June 20, 2020
Imagine invoicing customers and then not having to chase them down for payment. Have you ever calculated how much of your time, or your staff accountant’s time, is spent on calling customers with past due balances? The time spent on Accounts Receivable collections is a sum of both actual wages as well as opportunity costs. Your staff accountant could be analyzing your financial statements to provide your sales staff with meaningful numbers to help them grow your business. You could be spending time growing your business! Managing AR/collections by internal staff or an outside firm costs your company a lot of money.
Now imagine a world where your customer gets invoiced and the collections process is automated for a low monthly fee. Your cash flow would improve, you could count on receiving the money you earned faster, you would have less bad debt write-offs, and you would free up resources to help your business excel.
My name is Juliet, and I have hands-on experience testing out the Armatic program. Armatic’s online program easily syncs with QuickBooks®, importing the invoices and allowing for automated accounts receivable collections. Armatic is user-friendly and allows great flexibility. I can send an email to a customer a couple of days before an invoice is due with a payment button within the email to pay the specific invoice or the entire account balance. Some customers like to pay their invoices before they are due, so having this capability allows me to get paid faster. I can send an email after an invoice is due with the same options. I can send a text message, along with a payment link, indicating a payment is due. The customer clicks the link and logs into their payment portal, where credit card information can be stored for future payments. Usually, emails and text reminders will be enough, but if they are not you can add in rules to make automated phone calls and even send a snail mail letter! In addition, there’s the option to set-up monthly recurring subscription invoices that are automatically created and automatically paid if the customer selects that option.
BY Alyssa LeBlanc
BY Max Golovnia
BY Alyssa LeBlanc