Getting Started with Accounts Receivable: Admin Setup

We have the Customers section in the Receivables module.

Customer details have a 2-way sync between Peakflo and your accounting system. All customers created in your accounting system will be present in your Peakflo account and vice versa. The synchronization happens every 5 minutes. 

Customers can also be mass uploaded into Peakflo. Read how to mass upload customer data to understand the process. 

Customers can also be added from the Peakflo UI. The following tutorials will guide you: 

• How can I add, edit, and manage contacts
• How to assign account managers to customers

Invoices

By creating invoices in Peakflo, you can send payment reminders to customers and get paid faster. Peakflo allows you to input invoices in 3 ways-

• Can manually create an invoice with professional branding (if the accounting system is not integrated)
  
• Can mass upload invoices by using excel docs in 1 go! 
• Can directly sync from your accounting system. If integrated with Peakflo, no need to concern yourself with uploading invoices. Automatic 2-way sync to Peakflo from your accounting software will happen within minutes! Read more about this on our Integrations page.

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Workflows

This is the meat and potatoes of the platform (unless you're a vegetarian, then this is the eggplant). Workflows are how Peakflo helps you manage your outstanding invoices and communicate with relevant stakeholders.

Would like to create a workflow? Read How do I create, edit or remove a workflow?

Before we get into the mechanics, let's understand some components of a workflow to make this process easier:

• Actions and action types: Actions can be added to workflows to improve the collection cycles of customers.
  
  You can either send a reminder that a payment is due or notify someone in your company about an urgent need. Actions govern what happens to whom and how quickly. Actions can be manual or automated.
  
  Learn more about:
  • What are actions and their different types
  • How to add a new action to the workflow?

• • How can I customize my workflow action template?
• Triggers: The criteria for initiating the desired action. Currently, you can set triggers based on the issue date, due date, or monthly.
• Owners: The person from the finance team & Peakflo user who takes ownership of the action tagged to them.
• Recipients: The people who receive the message - email or WhatsApp message you're creating the action for. Aside from reminders, it can also be actions such as legal escalation.
  
  More on the GIF below on how to create a workflow and add actions:
  
   

For more information on workflows, follow some of the essentials we've prepared for you:

Credit Notes

With Peakflo, you can add a credit note and link it to an invoice. This way, document any changes to the invoice and have more control over who creates and approves the credit note!

Learn more how to create credit notes.

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Reports & Dashboard

Keeping track of the reports will give you more insights into your collection performance and make strategic decisions for improvements. Currently, you get the following reports & dashboard: 

• DSO report: The average number of days your firm takes to collect money against invoices from customers after an invoice is raised. You can check your DSO health in your Dashboard, where you will see the numbers for the last 6 months and our goal is to reduce the metrics.
• Aging Balance report: The total that is aging in real-time. This is also visible in the Dashboard, for a more detailed report you can go to the Reports section.