One benefit of an outstanding ERP software solution is how the accounts receivable system improves cash flow management by accumulating and managing customer activity and ensuring timely revenue collection and effective reporting.
This system enhances customer servicing by maintaining contact information, creating notes and detailing credit management information.
The Accounts Receivable system in ERP (Enterprise Resource Planning) provides users with extensive control of customer information. Analysis and reporting can be performed on an open-item or balance-forward basis using various ageing options. Information for a defined series of related customers may be accumulated into a single master account for consolidated statement printing. In addition, free-format statements and recurring invoices can be designed.
The Benefits of Accounts Receivable include:
- Improve customer service through instant, onscreen access to all account information, including quotations and estimates, outstanding invoices, sales orders and work in progress.
- Follow up collections using credit management tools
- Analyze the profitability of each account
- Identify potential bad debts early
- Create notes and detail credit management information for effective customer service
- Maintain multiple contacts' information
- Support recurring invoicing
- Apply optional finance charges to overdue and over terms, accounts
- Support miscellaneous unassigned cash receipts
- Fax or email customer statements, and invoices in bulk
- Provide average days-to-pay information
- Manage customers by branch