Common challenges for most businesses in the Small and Medium Enterprise (SME) space are sales and managing receivables. This happens because of reasons such as everyday activities like sales and firefighting getting priority, leaders being too busy to be able to hold the responsible people accountable, and lack of tools to help leaders predict short-term cash flow.
All this means debt collection and managing receivables becomes a huge challenge to streamline for the business. The resulting lack of cash flow not only restricts the business from adding new and innovative products to its offerings but also makes it difficult for the business to remain profitable.
Despite this problem existing for over a decade, most businesses have had little choice but to put up with it every day. But not anymore.
The Integrated Receivable Management Solution
Most SMEs use Tally as an ERP-cum-CRM tool to manage accounts. While Tally has many features to manage accounts and finance, one aspect missing is the ability to predict, manage and track receivables.
Tally ERP tracks receivable based on the due date, but in India, receivables are seldom received on due-dates. There is a need for something more flexible.To address this, Enjay IT Solutions Ltd. has integrated their CRM with Tally, offering a
Receivable Management System (RMS) that has turned out to be very popular among customers for various reasons. Some benefits of the RMS are:
- Real-Time Receivables Information
People managing receivables need real-time information about customers’ outstanding dues and provide them with ledgers if requested. Rather than waiting to get to the office to do this, vendors can share information like outstanding amount, bill-wise charges, ledgers and more through Enjay’s CRM synced with Tally directly from their mobile phones.
- Unique Receivable Dashboard
SME owners want to know, day wise receivable and person wise receivable. Person wise because there are more than a few persons responsible for collection.RMS Dashboard (on Web and Mobile) shows receivables based on expected Days, e.g.Today, Tomorrow, next 7 days, next 30 days and so on. The second dashboard shows collector-wise receivables.
- Keeping Sales Teams Mobile
Since the Receivable Management System is available on a mobile app, salespeople no longer need to do administrative tasks like information sharing from the office. They can do so on the go and continue to do revenue-generating activities.
- Logging Follow Ups
Salespeople can log activities they’ve conducted to follow up on outstanding dues, and can also log actual receivables dates as against the promised dates. This enables business leaders to predict more accurate cash flow in the short term and take decisions accordingly.
- Omni-Channel Communication
The RMS tool allows users to send information from any screen – reminders, bill-wise or location-wise details, ledgers, etc. – directly through WhatsApp, email, or SMS using the party’s contact details mentioned in Tally. This brings downtime spent on rework drastically
and allows people to invest it in more productive tasks.
