JustPaid, the AI-powered FinTech company that specializes in helping small and midsize businesses manage their finances – has just announced the launch of brand new reporting features within the platform for both Accounts Receivable and Accounts Payable.
JustPaid was created as a way for business owners to make, receive and track payments, understand their finances with analytics, and identify opportunities, seamlessly, and all powered by AI, and now with these new features, the functionality is even more widespread.
Accounts Receivable Reports: Keeping Track of the Cash Flow
- AR Aging Report:
- What it is: This report breaks down your receivables based on how long they’ve been outstanding.
- Managerial Use: It’s perfect for keeping an eye on potential cash flow issues. You can prioritize follow-ups on long-outstanding invoices and keep your cash inflows smooth.
- Received Payments Report:
- What it is: A comprehensive view of all payments you’ve received.
- Application: Ideal for reconciling your accounts and getting a clear picture of your revenue streams. It’s a reality check on your cash inflow.
- Credit Memos Report:
- What it is: A detailed account of all credit memos issued.
- Managerial Use: It helps in monitoring adjustments or returns and managing the overall financial health effectively.
- Revenue Recognition Report:
- What it is: This aligns revenue with the associated services or goods provided.
- Application: This report is essential for compliance and accurate financial reporting. You can recognize revenue accurately and in accordance with accounting standards.
- Payment Reconciliation Report:
- What it is: It matches payments received to their corresponding invoices.
- Managerial Use: A lifesaver for ensuring every dollar is accounted for. No more sleepless nights wondering if all invoices have been paid.
- Days to Collect Reports:
- What it is: An analysis of the average time taken to collect payments.
- Application: Great for assessing the efficiency of your collection processes. Time to strategize if it’s taking too long!
Accounts Payable Reports: Your Spending Under the Microscope
- AP Aging Report:
- What it is: Similar to the AR Aging, but for your payables.
- Managerial Use: A critical tool for managing cash outflows and avoiding late payment penalties.
- Top 10 Categories in Spend:
- What it is: A breakdown of your spending into categories.
- Application: It’s like a financial diet chart, showing where your money is going most. Time to trim the fat in overspending areas!
- Top 10 Vendors in Spend:
- What it is: Identifies which vendors your money is mostly spent on.
- Managerial Use: Perfect for negotiating better terms with your key suppliers or diversifying your vendor base.
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
