Software to track accounts receivables?
January 06, 2022
by a searcher from HEC School of Management, Paris in Bristol, UK
Background- I am at LOI stage with a deal to acquire a construction services business. The issue is that many small firms in this sector are faced with multiple invoicing processes. Client A might like "self-billing" invoices, Client B wants you to "apply" for payment via their systems, and Client C wants you to raise traditional invoices. The effect is that for a busy business owner, they just don't make time to track the outstanding debts in real time, and they don't have a good handle on A/R and hence profitability. The accou
It also makes it hard to do due diligence on the accounting file as accounts might be one quarter out of date.
Has anyone come across this scenario? What solutions have you introduced to solve the problem? I am thinking some sort of software automation is the answer, but open to other ideas too - is this a problem you think a business owner can tolerate/live with? Ideally, I would like to have get "real-time" balance sheets and income statements but not sure how realistic this is...
from Seton Hall University in Morristown, NJ 07960, USA
Your goal of "real-time" balance sheet and income statement is awesome, but tough to achieve. Expect some degree of delay or margin of error. Mosts systems like QuickBooks & Xero can help with the collection part of A/R but billing sounds like you need to decide if the volume warrants having a key billing person on staff.
I don't think there is a billing software that cures the issue, But a billing person might, again depending on the volume.
Happy to continue the conversation if you'd like.
Best regards,
Richard T Veltre CPA MBA
from Rutgers in New York, NY, USA