What’s the most important aspect for a business? If you said sales, you’d only be partly correct. The most important aspect for a business to survive and thrive is cash flow. This makes Receivable Management solution for tally on mobile (or collection of outstanding dues) one of the most critical aspects for all Small and Medium Enterprises (SMEs) since most of their transactions are on credit.
Yet, managing receivables often gets neglected or takes a back seat in the functioning of most businesses.
Why Receivables Management is Tough for Businesses?
There are many reasons for this. The three most common ones are:
- Everyday activities like sales and firefighting get priority because they’re easier to do
- Leaders get caught in the daily grind and cannot hold the people responsible for the task accountable
- Leaders are unable to predict short-term cash flow through receivables because they don’t have access to data on the same
The most common ERP-cum-CRM used for managing accounts by SMEs is Tally ERP. Although Tally Solutions Pvt. Ltd, the company that builds the Tally software, does not provide a mobile app, various third-party applications provide the same.
The architecture of Tally on mobile is generally as follows:
- The data in Tally is synced to a cloud service with the help of a Local Desktop Application
- The mobile app connects to this cloud service
- Some mobile apps offer access to data offline while others don’t
Thus, Tally becomes available as a mobile app to users. However, what gets offered in these mobile apps differs from developer to developer. Also, users do not have the option to store actual receivable dates as compared to due dates, or get salesperson, area, and data wise sales reports. This is why they face the above mentioned challenges as far as collecting outstanding dues is concerned.
Here is A Definitive Guide to Receivable Management
You can get mobile functionality and the option to easily track and manage receivables in Tally in a single app
To address this problem, we’ve integrated Enjay CRM with Tally accounting software. This offers a Receivables Management System (RMS) in Tally, which has turned out to be the most important and popular feature for obvious reasons.
Why Receivables Management is a Popular Tally-On-Mobile Feature?
1. Key to a Business’ Survival
As discussed earlier, cash flow is the most important aspect for any business to survive and thrive. Since the activity of payment follow-up generate this cash flow, it becomes one of the most (if not the most) crucial activities for a business. Its most important that Customers pay their dues within credit limits of specific days from date and point of sale.
SMEs that use Tally rely heavily on the software to manage their receivables. This is one of the reasons why Receivables Management is a much sought-after feature of Tally on mobile.
2. Real-Time Information of Receivables
When we call debtors to inform them about outstanding dues, we need access to common questions that they’ll have – what their outstanding amount is, their bill-wise charges, their request to be mailed the ledger, and so on.
Waiting to reach office and provide them with this information is counterproductive. We need to share this information real-time and quickly. A mobile app serves this function best.
However, most Tally on mobile apps do not provide this feature to users. Thus, while real-time receivables-related information may be available in Tally, it’s not synced on the mobile app, making it difficult for users to share the same with debtors immediately.
3. The Mobility of the Sales Team
For a business, having the sales team seated in office to handle operations is one of the most counterproductive activities. Sending ledgers to clients to let them confirm the outstanding dues is one such activity.
Most businesses want their salespeople to be on the move constantly. At the same time, they want their salespeople to be responsible and accountable for collecting outstanding dues. For salespeople to manage both often becomes a difficult because, as we mentioned in the above point, most Tally mobile apps do not provide the feature of managing receivable.
This is why an effective mobile app provides this feature as well.
Managing Accounts receivable, or Payment Follow up is often done by Sales Team. Hence Mobile app is always preferred.
4. Managing and Logging Follow Ups
Merely sending ledgers to customers and clients is not enough. Following up with them to collect payments is equally crucial (if not more) in recovering outstanding dues. Emails, phone calls, visits – wouldn’t it be great if an app could record all these activities specifically for the task of managing receivables?
Enjay’s Receivable Management System (RMS), which is an integration between our CRM and Tally, offers just that. By using it, your salespeople can log activities they’ve conducted to follow up for payments. They can also log actual payment receivables dates rather than just promised due dates. All this and more enables you to predict a more accurate short-term cash flow for your business, and plan accordingly.
Currently, Enjay RMS is the only app in the market that provides such a functionality. Needless to say, it’s also one of the services that’s most popular with our clients.
5. Support Through Various Communication Channels
When clients get sent ledgers and information on outstanding dues, a common answer they give is that they didn’t receive it because it didn’t get sent on their preferred channel of communication – WhatsApp, email, and so on.
The Tally on mobile app addresses this concern. Users can directly send information from any screen – outstanding reminders, bill-wise details, complete ledgers, etc. – to customers directly through WhatsApp, email, and even SMS. Not only that, Enjay’s RMS also provides templates of payment follow up messages that you can use as emails and WhatsApp messages.
Doesn’t that increase your convenience manifold?
The number of mobile users far outnumbers the number of computer (laptop, desktop, etc.) today. It’s not just the number, but also the amount of usage of mobile phones that far outnumbers that of personal computers.
Thus, sharing information via the mobile phone is quicker and far more effective than sharing something via a laptop. As the world evolves technologically, businesses and brands must leverage it to evolve themselves as well.
Receivable Management Solution for Tally on mobile is one such technology that will help SMEs become more efficient and effective in their functioning. Using it extensively, especially with the Receivables Management System, to take your business to the next level, makes a lot of sense.