FINSYNC has powerful tools to help you manage your income and get paid faster. Here are some recommendations on how to best utilize the platform.
1. Use Invoices - The first step to getting paid faster is knowing what you are owed. Create your one-off invoices or recurring invoices in FINSYNC, even if you do not actually send them, so that you have a summary of all the money that is owed to your company.
2. Set Reminders - If you have certain customers that typically pay late, consider using the weekly reminders setting when you send them invoices. FINSYNC will automatically send them a reminder every week until that invoice is paid.
3. Make Electronic Payment Available - FINSYNC allows you to collect invoice payments via ACH, credit card, or PayPal. To add in Merchant Processors, review the information found Here:
4. Match Deposits to Invoices - Once you have all of your invoices correctly set up, you will want to be sure that all of your income is reconciled to the correct invoice(s). When someone pays your invoice through FINSYNC, the deposit on the banking tab is automatically (reconciled) to that invoice on the income tab. However, if you collected a check and deposited it yourself or someone sent you money outside of FINSYNC, that income will not automatically be reconciled. To reconcile (match) the deposit with an open invoice, select the drop-down menu from the deposit transaction in your FINSYNC bank register, and select Apply to Receivable. Then, select the invoice(s) from the list.
5. Review Your Deposits - Have you reconciled all of your deposits? In the case that you find a deposit without an invoice, you may have found either a double payment or a pre-payment.
In the case of a pre-payment, you can click over to Income and create the invoice and then reconcile that deposit to it.
In the case of a double payment, you may be able to use that payment as a credit towards future work. If you do not anticipate doing more work for that customer in the immediate future, you can create a bill and refund them by ACH.
6. Review Your Invoices - Assuming you have followed the steps above, you are ready to review your outstanding invoices because you have accounted for all of the payments you received during the period in question. Now you can confidently review all of your invoices and make a determination that everything is on track from an income perspective or whether you need to contact a particular customer.