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Accounts Receivables processes can take up valuable time and energy in any organization. This is why “Collecting Cash fast” is one of the key metrics for building a successful recurring business. Very often the longer it takes to collect cash the higher the risk of collecting that cash correctly. You need to ensure that you are collecting the payment as quickly as possible.
Work 365 supports the typical billing frequencies – Monthly, Quarterly, and Annual billing. Some of the data we see with users of the application and the billing frequencies:
More than 70% of the invoicing is on a monthly basis. Monthly billing is the most common way of billing CSP and cloud services. Annual billing tends to be used by ISV’s and other solution providers that bundle their products or package their solutions through CSP.
Collecting cash through automated systems lowers the risk of non-payment, and reduces your DSO (Days of Sale Outstanding).mUsing manual processes like check payments is not practical for monthly payments. Typically, you want to keep your DSO to 30 days and lower than 7 days for monthly billing contracts.
Work 365, maintains the schedules for your billing relationships and using the integrated payment solutions can provide a convenient way to collect cash either through credit cards or direct debit solutions through Global leaders in payment solutions like Stripe, Authorize.net, and GoCardless.
The video above demonstrates how you can leverage these integrated payment providers directly into Work 365.
So, what’s your DSO? Let us know your thoughts schedule a demo to discuss these options.