Managing outstanding invoices and prioritizing urgent payments can feel like a constant uphill battle, eating into valuable time and energy. We get it – no one lives for the task of chasing payments. Plus, keeping on top of your bills without causing cash flow shortages isn't always easy. But what if cash management didn't have to be so difficult?
Our engineers have introduced powerful new updates to Cash Manager that will transform how you handle receivables and payables. Now, you can send reminders to customers with unpaid invoices effortlessly, streamlining your follow-up process and improving your cash inflow. On the flip side, we've launched Cash Flow Assist to give you an immediate, clear overview of your upcoming bills, helping you identify and prioritize urgent payments with ease - without leaving your cash flow in the red.
Let's explore how this works.
Easily share invoice payment reminders 🚨
In the Cash In section of Cash Manager, you can send once-off reminders to customers or clients who haven't paid their invoices. You can set these up to send immediately or in 12 hours' time.
How does this work? 🧐
To get started, simply click on the bell icon next to the customer's name under the Due column to create the reminder email. If you'd like to schedule the email to send in 12 hours' time, click on the drop-down arrow next to "Send now" and select "Send 12 hours from now."
Pro tip 💡: If you've sent an email to this customer previously, the email address you used previously will automatically populate.
You can send reminder emails to up to eight customers, with the option to CC different email addresses.
Note 📝: The email's reply-to address cannot be edited.
If you hover over the bell icon in the Due tab, you will be able to see if any reminder emails have been sent. If an email has been scheduled, the bell icon will change to a light blue color. Once the email has sent, the bell will become dark blue.
Pro tip 💡: The hover function will also let you see if the reminder email can be edited if it has not yet been delivered. You'll be able to access the unsent email to edit or delete it. You can also see how many emails you have sent to the customer regarding that particular invoice.
This is really useful for following up on outstanding invoices, helping you to avoid cash flow crunches in the future.
Pay your bills smartly 💸
In Cash Out, you can use Cash Flow Assist to filter your bills according to those that you should prioritize paying. If you hover over the stars icon, Cash Flow Assist will give you a suggestion to improve your cash flow. For example, it might tell you that the bill you are looking at is one of your largest bills and you should pay it as soon as possible to avoid penalties and interest.
We've changed "expected date" to "due date" to help you stay on top of your upcoming bills. Moreover, you can now choose to increase/decrease the date on which you'll pay the bill based on the due date. You can also make adjustments to an invoice or bill that then apply to all invoices and bills related to that contact.
Unlock cash flow suggestions 💫
Most excitingly, cash flow suggestions have been added to the bills table to help you stay on top of your biggest and most pressing bills. There are 3 types of cash flow suggestions:
If you have a large bill - within the top 10% in terms of amount - this will be flagged and Syft will give you a payment suggestion in accordance with when you normally pay this bill.
If there is a bill due on a day that has a negative cash flow, Syft may suggest that you move payment to an earlier day to keep your cash flow positive.
If there is a bill that causes your overall cash balance to become negative, Syft may suggest you pay it later to keep your cash flow positive.
It's never been easier to pay bills at the time that makes most sense in terms of your cash flow management.
Closing thoughts 💭
With these new features in Cash Manager, you're empowered to take control of your financial operations like never before. Say goodbye to missed payments and wasting precious hours on manually tracking invoices. By setting up invoice reminders and gaining insightful suggestions into your payables, you'll free up valuable time and mental energy that can be redirected toward strategic growth and core business activities.
So, what are you waiting for? Try the new features in Cash Manager today.