AR Automation Vs QuickBooks Reminders
QuickBooks is an accounting software built with features for business and financial management. With the influence of automation and technology, QuickBooks has been continuously developed to fit the needs of accounting and finance teams in any business.
But this is where it lies short.
It cannot fulfill all the needs of Accounts Receivable Automation software and that's where Maxyfi steps in!
Maxyfi, an accounts receivable automation software, is designed to empower small to mid-size businesses with efficient collection strategies, powerful workflows, and customizable templates!
With AR automation, Maxyfi aims to help businesses recover pending debts like no other!
Let's look at why you need AR automation and how it can assist your business -
Prioritized List
QuickBooks: Prioritized action list is prepared by the user by exporting the data to spreadsheets and manually analyzing the data.
Maxyfi: Maxyfi AR CRM with the help of underlying power full AI engine with workflows, creates the prioritized list for actions in a flash, saving hours of manual activity and increasing productivity!
Automated Reminders
QuickBooks: Provides up to 3 automatic invoice reminders with restricted customization options.
Maxyfi: Offers unlimited pre-defined templates to suit workflow needs with customization tools and automated reminders to increase efficacy. You can also create a new one of your own!
Workflow Management
QuickBooks: Automated workflow management comes with fewer features to individualize to each client's needs, making it difficult for businesses to prioritize important pending invoices to follow up.
Maxyfi: Powerful workflows that help your business track high-priority clients, as well as customize follow-up messages to slow or non-paying clients. Overall, it keeps in check that your business recovers all the pending debts.
Dispute Management
QuickBooks: Uses CRM ticketing system to handle disputes.
Maxyfi: Handles disputes efficiently without losing on unrecoverable debts. Also helps boost effective conversations and good customer experience.
Promise to Pay Requests
QuickBooks: No dedicated option to capture Promise to Pay options. A promise made by the customer is generally captured as Notes.
Maxyfi: Promise is one of the most common approaches to collect payment dues where the customer is made to agree to pay by date and systematically follow up to ensure they pay. Maxyfi AR CRM has the best promise tracking tool and integrated follow-up communication mechanism.
Call Back
QuickBooks: This does not provide the customers the option of contacting back.
Maxyfi: Features a Call Back option in its customer portal for customers to reach out easily.
Outbound Email & SMS
QuickBooks: Does not provide a business email or phone number for sending follow-ups or messages
Maxyfi: Maxyfi provides an option to configure Business email as well as configure their SMS gateway credentials where the email/SMS gets delivered from the business account.
Customer 360 View
QuickBooks: As some of the actions are captured as notes plus the same is built with Accounting and bookkeeping in focus, the view rendered is ideal for accounting.
Maxyfi: Displays a detailed summary of customers, with details such as invoices, due and overdue payments, workflow action timeline, contact info, etc. This makes it your business easier to track and monitor each customer and collect the pending payments on schedule.
Real-Time Analytics and Dashboard
QuickBooks: Quickbooks offers rich analytics of Accounting and limited insights on the AR process.
Maxyfi: Maxyfi AR CRM with the power of underlying AR data and actions taken, Gives a rich and powerful dashboard that gives an insightful view of Overdue Summary, Aging Summary, DSO, Needs Action, Top Debtors, and also Customer Segmented view of the stages of collection they are in.
The Final Word
With back-to-back pandemics and recessions impacting the market, the cash flow for a company is more crucial than profitability. Therefore, companies need to automate their accounts receivable collection practices and switch from person-dependent activity to process-oriented activity which also ensures business continuity as well as multi-user collaboration.
With all these factors in focus, Maxyfi is designed to equip businesses to grow financially and boost their cash flow for their long functioning.
Hence, it's wise to choose the best for your business and maximize revenue!
Automate with Maxyfi and achieve optimum cash flow growth now!