4. Manage receivables

Modified on Wed, 26 Apr 2023 at 05:14 AM

4.1 Visualizations

  • Ability to view receivables aging with total outstanding, total overdue, total customers and total invoices as well as aging graph with invoices bucketed between
    • Due in 30+ days
    • Due in 30 days
    • 1-30 days overdue
    • 31-60 days overdue
    • 61-90 days overdue
    • 91-120 days overdue
    • 120+ days overdue
  • Ability to view a customer tab with all customers that have open invoices or have been paid in the last three months
  • Ability to view an unpaid invoices tab with all open invoices and key metrics and actions
  • Ability to view a paid invoices tab with all invoices paid in the last three months as well as key metrics and actions

4.2 Receivables workflow

  • All invoices when synced from the General Ledger are ran through Machine Learning models to derive an expected payment date based on historical payment behaviour of the customer
  • All customer are classified as early or late payers based on historical payment behaviour
  • Invoices are automatically classified by Centime as
    • Predicted
    • Late
  • Invoices can be set by the user as
    • Promised
    • Estimated
    • Disputed
  • Ability to set the expected payment date and status for every unpaid invoice
  • Ability to drill into details for each invoice such as last payment date and amount
  • Late and disputed invoices do not impact the cash flow forecast until a payment date is set in the future
  • Ability to create automated invoice reminder campaigns or use the three predefined templates provided by Centime
  • Ability to control a number of parameters within invoice reminder campaigns
    • Cadence: how often emails are sent to customers before and after the due date
    • Type of communication: customer reminder email or internal notification email
    • Sender: who the email comes from and who the customer can reply to
    • Personalization of each communication: Centime provides a set of templates for emails sent to Customers before and after the due date and the user has the ability to personalize each email within each node of every campaign
  • Ability to set reminder templates that are then used in reminder campaigns
  • Ability to send monthly statements to customers and select the date of the month on which the statements will be sent
  • Ability to send one-off reminders to customers
  • Ability to embed payment links within invoice reminder (this is only applicable for Clients that have applied and been accepted for CentimePay, Centime’s merchant account)
  • Ability to add notes at the customer and invoice levelAbility to view history at the invoice level including status changes, payment method changes, approvals provided, notes added

4.3 Receiving payments

  • Ability to apply for CentimePay, Centime’s merchant account
  • Once approved, users have the ability to automatically embed payment links to every invoice reminder sent to Customers as part of automated or one-off invoice reminders
  • Customers have the option to pay by ACH or credit card
  • CentimePay payments are automatically posted to the General Ledger
  • CentimePay payments are paid out in full (gross) and individually
  • CentimePay payments are paid to the Client’s payout account T+2

4.4 Known issues

  • N/A

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