimately your cash flow.
Take advantage of mobile AR for your business today.