Are you a QuickBooks user looking to elevate AR performance? You’ll need YayPay.
QuickBooks is an online accounting software ideal for business owners and directors alike. With invoicing, expenses, taxes and payroll capabilities included with QuickBooks, YayPay is the perfect add-on to extend your cash collection and accounts receivable capabilities as your business grows.
Our user interface is simple to set up and operate, with customizable dashboard capabilities. And connecting QuickBooks with YayPay is a breeze via our seamless integration. This means operations aren’t disrupted and your team can get value from YayPay as quickly as possible.
So, what exactly does that “value” look like? Let’s explore four key benefits AR teams realize when they integrate QuickBooks with YayPay.
The AR team plays a critical role in business success. Without you, revenue would not come into the organization, cash wouldn’t be applied to accounts and debt would build with uncollected payments.
Yet, with such significant responsibility, AR teams don’t have the technology they need to execute tasks efficiently. QuickBooks is an effective tool for storing and managing AR data. However, to extract value from this information, you need a tool that enables you to analyze it and take action.
Through YayPay’s integration, invoice PDFs, invoice items and contacts at the invoice and customer level are automatically downloaded from QuickBooks. YayPay combines this data with customer details from your CRM and other data sources and displays it on intuitive, real-time dashboards.
All the data you need in one place for easier AR management
This gives your teams — whether it’s finance, sales or customer success — a single source of truth to work from. They no longer need to exchange information between systems and employees to gauge the status of customer accounts. This drives faster decision-making and ensures that time is spent on revenue-generating activities as opposed to manual data management.
Advanced account analysis
When you integrate QuickBooks with YayPay, you can get to know your customers — and the way they pay you — better than ever before. The YayPay “home” dashboard not only displays overdue AR balance and upcoming invoices due for payment. It also assigns a machine learning-driven payment score to grade your customers based on payment risk. This forms part of a wider customer credit profile that details average payment time, credit limit, average days overdue and seasonable payment behavior (where applicable). These insights are built from historical data such as paid invoices, old payments and credit memos and the payment predictions provided are up to 94% accurate!
Great Scott! You don't need a DeLorean to see your future cash flow. You just need YayPay
Having this level of visibility into your customers’ behavior helps protect your organization from unexpected challenges. Your team can gain an accurate understanding of when invoices will be paid and this information can be used to generate reliable cash flow projections. These help inform business decisions, elevating your AR team from a back office resource to a strategic business partner. One that plays a critical role in safeguarding the organization’s financial health.
Of course, you'll want to ensure that it’s not just employees that realize the benefits of enhanced AR. In today’s customer-focused environment, you’re also dedicated to maintaining a great experience for your customers. With YayPay, you’ll always have up-to-date customer information at your fingertips as data synchronization is automatic, transferring in real-time between the two systems.
YayPay’s advanced collections capabilities allow you to put this data to use. You can automate all activities such as payment reminders, invoicing and internal escalations. The workflows are customizable and this allows you to tailor your approach for each customer. We know that some customers pay on time and for those, you’ll want to create a low touch, white glove workflow that sends a gentle number of reminders. However, other customers are less reliable. In this case, you’ll want to contact them more frequently, making use of urgent collections emails that encourage them to take action.
The ability to not just automate, but tailor communications based on customer type allows you to get the most out of your customer relationships. Not only in terms of how quickly they pay, but how happy they are to do so.
Next-level payment capabilities
QuickBooks allows you to quickly issue invoices to your customers. However, as a modern business, you need an integrated payments solution that enables your customers to pay quickly and easily. After all, a sale is a gift until it’s paid for!
YayPay is the only AR platform with integrated electronic invoice presentment and payment (EIPP). In simple terms, this means that you can:
- Present your customers with multi-format invoices
- Provide a secure payment portal
- And automate the application of incoming payments to open invoices within QuickBooks
The benefit of being able to tailor your invoice delivery — whether you want to send documents electronically, via physical mail or both — is that you can contact customers in the way that works for them. This helps mitigate the risk of late payments and improves interactions.
Our payment portal continues this customer-centric experience by making it simple and easy for customers to pay. Customers can instantly see current and past due invoices, as well as balance due updates and payment history. They have flexible payment options available to them, whether they want to pay via wire, ACH or credit card. And they can access the portal at any time, from anywhere.
Once the payment is made, our platform does the rest, matching incoming payments to open invoices. This further frees up your team.
Don't hesitate - integrate!
We’ve waxed lyrical about YayPay’s capabilities and the business case for integrating your QuickBooks ERP with our automated AR platform. But there’s nothing quite like seeing it for yourself. If you’re ready to learn more about how YayPay advances your AR management, contact our experts below.