Why we built Maxyfi? The pain, every organization can feel!

Have you ever gotten stuck because there are so many payment dues for your business? Ever screamed for a solution to meet those accounts receivable problems?  

It is something that every small and medium-sized organization can relate to!  

I assure you that you won't find it boring!! Because I'm going to narrate what pushed us to build Maxyfi.  

 

The Accounts Receivable Pain of Every Organization!  

A throwback to those nostalgic days, when we struggled to recover the accounts receivable from our customers.  

The long journey started 3 years ago when we were doing a service-based business. We used to provide service to our customers and then raise an invoice with the payment term as 30 Days. So basically, we assisted the credit-invoicing method.  

Our primary focus was on delivering the service and not on following up on the payments. As the days passed, we forget to track the payment dues and our Daily Sales Outstanding (DSO) just shot up like a rocket. This pushed our business to a tight spot and increased the risk of running out of cash flow.  

Accounts receivable is a critical component of any organization's financial health, reflecting the money owed by customers or clients for products or services given but not yet paid for. While accounts receivable may be a vital source of cash flow, organizations confront several frequent issues and pain points when handling this aspect of their finances.  

• Late Payments: Late payments are one of the most significant concerns that businesses confront with accounts receivable. Many customers may fail to pay on time, producing a delay in payment and potentially causing cash flow problems for the organization. Late payments can also be a symptom of a customer's wider financial troubles, which might be worrying for the organization.  

• Disputed Invoices: Another difficulty with accounts receivable that organizations confront is disputed invoices. When a customer disputes an invoice, determining the source of the dispute and resolving the issue can be difficult, resulting in a payment delay. Dispute resolution may be time-consuming, diverting valuable resources away from more vital duties.  

• Incorrect Invoicing: Incorrect invoicing could also be a concern for organizations. Invoicing mistakes, such as improper invoicing addresses, missing or wrong accounting records, or incorrect pricing, can cause payment delays and more work for the organization to resolve. Incorrect invoicing can potentially harm customer relationships by making the organization look unprofessional or irresponsible.  

• Cash Flow Management: Controlling cash flow can be difficult for businesses, especially if they have a big number of outstanding invoices. If the organization does not have enough cash flow, it may struggle to pay bills, make wages, or invest in new projects. Ensuring that payments are made on time may be crucial for managing cash flow, making good accounts receivable management system essential.  

• Collections: Collecting money from unpaid customers may be a challenging and unpleasant task. To recover overdue debts, businesses may need to use collection agencies, legal action, or other methods. These steps can be time-consuming and costly, and they can harm the organization's connection with its customers.  

To conclude, an accounts receivable management system may be a difficult and time-consuming operation for organizations. Late payments, disputed invoices, incorrect invoicing, cash flow management, and collections are just a few of the major issues and pain points that businesses face. Accounts receivable management is crucial for preserving financial stability, regulating cash flow, and assuring the organization's long-term success.  

 

Accounts Receivable Problem: The Root Cause!  

We appointed a specialist to track the customer on payments. However, the results were not expected. We ran short of time. So, we decided to investigate the root of this issue. When we dug deeper, we found the reason that we needed to catch up in our follow-up strategy.  

We didn't follow the practice of sending casual reminders, ad-hoc timing of reminders, and not following up when there is a promise breach or resolving when there is a dispute.  Also, we didn't conduct any regular audits for the receivables, so we didn't have any track. Add to this is the covid situation! So, we could not reach our customers personally.  

We clearly understood that we need software to make it better. It should be a one-stop solution. With that, we should be able to see the overall status and audit what follow-up is happening. We found some software that is offered to businesses and some automation software that charges up to 10% of our billing value as fees. This will eat up our margin. Again, we're struck!!  

In the end, we understood that every small, medium, and large business needs an easy-to-use application that should be cost-effective as well. 

 

Maxyfi – The Solution!  

We all search for a solution only when we are afflicted!! That's exactly what we did.  

We just had one thought! "If we can't find a solution, why don't we build one?"  

So, we took a step ahead and met hundreds of Accounts Receivable consultants. We inquired them about what they do and the struggles they go through while recovering the receivables.  

We joined hands with a field expert to give some functional insights and started our journey of building the best Account Receivable automation software - Maxyfi.  

 

Accounts Receivable Automation Software – As a solution  

1. Faster and easier Invoicing:    

While manually preparing and sending invoices to customers, you may feel like time has passed and you have gone forward.  

The time wasted is irreversible. As a result, you must exercise caution in how you spend your time. Particularly for business entrepreneurs like you.  

Accounts Receivable Automation enables you to create and deliver invoices fast and precisely without the need for human data input or paper-based processes. As a consequence, you will collect payment sooner since your customers will receive their invoices more quickly.  

 

2. Enhanced Accuracy:    

A lack of insight into your accounts receivable process produces a host of account management issues.  

This can be caused by a variety of factors, including  

• inefficient record-keeping  

• a lack of communication with customers,  

• Receivables management and monitoring systems and processes are ineffective.  

It can also lead to customer confusion and disagreements, as well as financial losses for your business.  

Automation reduces the likelihood of invoicing issues such as incorrect pricing or repetitive payments. This might help you prevent disputes and ensure the accuracy of your accounts receivable.  

 

3. Improved payment monitoring:    

Most arguments arise as a result of your failing to notice the customer's payment and sending several invoice reminders to the customer. In such a situation, the customer may grow annoyed, raising the prospect of a disagreement. This happens because your payment tracking system is inefficient and manual.  

Accounting software may help you keep track of which invoices have been paid, which are past due, and which are set to be paid. This will help you focus your collection activities while also enhancing your cash flow.  

 

4. Increased Effectiveness:    

It automates a range of manual activities in terms of accounts receivable automation, such as  

• creating invoices  

• Payment tracking,  

• Accounts must be reconciled.  

Automation may save you time and make your accounts receivable team perform more efficiently. This frees up your time for other responsibilities, such as market analysis, and allows you to better manage your cash flow.  

Overall, automating your accounts receivable process may help you get paid more quickly, reduce errors and disputes, and improve the efficiency and effectiveness of your invoicing and collection processes.  

 

How Maxyfi Can Make Your Life Easier?    

 

1. Easy to Use   

We primarily focused on one thing. The product should be easy-to-use and the customer should be able to use it without any assistance.  

 

2. Intuitive Dashboard Set up  

Giving the correct view to executives is the most critical one for taking the right decision. With our Accounts Receivable Dashboard, you can easily get actionable insights with links right there guiding the user on the next steps to be carried on.    

 

3. One-Click Integration Process    

AR automation software consumes data from Billing systems and the data movement should be so simple that even a business person should be able to connect his billing system easily and start his activity.  

 

4. AI-powered Collection Engine   

We've built a collection engine that is powered by the most powerful intelligent logic to keep the system looking so easy and guide the user on what's the next step.  

 

5. Powerful Collection Strategies   

Our Maxyfi comes up with a pre-loaded collection strategy that's proven best in reducing DSO for organizations worldwide. You can customize it to your needs on the go.  

 

6. Standardized Dunning    

Our pre-loaded Dunning messages can be customized to your needs. You can configure the level of rigor you want to apply. That's easier than you think.  

 

7. Integrated Communication Channels   

Witness a complete track of your Call, SMS, Email, and Letters with our application. We've integrated everything under one platform and you can send this automated data and the audit is stored for multi-user reference.  

 

8. Pricing that works for all   

We wanted to give you value not a business. So, we're going to start with our freemium plan and enjoy a wide range of benefits. You can upgrade to premium as your demand grows at any point in time.  

  

As I said earlier, we wanted to give you a solution, not business!!  

All that we yearned for is to empower the financial people of the organization with the right insights, right dunning strategies, and intelligent tools which will help to recover the accounts receivable super efficiently.  

Let's optimize the collection of accounts receivable together as one team with Maxyfi! If you want to learn more about Maxyfi, get over to Maxyfi Blogs and have a lot of your questions answered.