Most of you must have heard of this old saying, “The sale isn’t complete until the cheque clears”. Receiving payments from your clients/ unfortunately doesn’t come with a guarantee.
Collecting payments is crucial in any business and the process of collecting payments should be streamlined to save time and prevent cashflow gaps that can further hinder your business growth.
And that’s when BFM – The Tally Data on Mobile application can come in handy to your business.
The Business Finance Manager application is an AI-based platform that generates real-time data and helps you streamline your debt collection process with reports, automated reminders, and a lot more.
So dive in to know how you can streamline your debt collection process with BFM today!
Get A Receivable Summary With Debtor Prioritization
It is crucial in business to know when and from whom to collect payments. Therefore, to make it easier for you, the tally data on your mobile integrated into BFM offers you a receivable dashboard with aging analysis and prioritization of your debtors.
With this information, you’ll know your debtors and the outstanding amount they owe you arranged according to the credit period given and past transaction history. Moreover, you can keep a track of all of your debtors on the go via BFM.
Automated WhatsApp And Email Payment Reminders
Customers usually require timely reminders for their due payments. However, it is quite difficult for SME owners to manually track invoice due dates and send follow-up emails.
Therefore, here at BFM, the tally data on the mobile app comes in handy and sends automated payment reminders on your behalf of you so that you don’t miss out on any payments.
Assign Credit Limit And Period To Customers
In business, to avoid overdue receivables, you have to be on your toes to remind your customers about their invoice payments. However, not receiving payments on time also leads to a cashflow crunch which in turn hinders your business growth.
Hence, to avoid a future cash crunch, you can use BFM, the Tally data on the mobile app that allows you to simply assign credit limits and time periods to those customers who miss payments so that you can plan your cash flow accordingly.
Conclusion
Smart debt collection using business intelligence apps like BFM is paving the future for SMEs to solve this unavoidable challenge. Using Tally data on mobile via BFM, you can keep track of your finances effortlessly from anywhere and anytime.
Moreover, you can also receive real-time financial insights, cash flow forecasting, and nudgable insights based on cash flow projections to help you further flourish your business along with an automated debt collection process.
So make your business processes easier with BFM today!