ezyCollect, the online system that automates invoice chasing, now works with MYOB Essentials.
If you don’t require your customers or clients to pay on the spot, sooner or later some of them will fail to meet your credit terms. That can have a serious effect on your business, as it may prevent it from meeting its own financial obligations, possibly resulting in liquidation.
Late payments are common, and Australian organisations pay later on average than their counterparts in China, South Africa, the UK and the US.
Chasing payments is time consuming and stressful – it’s hard for sole traders to confront debtors one day and then try to sell to them the next – but we've started to see accounting software such as Xero offering tools to help automate and therefore depersonalise the process.
ezyCollect provides more extensive facilities, bringing big business methodology to small business owners who have the same cash flow concerns as larger companies but frequently don’t have the resources to consistently chase outstanding invoices, according to managing director AJ Singh.
“Small business owners are busy and stressed out. They can’t afford to lose a day a week chasing money that is owed to them. ezyCollect gives small businesses an affordable solution with two major returns that are typically in short supply: time and money,” he said.
ezyCollect already works with Xero, MYOB AccountRight and MYOB EXO, and now MYOB Essentials has been added to the list of supported accounting systems.
“Every small business that has done the work and issued the invoice has the right to be paid on time. Resources are few and far between in any micro or small business, so being able to automate the time-consuming task of accounts receivable can free up man hours for performing other essential tasks such as sales and business development,” said SIngh.
Consultant Paolo Coniglio has been working with small businesses using a beta version of ezyCollect on MYOB Essentials.
“My SMB clients immediately noticed a change in their existing customers’ behaviour after implementing ezyCollect,” he said. “All of a sudden, debtors were the ones calling to negotiate payments terms, rather than the other way around. The effect on new customers was even stronger; having ezyCollect setting the standard made it clear from the outset that the business ran a tight ship, and new customers always paid on time.
“I had one of my clients call me to say that their debtor account had been cut down by up to 60 percent, and that their cash flow was healthier than ever.”
A 30-day free trial of ezyCollect on MYOB Essentials is available. A launch offer to the first 1000 new customers gives three months free followed by $19 per month. Normal prices start at $30 a month ($25 if billed annually) for up to 20 debtors.