<p>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.</p>

<p>But this is where it lies short.</p>

<p>It cannot fulfill all the needs of <strong><a href="http://www.maxyfi.com">Accounts Receivable Automation</a></strong> software and that&#39;s where <strong>Maxyfi</strong> steps in!</p>

<p>Maxyfi, an<strong> <a href="https://www.maxyfi.com/account-receivable/features">accounts receivable automation software</a></strong>, is designed to empower small to mid-size businesses with efficient collection strategies, powerful workflows, and customizable templates!</p>

<p>With AR automation, Maxyfi aims to help businesses recover pending debts like no other!</p>

<p>Let&#39;s look at why you need AR automation and how it can assist your business -</p>

<h2>&nbsp;</h2>

<h2><strong>Prioritized List</strong></h2>

<p>QuickBooks:&nbsp;&nbsp;Prioritized action list is prepared by the user by exporting the data to spreadsheets and manually analyzing the data.</p>

<p>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!</p>

<h2>&nbsp;</h2>

<h2><strong>Automated Reminders &nbsp;</strong></h2>

<p>QuickBooks:&nbsp;&nbsp;Provides up to 3 automatic invoice reminders with restricted customization options.</p>

<p>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!</p>

<h2>&nbsp;</h2>

<h2><strong>Workflow Management</strong></h2>

<p>QuickBooks: Automated workflow management comes with fewer features to individualize to each client&#39;s needs, making it difficult for businesses to prioritize important pending invoices to follow up.</p>

<p>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.</p>

<h2>&nbsp;</h2>

<h2><strong>Dispute Management &nbsp;</strong></h2>

<p>QuickBooks: Uses CRM ticketing system to handle disputes.</p>

<p>Maxyfi: Handles disputes efficiently without losing on unrecoverable debts. Also helps boost effective conversations and good customer experience.</p>

<h2>&nbsp;</h2>

<h2><strong>Promise to Pay Requests</strong></h2>

<p>QuickBooks: No dedicated option to capture Promise to Pay options. A promise made by the customer is generally captured as Notes.</p>

<p>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&nbsp;pay. Maxyfi AR CRM has the best promise tracking tool and integrated follow-up communication mechanism.</p>

<h2>&nbsp;</h2>

<h2><strong>Call Back &nbsp;</strong></h2>

<p>QuickBooks: This does not provide the customers the option of contacting back.</p>

<p>Maxyfi: Features a Call Back option in its customer portal for customers to reach out easily.</p>

<h2>&nbsp;</h2>

<h2><strong>Outbound Email &amp; SMS&nbsp;</strong></h2>

<p>QuickBooks: Does not provide a business email or phone number for sending follow-ups or messages</p>

<p>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.</p>

<h2>&nbsp;</h2>

<h2><strong>Customer 360 View</strong></h2>

<p>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.</p>

<p>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.</p>

<h2>&nbsp;</h2>

<h2><strong>Real-Time Analytics&nbsp;and Dashboard</strong></h2>

<p>QuickBooks: Quickbooks offers rich analytics of Accounting and limited insights on the AR process.</p>

<p>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.</p>

<h3>&nbsp;</h3>

<h3><strong>The Final Word</strong></h3>

<p>With back-to-back pandemics&nbsp;and recessions&nbsp;impacting&nbsp;the market, the cash flow for a company is more crucial than profitability. Therefore,&nbsp;companies need to automate their accounts receivable collection&nbsp;practices and switch from person-dependent activity&nbsp;to process-oriented activity which also ensures business continuity as well as multi-user collaboration.</p>

<p>With all these factors in focus, Maxyfi is designed to equip businesses to grow financially and boost their cash flow for their long functioning.&nbsp;</p>

<p>Hence, it&#39;s wise to choose the best for your business and maximize revenue!</p>

<p>Automate with&nbsp;<strong>Maxyfi</strong>&nbsp;and achieve optimum cash flow growth now!</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Every accounting software has its own advantages and disadvantages. Find out why Maxyfi's AR automation software stands unique compared to QuickBooks.

Maxyfi | AR Automation Vs QuickBooks Reminders 

Every accounting software has its own advantages and disadvantages to it. Here, let's find out why Maxyfi's accounts receivable automation software stands unique compared to QuickBooks reminders. 

AR Automation Vs QuickBooks Reminders

<p>An <strong>Accounts Receivable Dashboard</strong> is the most powerful one-stop option that provides users with total visibility of Overdue Invoices, Insights, Actions, and much more. The data is represented visually to quickly identify trends, outliers, and correlations. The dashboard also assists the user to analyze deeper by downloading a detailed report or navigating to the relevant section on click.</p>

<p>Let&#39;s discuss :</p>

<ul>
	<li>
	<p><strong>What is Accounts Receivable Dashboard?</strong></p>
	</li>
	<li>
	<p><strong>Why is the Accounts Receivable Dashboard important?</strong></p>
	</li>
	<li>
	<p><strong>What are the benefits of an Accounts Receivable Dashboard?</strong></p>
	</li>
	<li>
	<p><strong>Maxyfi&#39;s AI-Powered Dashboard</strong></p>
	</li>
</ul>

<h2>&nbsp;</h2>

<h2><strong>What Is an Accounts Receivable Dashboard?</strong></h2>

<p>An accounts receivable dashboard is a 360&deg; overview of all your accounts receivable data and real-time insights such as key performance indicators(KPIs) and reports.</p>

<p>It presents a clear understanding of your business&#39;s financial position, cash inflow status, and accounts receivable key metrics. It also identifies your top debtors and actions you need to take to follow up using visually appealing graphs, line charts, and donut charts.</p>

<p>An accounts receivable dashboard can help you gather in-depth insights into your business&#39;s financial capital, the rate of your collection efficiency, average <strong>days sales outstanding(DSO<a href="https://www.maxyfi.com/blog/days-sales-outstanding" target="_blank">)</a></strong>, <strong>aging of receivables</strong>, and other important metrics.</p>

<h3>&nbsp;</h3>

<h3><strong>Why Is the Accounts Receivable Dashboard Important?</strong></h3>

<p>The core of any business&#39;s functioning is its cash flow. To understand the business&#39;s cash flow growth and keep in check the working capital for the long run, it&#39;s important to have an accounts receivable dashboard that can provide in-depth insights into your accounts receivable collection.</p>

<p>An accounts receivable dashboard pulls all the data into clear and understandable graphs and charts in one place, making it&nbsp;easier for you to get your day-to-day tasks done. Even senior executives can easily track the metrics generated instantly, helping them with high-level financial reporting and decision-making better.</p>

<p>An accounts receivable dashboard offers real-time data insights and forecasting trends, improving visibility into the business&#39;s financial health and making it efficient to plan and strategize for future investments.</p>

<p>Without an accounts receivable dashboard, it can be difficult to keep a track of all the data while calculating important metrics, following up regularly, and collecting outstanding payments while lagging behind other important tasks.</p>

<p>That&#39;s why a dashboard is one of the most powerful yet efficient features built for optimal <a href="http://www.maxyfi.com"><strong>accounts receivable automation</strong></a>.</p>

<h3>&nbsp;</h3>

<h3><strong>What Are The Benefits Of An Accounts Receivable Dashboard?</strong></h3>

<ol>
	<li>
	<p><strong>Increased Transparency</strong> into your accounts receivable data, in a single, shared database with insightful metrics and reports.</p>
	</li>
	<li>
	<p><strong>Improved Working Capital</strong> by recovering bad debts faster and keeping your business cash inflow in check.</p>
	</li>
	<li>
	<p><strong>Efficient Collection Practices</strong> to collect outstanding and due invoices on time by setting up suggested workflows and taking needed actions to follow up regularly.</p>
	</li>
	<li>
	<p><strong>Productive Workforce</strong> by making tracking and monitoring automated with instant reports and saving time to focus on other strategic tasks such as improving customer experience.</p>
	</li>
</ol>

<h3>&nbsp;</h3>

<h3><strong>Maxyfi&#39;s AI-Powered Dashboard</strong></h3>

<p>Maxyfi&#39;s AI-Powered Dashboard provides a financial summary of all the outstanding, due and overdue invoices. This can give an idea of your cash flow growth to scale up your business and ensure that you are proactive in accounts receivable collection to avoid unpaid invoices, bad debts, or credit risks.</p>

<p>The intuitive dashboard offers an aging summary graph with the aging timelines against the USD. You can instantly generate the aging report by downloading it. It also displays the Average Days Sales Outstanding (DSO) near the graph. This helps you figure out the average time taken to collect your receivables so that you can plan workflows and schedule follow-ups accordingly.</p>

<p>There is a table of actions to understand which actions needed to be implemented for follow-up. Once you click on a row, you will be taken to the list of customers in which the actions must be taken. This makes it efficient to achieve a clear and visual view of follow-ups for specific customers.</p>

<p>Maxyfi&#39;s dashboard owns a unique donut chart curated with all the custom actions to help you understand where each customer&#39;s payment or workflow status stands. This is a visual representation of all your customers&#39; actions in one place to understand the efficiency of your <a href="https://www.maxyfi.com/accounts-receivable-pricing">accounts receivable management</a>.</p>

<p>The dashboard also provides a list of top debtors that can help you prioritize follow-ups effectively.</p>

<p>Maxyfi&#39;s dashboard is an efficient feature designed to make your work easy and productive while saving time to focus on other strategic tasks. The real-time dashboard keeps you updated on all the data in one place while delivering insightful metrics and reports to you.</p>

<p>Try <strong>Maxyfi</strong>&#39;s unique dashboard and see the wonders it can bring to your <a href="https://www.maxyfi.com/accounts-receivable-pricing">accounts receivable management</a>!</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


An accounts receivable dashboard is built for optimal accounts receivable management. Read the blog to explore more about Maxyfi's AI-powered dashboard.

Maxyfi | AI-Powered Accounts Receivable Dashboard

An accounts receivable dashboard is one of the most powerful yet efficient features built for optimal accounts receivable management. Read the blog to explore why Maxyfi's AI-powered dashboard stands unique compared to others.

AI-Powered Accounts Receivable Dashboard 

<p>An aging report is a document that provides the unpaid invoices as well as the duration for which the accounts receivable are outstanding. It helps you to monitor and manage the due and overdue payments as well as track slow-paying customers.</p>

<p>In this article, we&#39;ll discuss in detail :</p>

<ul>
	<li>
	<p><strong>What is Accounts Receivable Aging Report?</strong></p>
	</li>
	<li>
	<p><strong>Why is an Aging Report important?</strong></p>
	</li>
	<li>
	<p><strong>How to prepare an Aging Report?</strong></p>
	</li>
	<li>
	<p><strong>How can an Aging Report help your business?</strong></p>
	</li>
</ul>

<h2>&nbsp;</h2>

<h2><strong>What is Accounts Receivable Aging Report?&nbsp;</strong></h2>

<p>&#39;<em>Aging</em>&#39; here refers to the process of organizing accounts receivable by their due payment date. It is called an aging report as it provides the total outstanding accounts receivable sorted into their age categories.</p>

<p>As we know, accounts receivable are the debts owed to the company that provides their customers services/products on a credit. Therefore, business companies and organizations prepare aging reports regularly to help them collect their receivables as quickly as they can.</p>

<p>Aging reports can vary in detail with different businesses, although the purpose remains the same. The outstanding <a href="https://www.maxyfi.com/">accounts receivable</a> are sorted into columns depending on the company&#39;s aging schedule such as 1-15 days, 15-30 days, 30-45 days, etc.</p>

<h2>&nbsp;</h2>

<h2><strong>Why is an Aging Report important?&nbsp;</strong></h2>

<p>As a business, you need to stay on top of your cash flow as well as manage your company&#39;s finances. Therefore, it is important to prepare aging reports that can help you monitor outstanding receivables and keep track of your customers.</p>

<p>Receiving your collections late can be an issue for your business as they can interrupt the cash flow. According to a recent survey, it has been found that 93% of businesses have suffered from late payments, causing a disruption to their cash flow where 40% of them had to delay payments to their suppliers. This could impact your supply chain and you will not be able to afford supplies for your business to grow.</p>

<p>Therefore, aging reports can help you know when to stop providing services/products to customers before late payments become an issue and you will write them off as bad debts. It will make identifying bad credit risks to your business easier and save your finances.</p>

<p>Aging reports can help you analyze your customers&#39; payment history and track their late payments to adjust the collection practices to improve the debt recovery rate and average <strong>DSO</strong>. This can also aid in aligning the invoice timeline to your customer&#39;s payment history.</p>

<h2>&nbsp;</h2>

<h2><strong>How To Prepare An Aging Report?&nbsp;</strong></h2>

<p>To prepare an aging report, you will need details such as your customers&#39; names, their outstanding balance amounts, and aging timelines.</p>

<p>Start with reviewing all the outstanding invoices. Sort them according to their outstanding due amounts as well as the number of days their invoices are due. You can customize these details as per the aging schedule requirements.</p>

<p>You can refer to this common aging schedule chart here to prepare an aging report:</p>

<p>&nbsp;</p>

<table>
	<tbody>
		<tr>
			<td>
			<p>Time Interval</p>
			</td>
			<td>
			<p>Due Date</p>
			</td>
		</tr>
		<tr>
			<td>
			<p>Due</p>
			</td>
			<td>
			<p>Due on the same day</p>
			</td>
		</tr>
		<tr>
			<td>
			<p>0-30 Days</p>
			</td>
			<td>
			<p>Due within 0-30 days</p>
			</td>
		</tr>
		<tr>
			<td>
			<p>31-60 Days</p>
			</td>
			<td>
			<p>Due within 31-60 days</p>
			</td>
		</tr>
		<tr>
			<td>
			<p>61-90 Days</p>
			</td>
			<td>
			<p>Due within 61-90 days</p>
			</td>
		</tr>
		<tr>
			<td>
			<p>&gt;90 Days</p>
			</td>
			<td>
			<p>Due after 90 days</p>
			</td>
		</tr>
	</tbody>
</table>

<p>&nbsp;</p>

<p>Once you have prepared an aging report, you&#39;ll be able to monitor late-paying customers and their outstanding dues. This will then make it easier for you to take the next action, whether to send a follow-up invoice or withhold your services till the dues are cleared.</p>

<h2>&nbsp;</h2>

<h2><strong>How Can An Aging Report Help Your Business?&nbsp;</strong></h2>

<p>Here are 5 ways an aging report can help maintain your company&#39;s finances and stay on top of your cash flow.</p>

<h3><strong>Let Go Of Non-Paying Customers</strong></h3>

<p>With an aging report, you can easily monitor the customers who regularly struggle to pay or do not pay their dues. Hence, it&#39;s best to discontinue providing them with your services/products and stop cash flow delay to your business.</p>

<h3><strong>Identify Bad or Doubtful Debts</strong></h3>

<p>Businesses can use an aging report to identify bad and doubtful debts which include dues that may not be collected. These bad debts should be identified and written off in financial statements for each period.</p>

<h3><strong>Improve Your Credit Terms &amp; Policies</strong></h3>

<p>If you notice a significant number of bad debts or customers with overdue payments during a period, then you might need to revisit your credit terms and policies. You will have to make the required changes in it as per the industry standards so that you don&#39;t face this situation again. Also, make sure to review the dunning workflows and follow-up strategies you use.</p>

<h3><strong>Actively Focus On High-Paying Customers</strong></h3>

<p>You can gain insightful information about your customers&#39; payments with an aging report. With the information in hand, you can filter customers who owe you the most payments and focus more on following up with them regularly.</p>

<h3><strong>Modify Your Collection Strategies</strong></h3>

<p>An aging report can help plan and strategize your collection practices better. It will help you track older receivables and analyze unpaid invoices. You can alter your collection methods so that you get your outstanding dues on time.</p>

<p><strong><a href="http://www.maxyfi.com">Accounts Receivable Automation</a></strong> Software like <strong>Maxyfi</strong> can help improve your collection strategies, making them efficient and effective. They also provide customizable templates and embedded payment systems, making debt recovery faster and easier.</p>

<p>Speaking of aging reports, Maxyfi provides a rich intuitive dashboard where you can monitor and generate an aging report or summary in just a few minutes!</p>

<p>To automate with Maxyfi, <strong><a href="https://id.maxyfi.com/auth/realms/maxyfi/protocol/openid-connect/auth?client_id=mx-bs-fe&amp;redirect_uri=https%3A%2F%2Fapp.maxyfi.com%2F%3F_gl%3D1*mdfatx*_ga*NzQzOTA5NzQ5LjE2NjE3NzA3OTA.*_ga_ZSR29M9FZD*MTY2NzYyNjQ3Ni42MS4xLjE2Njc2MzAzODkuMC4wLjA.&amp;state=83129eca-77e1-480a-84be-4544a4f6fe7c&amp;response_mode=fragment&amp;response_type=code&amp;scope=openid&amp;nonce=6d442d7c-08f2-469f-8d47-3c69751aa3c0" target="_blank">Get started here</a></strong>.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Here's an in-depth guide to an aging report that can help you monitor outstanding dues and manage your accounts receivable collection.

Maxyfi | Accounts Receivable Aging Report 

Accounts Receivable Aging Report

<p><strong>Days Sales Outstanding</strong> which is better known as DSO is one of the important metrics to be noted by every finance team and CFO. But they are mostly ignored until the accounts receivable of a company turn into a threat to the company&#39;s cash flow.</p>

<p>Please don&#39;t make the same mistake!! Because <strong>&quot;Prevention is better than cure&quot;</strong>.</p>

<p>First, let&#39;s clear the view on DSO!</p>

<h2>&nbsp;</h2>

<h2><strong>What is DSO?</strong></h2>

<p>In contrast to most financial metrics, it is not measured in dollars. It is expressed in days. A company&#39;s average collection time is the number of days it takes to collect payment on a sale. It is the amount of time it takes to collect payment from your customers.</p>

<p>This is a good way to determine whether you have been too lax in collecting payments, which can impact your liquidity, or if you are too rigid, which might dampen sales.</p>

<h2>&nbsp;</h2>

<h2><strong>Why DSO of a company is so important?</strong></h2>

<p>As well as being used for measuring an Accounts Receivable operation&#39;s effectiveness, it can also be used to examine a company&#39;s cash flow or even customer satisfaction. It is a highly effective metric that can be applied to a variety of applications.</p>

<p>Cash flow problems can be signaled early by this indicator. In addition to paying its bills, your business is likely to do so regularly. You may not be able to pay regular expenses or make capital improvements if your DSO keeps increasing. Increasing headcount can be difficult if you don&#39;t have the funds on hand to cover the additional expense.</p>

<p>DSO increases can lead to a decrease in customer satisfaction. If your product isn&#39;t providing a meaningful impact, customers are less likely to pay on time to avoid suspension of service.</p>

<h2>&nbsp;</h2>

<h2><strong>DSO on the Customer base</strong></h2>

<p>A company may choose to offer larger customers more favorable terms. It is possible, for example, to request payment from a large account within 60 or 90 days, while requesting payment from a smaller account within 30 days. One or two such accounts can increase the amount of time that your sales go uncollected on average.</p>

<p>In general, you&#39;ll want your DSO to fall within 20 percent of your standard policy. For example, if you request payment from a typical customer within 30 days, 36 days should be your maximum target.</p>

<h3>&nbsp;</h3>

<h3><strong>How to improve your company&#39;s DSO?</strong></h3>

<p>You can also consider providing incentives, improving your dunning and chasing, or making some simple changes to your invoice templates. The most important thing is to make your A/R operation efficient so that customers will be able to pay.</p>

<p>You can make your accounts receivable more responsive to customer needs and update your strategies easier by automating them. <strong><a href="http://www.maxyfi.com">Accounts Receivable Automation</a></strong> will make your business more efficient and effective. The quickest way to offer incentives for early payments or send chase letters is to automate the process.</p>

<p>Furthermore, modern customers are used to being able to make payments quickly and easily. Ensure that your customers can access their payment portal and pay through a variety of methods, keeping up with your competitors. Remove as many barriers as you can.</p>

<p>It allows you to understand accounts receivable better than most other equations, which is why DSO is the gold standard of accounts receivable metrics for many companies. Although it may not be of the utmost importance to your business, you should at the very least track it and try to find the ideal number.</p>

<h3><strong>Maxyfi - A partner to take care of your DSO! </strong></h3>

<p>Your company&#39;s DSO is completely reliant on your accounts receivable. In that case, you have to manage the accounts receivable of your company in a streamlined manner.</p>

<p>That&#39;s where the Maxyfi will help you. Just integrate your cloud accounting books with our application and witness the wonders.</p>

<p>We&#39;ll send reminders to your customers through various communication channels, form powerful collection strategies and help you to recover your<a href="https://www.maxyfi.com/"> accounts receivable</a> within the payment terms.</p>

<p>Adopt yourself to this AI world, and save your time. Believe in Maxyfi&#39;s strategies. We&#39;ll ensure your balanced accounting.</p>

<p><strong>Maximize your finance with Maxyfi!</strong></p>

<p>Follow our <strong><a href="https://www.maxyfi.com/blog" target="_blank">blogs</a></strong> regularly for more accounting tips.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


DSO is essential to understand and measure the accounts receivable of a company! Read the blog and know more about how to calculate DSO.

Maxyfi | Days Sales Outstanding

DSO or Days Sales Outstanding is essential to understand and measure the accounts receivable of a company! Read the blog and know more about how to calculate DSO.

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