Most business analysts agree: poor cash management is generally the most common blockade in a business plan, and one of the main reasons most businesses fail. But most managers simply do not have the time or resources necessary to implement a good cash management plan until now.
Good cash management doesn’t have to take a lot of time or effort when you’re using a well-built ERP solution like Microsoft Dynamics GP. In fact, Microsoft Dynamics GP can actually make a manager’s day-to-day business tasks a lot easier when they utilize online bill pay, invoicing management, collections management, and much more!
Cash Flow Management
First and foremost, let’s talk about cash flow management with Microsoft Dynamics GP. While both long-term and short-term cash flow projections are important to any business, many managers make the mistake of solely focusing on long-term goals, thereby losing sight of day-to-day cash flow – a major mistake for any business. Microsoft Dynamics GP includes cash flow management features that allow managers to view account receivables and account payables based on due date, what’s due to pay, and what’s scheduled to be received. With this easy dashboard view, managers can gain better insight of short-term cash flow projections, and ultimately obtain better management of their business’ cash flow.
With Microsoft Dynamics GP from Professional Advantage, users can easily manage their collections, resulting in better cash flow. The system allows you to quickly sort and view your customers based on their payment history, current balance, credit manager, completed or uncompleted tasks (such as payments promised by customers) or other notes. You can also create reminders and follow-up actions for each customer. All of these tools allow for much easier management of collections, and ensure no unpaid invoices slip through the cracks.
Credit Card Management
If your business doesn’t currently accept credit cards – you’re losing a lot of potential customers! While accepting credit cards may cost a little more upfront in processing fees, it allows your business to receive payments much faster than payment by check or money order. Microsoft Dynamics GP offers several credit card solutions, including k-eCommerce Credit Card Extension – which provides credit card processing, tracking, and transaction management. Lastly, Microsoft Dynamics GP also supports multiple merchant accounts and offers encrypted storage along with retrieval of credit cards for each customer.
Nearly everything is done electronically these days, so why are you still mailing your customer invoices? With Microsoft Dynamics GP you can electronically send invoices, and your customers will receive them instantly rather than in 2-3 days via mail. This free functionality not only saves you time, but money too, as printing and mailing an invoice can cost you up to a dollar per invoice. Shorten the invoice cycle, get paid faster, and improve your cash flow with invoicing management from Microsoft Dynamics GP.
Online Bill Pay Management
In addition to sending invoices electronically, with Microsoft Dynamics GP you can also receive payment for invoices electronically as well. With Microsoft Dynamics GP Sales Order Processing and Receivable Management Modules you can offer customers a web portal to view their invoices and pay them via credit card, ACH or credit memo. With online bill pay management you can reduce the number of payments that your accounting staff need to process manually, saving time and possibly money by reducing entry errors.
In conclusion, good cash management is the building block upon which most businesses stand firm. Without good cash management, a business will ultimately fail. Use Microsoft Dynamics GP to improve your business’ cash management and improve your cash flow significantly.