How to Manage a $1M AR Problem in SmartSuite

Among the many financial aspects of a business, Accounts Receivable (AR) plays a significant role, as it pertains to the money owed to a company after providing its services. Efficiently managing AR can have a profound impact on a company's cash flow and subsequently, its financial health.

What is Accounts Receivable (AR)?

When you have delivered goods or services to a customer but are yet to receive payment for it, that revenue is termed your Accounts Receivable. In the usual course of business, most companies offer goods or services to their customers on a credit basis. Here, the amount due from the customer is considered Receivable until the customer pays for it.

Tracking and Managing Accounts Receivable

Tracking AR can be a challenging task. Some businesses rely on traditional accounting tools like QuickBooks or Xero, while others may not have a well-defined way to gather and monitor their AR data. However, by utilizing the right no-code tools, businesses can create a simple yet effective solution to manage AR data efficiently.

The Power of No-Code Tools - Smart Suite

One such proficient no-code tool that is transforming digital workflows is SmartSuite. Besides helping construct databases and devise automations, SmartSuite offers unique capabilities to share data selectively with users. This blog post will walk you through creating a simple solution to track AR using SmartSuite, an approach that has addressed a substantial $1 million AR problem.

Building an AR Tracker

The key to constructing an effective AR tracker is to start from scratch and gradually build it step by step. The first ingredient is a database. Consider each table as a unique set of data. The objective is to produce a harmonious connection that allows seamless data interaction.

The data originates from an AR-specific source, in most cases, accounting software like QuickBooks. The downloaded information from these platforms, usually in a CSV format, can be uploaded directly to the Smart Suite database. As businesses grow, automation can replace manual uploads, thereby reducing manual intervention.

Critical Components - Contacts, Accounts & AR

Contacts: The first table would deal with 'Contacts'. Many databases hold an element of user or contact information. This table would have fields like name and unique email address.

Accounts: The second table, 'Accounts', would house all the organizations with due payments. Each main company or account can be linked with one or more contacts, establishing a link between the company and the contacts. You can thus retrieve any information related to a contact connected to an Account.

AR: The final table deals with the "AR" , detailing the actual amount due and the corresponding due dates. Each AR entry is then linked to the respective account. The data of all accounts with overdue payments can be accessed directly from this list by building a "SUM IF" formula in the 'Accounts' table.

Adding Automated Assistance - Sending Mails

An exclusive feature of Smart Suite is its ability to send emails through the platform itself. By enabling the email settings, a user can send an email either from the user's email address or directly from Smart Suite. Users can select a recipient from the linked data, add a subject, and even incorporate predefined templates. All sent and received emails can be tracked right within SmartSuite's communication center, providing a complete history of collection attempts.

Summing Up

Managing Accounts Receivable efficiently not only ensures seamless cash flow but also gives you a clear picture of your monetary resources. Utilizing no-code tools to manage AR can bring in accuracy to financial tracking while significantly reducing manual work. As businesses grow and data volume increases, introducing automation can greatly enhance the efficiency and accuracy of your AR tracking.

By understanding the true power of these no-code tools, businesses can unlock a new level of financial management that not only streamlines operations but also contributes to the overall financial health of the organization.