Receipts Manager by Zybra

Zybra Accounting Software is an easy to use cloud based accounting software for Small & Medium scale business. It makes Accounting EffortLess and can be accessed Anytime & Anywhere. Zybra is a feature rich software with many features including 1. Dashboard – Real-time updates of data in graphical form. Shows graphs of Total Receivables, Total Payables, Cash Flow, Top Expenses, Income vs Expenses and more. 2. Contact – User can manage all the contacts of Customers & Vendors. User can also view the receivables & payables of each of them & generate customer/vendor statements. 3. Inventory – User can manage basic inventory of items/services. 4. Banking – All Cash & Bank Accounts can be added & managed here. 5. Sales – User can Add/Send/Edit/Covert Estimates/Invoices/Recurring Invoices/Credit Notes/Payment Received for sales related transactions the business. 6. Purchase – User can Add/Send/Edit/Covert POs/Bills/Recurring Bills/Vendor Credits/Payment Made/Expense/Recurring Expense for purchase related transactions the business. 7. Accountant – All chart of accountants & Journal Entries can be managed here. 8. Taxes – User can create different Taxes, Compound Taxes for sales & purchase entries. 9. Documents – This is a basic DMS for all bookkeeping related documents(Invoices/Bills/Receipts/Bank Statements)[this works well with Receipts Manager App]. 10. Reports – Gives access to 40+ different reports including P&L, Cashflow & Balance Sheet 11. Organization Profile – User can manage details about their organization & add logo for each transaction document that is generated. 12. Opening Balances – to enter the opening balance of the last Financial Year when starting to use the software 13. User & Role Management – Apart from basic accounting features, user can also invite/control access to different users for Add/View/Delete rights for different section. 14. Module Preferences – Activate/Inactivate modules when not needed for the business. 15. Live Chat Support – a 24x7 live chat support is provided inside the software.
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Ideal Invoice Payment Terms to Get paid Faster

  • Posted on Jun 13, 2018
  • |
  • By Ayushi Patel

In a competitive era, every business faces delay in payments by their customers. It is essential for a business to have steady working capital for managing critical situation. Payment term indicates the number of days that are available with clients to pay for goods or services which they have availed from supplier. Also, delay in payment can disrupt the estimated cash flow leading to shortage of cash.

Many a times invoice is the last communication between you and your client, so its important to mention all the payment terms comprehensibly and the flaws for not paying till the due date.

How can you faster, invoice payments from your customers??

Customized payment terms is used by various business. Yet, there are some standard payment terms according to the industry. So, each customer should be explained thoroughly the standards followed to avoid any confusion. Some usual payment terms used in invoices are:

  • PIA – Payment in Advance
  • Net 7 – Pay 7 days after invoice date
  • Net 10 – Pay 10 days after invoice date
  • Net 30 – Pay 30 days after invoice date
  • Net 60 – Pay 60 days after invoice date
  • Net 90 – Pay 90 days after invoice date
  • EOM – Pay at the end of month
  • COD – Cash on Delivery
  • CIA – Cash in Advance
  • CND – Cash next delivery
  • CBS – Cash before shipment
  • CWO – Cash with order
  • 21st MFI – 21st of the month following invoice date
  • 1 % 10 Net 30 – 1% discount if payment received in 10 days otherwise pay 30 days after invoice date
  • Cash Account – Account conducted on cash bases
  • Letter of Credit –  A documentary credit confirmed, by bank, often used for export
  • Bill of exchange – A promise to pay at a later date, usually supported by a bank
  • 1MD – Monthly credit payment of a full month’s supply
  • 2MD – As above plus an extra calendar month
  • Contra – Payment from the customer offset against the value of supplies purchased from the customer
  • Stage payment – Payment of agreed amounts at stage

 How can you write Effective Invoice Payment Terms??

  1. Invoice Terminology:

    Terminology used in invoices should be polite and friendly. Politeness is essential because it not only makes a good image of the company but also keeps the suppliers point. Simple phrases like “Please pay within XXX days to avail the discount”, “Please make the payment before due date”.

    Terminology such as Due on receipt, Net 30, etc. should be avoided and clear dates for the payment should to stated to avoid any interpretations. Also, using common terms will be easy in understanding and  avoid misconception of payment dates.

  2. Invoice Layout:

    Mandatory details for buyer shall be included while preparing invoices. So question in delay in payments or rejection of invoice doesn’t arise. Non Adherence in the layout or specification may lead to delay in payment.

  3. Consequences of Delay Payment:

    Late fee caveat can influence faster payment and repercussions of late payment should to constantly told to customer so he will avoid delay in payment.

  4. Payment policy:

    Though, its advise to give a long payment terms to new buyer so they don’t shift. A shorter pay term will ensure faster cash flow to meet the business requirement.

So, above are few suggestions which could be used to avoid late collection of payments from your customers.

  • Posted on Jun 13, 2018
  • |
  • By Ayushi Patel
  • |

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