Why are virtual accounts essential for my business?
With the creation of virtual accounts, you will find it easier to manage payments you receive from your customers. Since the virtual account will be different for different customers, you will know when a customer has delayed their payment, allowing you to intensify your collection efforts. Virtual account management ensures your finance team spends less time on mundane and repetitive tasks. Virtual accounts ease the process of receivables.
Does the virtual account module help improve the finance team’s performance? If yes, how?
Yes, it does. With virtual accounts being tagged to each customer account, the tracking of payments received and the reconciliation process that follows becomes much easier. The finance team spends less time tracing which payments belong to which customer account and can support the sales team.
Why should a business consider virtual accounts?
Virtual accounts are essential for any growing business because they help them with the following aspects:
- They provide a better customer experience
- They help the finance team function with maximum efficiency
- Virtual current accounts ensure that you have a complete overview of your funds
- Reduce the follow-up efforts and make the accounts receivable process better
- Let the finance team focus on more essential tasks like reducing capital costs and more
- Virtual accounts help the business to be more prepared to meet audit requirements
- You can use virtual accounts to ensure that transactions are secure and prevent frauds
- Creation of reports around DSO and the state of accounts receivables in the company becomes easier
How does the virtual accounts module curb misuse?
With the virtual accounts module, it becomes easier to track which customers are habitual late payers and the ones that often mislead you about the payment status. It also ensures that customers who are habitual defaulters do not continue to avail goods or services on credit terms. It removes the personal bias factor when it comes to deciding on credit terms for customers.
