Maxyfi vs Traditional Accounts Receivable Practice

You know what, many businesses are evolving in their accounts receivable solutions with a tragic advancement in technology. Yes, Automation is what we are talking about.  

In this article, we are going to brief you on the 5 major advanced benefits that you will get from transforming your traditional accounts receivable process into automation by implementing Maxyfi.  

 

Key Features that make Maxyfi a Better Alternative for Traditional Accounts Receivable Process 

• Easy Invoice Creation - With Maxyfi's built-in invoice generation, creating invoices has never been easier. 

• WhatsApp Notification - Use WhatsApp to notify your customers about late payments. 

• Customized Customer Portal - Increase customer trust with a customized portal. 

• Follow-up Call Recording - Using Twilio Cloud Telephony, you can now improve your follow-up calls. 

• Various Online Payment Options - Let your customers make payments using Seamless payment options. 

 

Sounds great. Isn’t it? 

You have come this far means, you are interested in knowing more and in brief about these advanced features.  

Buckle up to be amazed! 

 

1. Generate and Send your Own Invoices 

Our accounts receivable software, Maxyfi, has an "Easy Invoice Generation" function that streamlines your process of generating and sending invoices to your customers. With this feature, you can quickly and conveniently create both one-time and recurring invoices. 

To create an invoice, follow the steps  

• Select the customer for whom the invoice reminder should be sent, 

• add the products or services that you want to invoice for, 

• enter the payment terms and due date,  

• Also, add your company's branding and any other notes or remarks to the invoice. 

For detailed information, you can refer to this easy invoice generation manual and create your invoice easily.  

You can set up automated invoicing schedules for recurring invoices so that the application generates and delivers invoices regularly, such as monthly or quarterly. This saves you time and guarantees you receive your payment on time better than the traditional accounts receivable practice. 

Once the invoice is created, you can send it to your customer through email, letter, or other digital means. Maxyfi keeps track of each invoice's status and sends real-time updates on payments received, outstanding amounts, and other crucial indicators. 

Overall, this feature is a beautiful tool that streamlines your invoicing process, helps you get paid faster, and enhances your business's overall efficiency. 

 

2. WhatsApp your Invoice and Remind them of the Pending Payments 

The "WhatsApp Invoice Reminder" feature is a tool incorporated within our accounts receivable automation software, Maxyfi, that allows you to rapidly send invoice reminders and communicate with your customers using WhatsApp chat. 

Due to WhatsApp's popularity as a communication medium, sending invoice reminders through WhatsApp increases the open rate of your invoice reminder message to 90%, thereby increasing customer payments by more than 62% than the traditional invoice method. 

With this feature, you can easily send reminders to your customers about pending invoices via WhatsApp, which can assist streamline your collection process and enhance your customer experience. 

Maxyfi also lets you customize the message sent to your customers, including the invoice amount and due date, as well as the ability to attach the invoice directly to the message for ease. 

Overall, the "WhatsApp Invoice Reminder" is a useful resource for companies like yours that want to enhance their invoicing and customer communication processes. 

 

3. Customizable Customer Portal to Increase your Customer Response 

One of the best features of our accounts receivable software is the "Personalized Customer Portal," which enables you to create a customized customer portal for your customers to view and manage their invoices. 

As part of this feature, you can even customize your portal's color theme to match your company branding, which can increase customer trust and encourage prompt payment of invoices, a feature only available in Maxyfi – Accounts Receivable Automation Software. 

With this unique portal, your customers can view their: 

• outstanding invoices, 

• view payment history, 

• request additional time to pay, 

• contact you directly via mail.  

You can help establish a strong relationship with your customers and eventually increase your cash flow by offering them this quick and transparent approach to managing their payments. 

Customizing the portal's color theme is only one of the many ways our software can be modified to match your specific business requirements. With this feature, you can create a professional and unified design for your customer portal that is consistent with your brand identity, assisting in the strengthening of client connections and improving the bottom line of your organization. 

 

4. Enhanced Follow-up Calls with a Call Recording option 

Our accounts receivable software's "Follow-up Call Recording" function is intended to help you streamline your customer call follow-ups. With this feature, you can quickly make follow-up calls to your customers using cloud telephony technology. This means you can make phone calls straight from your computer without a real phone line. 

• During the call, the application automatically records the whole discussion, allowing you to examine it later for quality assurance or auditing purposes. 

• Moreover, the application lets you save any promises to pay the customer provided throughout the call. This information is saved in the system so you're able to simply refer to it in the future. 

• In addition, to call recording and promise to pay capture, the application sends customers automated reminders about their promises. This reminds the customer of their need to pay and can help improve the chances of fast payment. 

Overall, Maxyfi's "Follow-up Call recording" feature offers a full solution for managing client follow-up calls, capturing payment promises, and assuring responsibility for both you and your customers. 

 

5. Multiple Payment Channels to Boost Up your Customer Payment 

Multiple Payment Channels are a useful feature of our accounts receivable automation software. It helps your customers to pay their invoices quickly and conveniently using a range of online and offline payment methods, including credit cards and debit cards.  

• This feature simplifies the payment process, making it easier for your customers to make transactions and lowering the time and effort necessary for your business to collect payments. 

• You can cater to the payment preferences of different customers by providing numerous online payment channels such as Razorpay, Stripe, and MPESA, since some may choose to pay with Razorpay while others prefer other channels.  

• This feature also improves your revenue collection process by lowering the possibility of late payments, allowing you to receive payments quickly, and boosting your organization's cash flow. 

Overall, several Payment Channels options incorporated into our accounts receivable automation software is a useful and efficient tool that streamlines the payment process for customers while increasing income for your company. 

 

Final Thoughts about Maxyfi 

Inevitably, Maxyfi can provide significant assistance in a variety of ways. It can help you increase the efficiency and accuracy of your accounts receivable process, resulting in better cash flow management and customer relations. 

It can also help you reduce the chance of errors and miscommunication, as well as give useful insights and data to assist you in making better business decisions. 

Overall, implementing our Accounts Receivable Automation Software - Maxyfi can give you and your company with the advantages outlined above. Please visit Maxyfi's blogs to learn more.