ezyCollect’s accounts receivable platform now integrates with Advanced Business Manager (ABM). Users of ABM’s financial management software can now power up payment success with next level credit control and collections capacity.
Business operators using Advanced Business Manager already know this: getting paid on time is a critical indicator of business health. Businesses that carry the burden of overdue accounts receivable typically exhibit three big pain points:
- Cashflow deficit for working capital and growth.
- Time deficit as crucial staff hours are lost to chasing customers for payment.
- Relationship deficit as customer relations deteriorate over poor payment behaviour.
Chris Heysen is Advanced Business Manager’s CEO and is enthusiastic about helping businesses grow from good to great.
“We know the Advanced Business Manager client is focussed on growing a great business and doesn’t have time to waste on inefficient processes. ezyCollect’s solution for late payments will help businesses to achieve both revenue and efficiency goals,” says Chris.
How late payments kill business
The debt burden on small-to-medium enterprises (SMEs) is huge. The first ever Australian Payments Times and Practices Inquiry of 2017 found the following:
- 1 in 5 businesses were paid more than 60 days late.
- Two thirds of businesses say late payments reduce business profitability.
- 1 in 2 businesses find it hard to pay their own suppliers if they are not paid on time.
The Australian Small Business and Family Enterprise Ombudsman was particularly critical of big buyers, urging them to be more transparent about their payment times and to stop using small business suppliers as cheap forms of finance.
ezyCollect’s CEO, Aj Singh, founded ezyCollect after experiencing the pain of late payments firsthand. “I was running a medical supplies business.We had a huge cashflow problem behind the scenes even though the business was generating a lot of new sales. We kept supplying late payers because we couldn’t keep track of their credit usage. We had this ballooning cashflow gap. We started hiring people to chase payments but adding headcount is very expensive.
“We nearly lost that business to late payments.”
Now, ezyCollect exists to serve other wholesalers, manufacturers, and business services. “If you’re selling goods or services on credit, a late payments problem is looming just around the corner unless you have a disciplined accounts receivable process in place,” advises Aj.
A disciplined and efficient accounts receivable process
ezyCollect is purpose-built to give growing businesses an efficient accounts receivable process that grows with them.
“Growing businesses need more than payment reminders to get paid faster. There’s actually a lot of factors that need to be optimised to protect your business from credit risks and to recover money faster,” says Aj.
Luckily, ezyCollect’s platform cleverly integrates all of those critical factors into one easy-to-use hub. The good news for ABM users: ezyCollect seamlessly integrates with Advanced Business Manager to use the invoice data already created in the accounting software, avoiding any duplicate data entry.
Save time with personalised automation
Automate the manual tasks and create time for critical jobs:
- Set up a schedule of automated invoice reminders by email, sms, and letter.
- Customise best practice communication templates with your language and tone.
- Automate ‘due soon’ reminders to prompt early payment.
- Set rules for which customers get reminders and which ones don’t.
- Automatically include invoice copies and a summary of all overdue amounts.
- Automate monthly statements.
- Generate automatic ‘thank you for payment’ messages.
Simplify the day
Remove the mess and guesswork and just get the job done:
- ezyCollect emails you a priority list of daily collection calls to make.
- Log any notes in the debtor database alongside the audit trail of automated communications – your team will always have up-to-date information on every customer’s status.
- Click to send a demand letter.
- Click to refer an overdue customer to a debt collection agency (ezyCollect automatically sends the agency the invoice details and summary of your collection attempts.)
- Click to order a same-day business credit check report.
Surface ageing invoices easily
Never lose sight of ageing invoices with high visibility of the entire AR ledger:
- Your new AR source of truth is automatically created after ezyCollect syncs with your ABM software.
- See a real-time distribution of your ageing invoices.
- Quickly identify the customers in your danger zone of defaulting.
- Dig deep into every debtor’s account history.
Get paid online 24/7
Offer customers a payment portal for self-serve credit card checkout:
- Add Pay Now buttons to your invoices and reminders.
- Customers click to complete a simple credit card checkout seamlessly.
- Every customer gets a payment portal housing all open invoices and their transaction history.
- Customers can choose a buy now pay later option available via a third party finance provider.
Quick no-cost installation in under 5 minutes
As a SaaS product, ezyCollect integrates easily with ABM’s cloud accounting software. Once you register your file with ezyCollect, ezyCollect will send you a simple process to follow. Your data syncs with ezyCollect in around five minutes for instant mapping and tracking of your accounts receivable ledger.
ezyCollect also provides complimentary training for your team so setup is fast and you’re operating with confidence.
Which industries will benefit most from ABM + ezyCollect?
Chris Heysen sees ezyCollect as having wide application for ABM users across all industries, in particular:
- Wholesale and Distribution
- Field Service Technicians
“Consider trialling ezyCollect with ABM if you’re issuing goods or services on credit, and then experience a time and cashflow challenge in recovering money. A tech solution can help you quickly clean up an untidy process. Plus the ROI is obvious as the payments come in,” says Chris.
ezyCollect offers Advanced Business Manager users a free 14-day trial.