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 programme, two subsequent instalments of 20% each, and then a final 10%. How do we automate this very complex instalment 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 authorised 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 the sending of tailored and automated invoice reminders via emails. Other Benefits include:
Reduce time spent and human error by eliminating the inconvenient task of coordinating multiple payments from various clients on various dates.
Provide a quick view of where each client is in the payment process, allowing for easier follow-up.
Ensure a more consistent cash flow resulting in better working capital management.
Applications and Systems that need to be integrated
CRM and Accounting has to be integrated in order to send tailored and automated invoices reminders via email to sales and the 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 inconvenience of managing different payments from different clients on different dates, reducing time spent and human error. Gridlex App Suite provides an instant view of exactly where any one client was in the payment process, facilitating follow-up and ensures more predictable cash flow and therefore improved ability to plan.