Outstanding payments can be a reason for worry for most businesses. As a business owner, it is important to control the amount pending for payments. As the outstanding mounts up, due to delayed payments or invoices, serious issues related to cash flow can crop up. The target of a business should always be surplus cash, which can be used for further investment and expansion. A business struggling to get its existing payments on time can really find it hard to survive, let alone grow.
Regularly analyzing the status of outstanding payments ensures that your business is on the right track. Here are some simple steps to help you control the outstanding amount for each client.
1. Preview Outstanding
Invoicera helps you with previewing the outstanding amount for each client while sending the invoice. This is helpful in knowing the status of the client outstanding and whether it is the time to follow up or not. The feature was specially created to ensure that a business owner is always aware of the status of each and every client invoice.
2. Outstanding Reports
Invoicera helps you view the outstanding reports of each of the clients and maintain a limit for the same. Analysing these reports is simple with Invoicera. You can get the reports of outstanding for a particular client and understand the payment schedule for that client.
3. Invoice Ageing Reports
The average age of an invoice is the number of days that have passed after the invoice got due. This is a very important report to understand the status of invoices which are already overdue. One can analyse and look for disputed invoices in these reports. Pending disputes must be quickly resolved to expedite payments for these invoices. Any reasons for a longer average age of invoices for a particular client must be thoroughly understood and resolved.
4. Invoice Management Dashboard
Invoicera helps with holistic invoice management from a single dashboard. The dashboard is ready reckoner for all your invoices and provides the status of each. You can look for ones that are outstanding and take the necessary follow up action with the client.
Invoicera helps you get paid quicker and reduce the duration of your payment cycles. It helps you keep a track of each and every invoice and penny pending from the client’s ends. Analyzing detailed reports can helps you understand the status of each of the client outstanding and resolve all issues including delayed payments.