This is the story of Narayan, an owner of “Jyoti Narayan Distributor”. He and his team had a hard time during a pandemic, the cash collection that usually happened in 30-90 days, took almost 6 months. The accounting team was struggling with “managing multiple ERPs” and manual reconciliation. Narayan was willing to re-strategize and target “niche products” at a lower rate to beat his competitors, but with collection getting delayed, and manual settlement Narayan found it challenging to get a clear view of his working capital. He was not sure if he is capable of getting stock, pay the team on time, and running the business.
His mind was in chaos and he started drafting his questions to get an answer –
How do you do an e-invoice?
Use an accounting platform
An electronic invoice can be created using any accounting platform. However, make sure they have the ability to send, get paid and track the invoice.
As a business owner dealing with multiple other businesses, you can also use an ERP to create, send and e-invoice. But if you are a distributor like Narayan and using multiple ERP’s make sure integration is possible for real-time automated reconciliation.
Connect Legacy System
If your business is on a specific platform that is not compatible with modern solution, you need to look for solution that can be integrated seamlessly, as data migration to a new platform could be with issues. Hence look for a solution that is integrated and yet offers all modern features.
Hylobiz is one solution that can work at all levels – be it just about one ERP for creating, sending and tracking invoices, or multiple ERP’s or a legacy system, Hylobiz is pre-integrated with many ERP’s and could help business owners in real-time view of receivables and payables. To know more you can contact us here or Sign up for free trial here.
How can I ask for someone to pay my invoice politely?
By Using Digital Channel
It might happen that when you call a person who has to pay your dues might not pick your call or switch it off. But using a platform that sends an sms/whatsapp message would make sure that you have requested the person to pay you. It avoids embarrassment yet conveys the message.
By Sending timely Reminders
Using Digital channels can also help you in “nudging” in a timely manner. So if the person yet to pay hasn’t made a payment you can send reminder’s in a fixed set of intervals like weekly/every 3 days.
By Offering “multiple options” to your buyer so he/she can pay via his preferred mode.
Can I pay Cash? Do you accept Gpay? Do you accept Card? These are some of the statements one hear while making a payment. So offering all the options for your buyer to pay you would decrease one excuse of “not paying you”.
Hylobiz is one platform where you can easily ask your buyer to pay you without any harsh/frustrated tone. While it offers SMS/Email/Whatsapp and in-app messaging facility it also extends in sending you the customized reminder’s. To know more you can contact us here or Sign up for free trial here.
What is the best online solution to accept payments, do bookkeeping and invoice the customer?
Look for solution that offers end-to-end automation from PO creation, sending invoice, tracking invoice collection, sending reminders , inventory management, automated reconciliation and real-time view of payables and receivables at any given point.
The platform can be accessed from anywhere anytime and allows you to communicate 24*7 with your customers.
Offers Credit card, loans and inventory, logistics and health insurance and you can extend these benefits to your buyers who pay on time.
Hylobiz, a fintech offering SME connected banking services could help your business in simplifying all banking services with easy access to credit. To know more you can contact us here or Sign up for free trial here.