Updated: Dec 1, 2022
The Accounts receivable function is the most critical function that converts revenue into cash. When this function is done manually, it doesn't help to achieve steady cash flow due to the below reasons
• Casual and irregular reminders – Lead to irregular messaging and increases payment time
• Mistakes in communication – Bad experience with clients and ends in disputes
• Time Consuming Activity – AR Teams performing repeated non-productive tasks
• Person Dependent Activity - Unplanned delays and absence of a person will impact the process
• Lack of auditing and transparency – No compliance check on the process followed.
• Weak management insight and control – Delayed and outdated reporting to Management
• Limited Client Response Medium – Clients can respond only through emails.
Accounts Receivable Automation should empower teams with the Right Automation Tools, Processes, and information needed to act more efficiently resulting in steady and predictable cashflows. Plus, the information is captured centrally enabling complete transparency, Audit, and multi-user collaboration.
What is Maxyfi?
Maxyfi is an Accounts Receivable Automation Software that helps organizations improve their cash flow and productivity while recovering their outstanding dues faster. With Maxyfi, AR Team is at its peak efficiency with the perfect combination of automated follow-ups and human-centric tasks. With Maxyfi, You will get
1. Industry Best Process – Industry best Email, SMS and Call Follow-ups and Personalized Templates
2. Centralized Communication – Gives you complete audit, transparency, and collaboration.
3. Process-Oriented Approach – Stable and runs as BAU with multi-user handling feature
4. Real-time Insights, Reports, and Dashboards – Gives you better management insights and control
5. Customer Portal with rich option – Get 2x response and payment.
Do I need Maxyfi When I have Zoho books Free Reminders?
To analyze this we need to understand the Business need, challenge, the impact it creates, and then the solution we should use to address it.
Cash flow is the critical component for every Credit Based Businesses. Even your clients want to hold on to their cash for their critical and prioritized payments. The most important aspect of Accounts Receivable (AR) is how to position yourself on your client’s Prioritized List.
Most organizations will perform Account Receivable activity either through dedicated teams under CFO or Finance team doubling up as Account Receivable person.
Do I need Maxyfi When I have Zoho books Free Reminders? Let's find out!
When looking at Zoho books, which is the most popular accounting and bookkeeping software (the purpose it was built for), also has an additional provision to send reminders via Email. But that’s just the tip of the iceberg in the Accounts Receivable Function. Accounts Receivable Automation is a lot more and lets' see what it needs :
Configuring your AR Workflows based on Email, Call, and SMS
Personalize and standardize your AR Dunning messages for Maximum Response
Automate most of your communications giving your team the bandwidth to focus on High-value interaction
Human Centric Action and Communication integrations like Confirmation and Reminders for Promise made by the customer and Dispute Management
Assign and track your teamwork without much effort
Generate great insights and management reports instantly from the app
Empower your clients with the best portal experience for faster response and payment
To summarize, an app that improves the AR Team's efficiency and productivity thereby improving the cash flow!
It's not Zoho books vs Maxyfi, rather it's the winning combination of Zoho books with Maxyfi which gives you the best of Accounting and Book Keeping (Zoho books) with the Best of Accounts Receivable Automation (Maxyfi). Plus it’s just 1-Click integration between Zoho Books and Maxyfi.
Sounds interesting, right? Book a demo on how seamlessly the accounts receivable automation connects and works with Zoho books.
Our Package starts at just $ 40 and has 14 Day Free Trial. Start your AR Automation today.