Peakflo has exciting new releases for the 2023 November. Take a look at the video or read the full article here:
Accounts Receivable Releases:
All the finance teams using NetSuite accounting software can now show the withholding tax to the customers. To understand how much needs to be paid and provide the WHT certificate without any manual follow-ups. Peakflo will also send the customers an email with the payment receipt for payment confirmation.
Additionally, finance teams using NetSuite accounting software to issue e-invoices can now sync the invoice details with the Peakflo customer portal. This way, the tax invoice PDF will be accessible to the customers at all times.
Admins can now assign a company default account manager to ensure that at least one manager is assigned per customer to manage customer disputes and queries.
Finance teams can now offset the payment charges deducted by the bank and mark the invoice as fully paid. Peakflo can now include details of any “unapplied payment” along with the “net of overdue unapplied payments” to the automated reminders. This will ensure that the correct outstanding amount is shared with your customers.
For international companies issuing multi-currency invoices, Peakflo now shows currency conversion when payment is created. Similarly, credit notes show currency conversion when applied to invoices. The finance team will have full visibility over the amount received in base currency using the correct foreign exchange rate.
AR managers can now send multiple ad hoc email reminders in one go on the invoice level for overdue invoices.
Admins can now give access to employees to only view specific customer information and timelines.
AR managers can now include a PDF of the Summary of Accounts in the automated reminders sent to the customers for better visibility of the collection details.
Accounts Payable Releases:
Peakflo’s new purchase request and purchase quote module can manage the entire procurement process!
Employees can now raise purchase requests in Peakflo with only the essential details of what needs to be procured. Purchase requests can be assigned to approval workflows to speed up the purchase request approval process. Once the purchase request is approved, the procurement team can create multiple purchase quotes corresponding to different vendors in 3 easy steps:
1. Select line items that need to be procured together
2. Select the vendors
3. send an email including the purchase request details to the selected vendors.
Peakflo will send separate emails to all the vendors with a single click, capture the vendor replies in the purchase quote timeline, and notify the procurement team about the vendor response.
The entire conversation can be tracked in Peakflo along with the audit trail.
Once the vendor is finalized, the chosen purchase quote can be converted into a purchase order and the remaining purchase quotes can be voided.
After full approval of the purchase order, it can be e-signed and sent to the vendor automatically or manually.
The purchase order can be matched to the vendor bill before payment!
Procurement teams can now create goods receipt note and service receipt notes which tracks the delivery of good received against purchase order raised for the vendor.
Receipt notes can be assigned to approval workflows to speed up the approval process.
The procurement team can now include additional custom fields and details to the purchase quotes and purchase order PDFs sent to the vendors.
The procurement team and employees can now perform mass actions for purchase requests raised in Peakflo for a faster procurement process.
The procurement and employees can have full visibility over the budget status when creating PRs, PQs, POs, and bills! They can easily view how much of the budget has been utilized and how much is remaining.
Budget details are also visible to the approvers at the time of approval.
For the finance teams using Jurnal accounting software, Peakflo now syncs line item descriptions from Jurnal and the same description could also be shared with the vendors and the same description could also be shared with the vendors. Upon receiving the bill from vendors and full approval of the bill, the bill along with the description will sync back to Jurnal.
Admins and procurement team can now deactivate vendors within Peakflo to ensure that while selecting vendors, the inactive ones are not assigned to purchase orders and bills by mistake.
The account team can now define the chart of account (GL code) on an inventory level for easier bookkeeping. Additionally, both receivable as well payable items can be categorized correctly.
Finance teams can now set a lock date for bills on an account level so that the bills issued after the lock date do not get processed for payment. This will ensure a profit & loss is created and maintained monthly without any issues.
All Peakflo users can now track the latest feature released right within Peakflo itself!