6 Accounts Receivable Ideas to Start Today
14 Aug 2023
Managing accounts receivable in an agribusiness can keep your team busy. However, there are ways to streamline processes and save time. Here are a few ideas accounts receivable professionals will want to consider for saving time and improving accuracy and professionalism.
This article is the second of a 2-part series assisting accounting professionals working in ag business. Read the Accounts Payable article: 4 Tips to Save More Time as an Accounts Payable Professional
Automate Payment Surcharges
Many states allow charging a service or convenience fee for using a credit card. With the increasing costs of processing credit cards, many companies have started adding this directly to bills and receipts. Using Agvance, you have the option to add automatic fees to credit card payments. Set the percent surcharge for credit card payments. When taking a payment using a credit card, the surcharge is automatically added to the payment rather than a separate or manual entry.
Make Substituting Products on Bookings Simple
In Agvance, the Product Booking Substitution Utility is useful for substituting products on Unpaid Bookings so long as the units of measure are the same. Partial quantities cannot be substituted, however, if you have invoiced some of an original product, you can substitute the remaining quantity.
Enable Electronic Signatures on Booking Contracts
Electronic signatures save you time from running down signatures from management or customers. Using Agvance for a booking, you can assign a seller signature to a contract, and the grower can electronically sign in their grower portal, Grower360. The grower receives a notification and can log into their Grower360 account to sign the contract which updates Agvance in real time.
Choose the Best Statement Styles
Provide customer statements that meet both the company’s needs and federal guidelines for consumer statements. In Agvance, the Combo Statement Alternate 3 Style is like the standard combo statement with condensed headers but is preferred by many for the included cover page.
Track Unbilled Tickets
The Unbilled Tickets Dashboard in Agvance SKY Analytics shows the number of unbilled delivery and blend tickets. It is found under the product category in Analytics. Stay on top of the number of tickets and quantity of tickets that have been loaded but not yet invoiced. Subscribe to this or any dashboard to receive it on a routine basis.
Analyze Unapplied Cash Routinely
Another helpful dashboard is the Unapplied Cash Analysis Dashboard. This dashboard will give you a list of the ins and outs of the customer’s Unapplied Cash bucket, like a checkbook register. This dashboard can be filtered by customer and is very helpful when showing a customer how the balance has changed.
By following these tips, you can streamline your accounts receivable process, better assist your customers, and save time. Looking for Accounts Payable tips also? Read: 4 Tips to Save More Time as an Accounts Payable Professional.
Learn more about Agvance Accounting. For a demonstration of how Agvance can help your business improve accounting processes and more, please fill out the form below. If you currently use Agvance, visit the Agvance Help Center and use the search bar to find more detailed information. You can also contact our Customer Service Team for assistance in better utilizing Agvance to improve your accounts receivable workflow.