How to Automate Multiple Installments Paid by Different Customers on Different Dates?

Posted In | CRM | Finance | Accounting Software

If an organization has to manage incoming payments in the form of multiple instalments at different stages, for instance, different clients paying a 50% deposit on booking for a touring program, two subsequent instalments of 20% each, and then a final 10%. How do we automate this very complex instalment account payment procedure in order to have a better understanding of each client's payment status? What information does a sales team have about the payment status to follow up? 


The Benefits of this Use Case

Automated invoicing is the process of scheduling invoices in advance to be issued automatically at a specified date and time. In order to initiate this process, there needs to be an integration between CRM and Accounting. Through this integration, a series of triggers can be created in the CRM. Depending on key dates, whenever a booking is confirmed, the first invoice in the series can be generated, and follow-up invoices can be generated according to the milestone dates specified. The invoices generated are triggered in the CRM and are ready to be authorized and sent out to clients by the accounts department. A notification can be pushed back into the CRM after invoices are paid. This allows the bookings and events staff, who did not have access to financial information, to keep track of payments and, if required, to follow up as well. This system also enables for sending of tailored and automated invoice reminders via emails. Other Benefits include:

 

  1. Reduce time spent and human error by eliminating the inconvenient task of coordinating multiple payments from various clients on various dates.

  2. Provide a quick view of where each client is in the payment process, allowing for easier follow-up.

  3. Ensure a more consistent cash flow resulting in better working capital management.

 

Applications and Systems that need to be Integrated

CRM and Accounting have to be integrated in order to send tailored and automated invoice reminders via email to sales and clients. 

 

How Gridlex’s Integrated App Suite Helps 

Gridlex assists organizations in automating as much of this complex process as possible to improve oversight of each client's payment status, save time and reduce the chance of human error. Gridlex’s integrated App Suite helps remove the inconvenience of managing additional payments from different clients on different dates, reducing time spent and human error. Businesses can use the CRM and accounting-integrated Gridlex to monitor customer payment status and send reminders or notifications when payments are overdue.  Gridlex App Suite provides an instant view of exactly where any one client was in the payment process, facilitating follow-up and ensuring more predictable cash flow and, therefore, the improved ability to plan.