Thousands of Accounting Practices use MYOB's AE or AO Practice Management system. This system is an island, in that there are no easy or readily available ways to exchange data between it and MYOB's AccountRight (ARL) business accounting system.
Users spend many hours a month on manual operations; keying payment data into AE/AO PM systems, exporting data to produce management reports via spreadsheets. Manual reconciliations for debtors and bank accounts. No Bank Feeds into AE/AO. No online Payment Gateways. Not able to link to ARL functions like Creditors, Payroll.
It gets worse, without a live link between AE/AO and the AccountRight (ARL) business system, a business cannot determine its financial position daily without spending many hours.
But now there is a well-proven solution to all the above. Cerebiz has an Integrator to bridge the gap between MYOB AE/AO Practice Management and MYOB AccountRight (ARL).
And it's a vital link. Right now, Debtor and Invoice management is a crucial issue for Practices and their Clients and will be for the foreseeable future.
'Cash is king', and invoice cash must be collected on time to stay in business!
The problem with that, given the AE/AO 'island' issue, is the ad hoc ways cash is collected using manual operations. Much depends on the operator. Often not trained, means the timely follow up of overdue invoices suffers.
AE/AO users can now use their Internet Browser to access their data. They can also see and even update it on their mobile device!
Now, for large as well as medium, and smaller Practices and their SME clients, Cerebiz automates much of the cash collection process.
Well-known names such as BDO, Armada, MGI, LMS Advisory, and many more are reaping the substantial benefits available.
Automated invoice sending and follow up with reminders and PAY NOW operates 24/7; it speeds up collection by many days.
Cerebiz does the same for Practices that use Invoice Funding and Cerebiz.
Payment arrangements through its 'Promise-to-Pay' facility complete the way the status of every invoice and payment are visible on the Debtors Critical list shared between admin staff and managers and partners.
Client payments come into AccountRight (ARL) via Bank Feeds, are allocated to client invoice(s), and these allocations integrate with AE/AO through the Integrator. This process saves significant admin time.
Cashflow projections link to all transactions- Debtors, Creditors, Payroll and even future income and expenses in AccountRight (ARL); for a rolling 12 months or 52 weeks in advance. There is a What-If facility in Cerebiz to develop different, forward cash scenarios that is appropriate for these difficult times.
Users of Cerebiz are boosting their cash collection and working capital. For a smaller business, it may amount to tens of thousands of dollars; larger businesses measure this benefit in the hundreds of thousands!
Eliminating the tedious, repetitive manual operations saves many hours a month. Practices find they can spend that time on matters of more value to clients. A win-win all around.
Progressive Practices are pointing their clients to the same Cerebiz cash collection tools; they also run on the MYOB AccountRight and Essentials systems their clients use.
And Cerebiz has responded to Practices looking for the same solution for their clients that use Xero Accounts; it's due to be released for Xero this month.
Practices and SMEs recoup their investment in Cerebiz many times over just through time savings. The further benefit is the boost to working capital.
If cash collection in your Practice or business could be improved, Cerebiz will turbocharge the process!