Streamline Client Communication and Speed Up Payments with Acumatica Automation
This video examines the challenge of managing partially paid invoices and presents a solution using Acumatica’s built-in features to automate payment reminders, improve communication, and accelerate payment cycles.
(a) Challenges of Managing Partially Paid Invoices
Businesses often struggle with effectively managing outstanding invoices, especially when customers make partial payments. Manually tracking these invoices and sending timely payment reminders can be:
- Time-Consuming and Inefficient: Dedicating staff to manually track partial payments and send reminders takes valuable time away from other essential tasks.
- Prone to Errors: Human error can lead to missed reminders, inaccurate information, and delays in payment collection.
- Leads to Communication Gaps: Without a system for automated reminders, it can be challenging to keep customers and internal teams informed about outstanding balances, leading to confusion and frustration.
A client of Tayana Solutions needed a way to automatically notify both customers and their sales team when an invoice remained partially unpaid for more than 24 hours after a payment was applied. They wanted a solution that would streamline their payment follow-up process and improve communication.
(b) The Acumatica Solution: Automating Payment Reminders with Generic Inquiries and Business Events
To address the challenge, Tayana Solutions developed a solution that leverages the power of Acumatica’s built-in features – Generic Inquiries (GIs) and Business Events – to automate the payment reminder process.
Here’s how it works:
- Create a Targeted Generic Inquiry: A Generic Inquiry (GI) acts as a powerful search engine within Acumatica. In this case, the GI is designed to identify invoices that meet specific criteria:
- Invoice Status: Open
- Payment Status: Partially paid
- Time Elapsed Since Payment: More than 24 hours The GI utilizes the ARAdjust table to pinpoint these specific invoices accurately.
- Trigger a Business Event: Acumatica’s Business Events function as automation triggers. A Business Event is linked to the GI, so whenever the GI finds an invoice matching the criteria, it automatically triggers the Business Event.
- Send Automated Email Notifications: The triggered Business Event sends out a customized email notification. This is not just a generic email; it’s crafted using a specific email template created for this purpose. This template ensures:
- Clear and Friendly Language: The email clearly communicates that a partial payment has been applied.
- Attached Invoice Copy: The email includes a copy of the invoice for easy reference, providing all the necessary information at the customer’s fingertips.
- Targeted Recipients: The email is sent to both the customer and the salesperson responsible for the invoice, ensuring everyone is informed and on the same page.
Benefits of This Automated Approach:
- Increased Efficiency: Automation frees up staff time by eliminating manual tasks, allowing them to focus on more strategic activities.
- Reduced Errors: The automated system eliminates the risk of human error in tracking and sending reminders, ensuring accuracy and consistency.
- Enhanced Communication: Automated emails ensure timely and consistent communication with customers about outstanding balances, improving transparency and customer relationships.
- Faster Payment Cycles: By sending prompt reminders, businesses can encourage customers to make timely payments, improving cash flow and reducing Days Sales Outstanding (DSO).
- Cost-Effective Solution: The solution leverages Acumatica’s built-in features, eliminating the need for expensive custom coding or integrations.
This case study highlights how businesses can leverage Acumatica’s powerful features to create elegant and efficient solutions for common challenges.
Contact Tayana Solutions at 678-910-2774 for assistance with Acumatica implementations, customizations, and support.