XERO TO CONNECTWISE

1. Nvoiceflow is a seamless integration between ConnectWise and Cloud Accounting package Xero. Nvoiceflow allows you to connect and sync all your accounting data to Xero in the press of a button. Avoid manual entries and errors. Nvoiceflow provides automation which saves your business time and money while increasing efficiencies. It automates and syncs your backend processes to allow for seamless syncing between ConnectWise and Xero. It not only syncs invoices, expenses, payments, inventory but also talks payments and cuts down your steps by half. It ensures data between ConnectWise and Xero is up to date by syncing the data between two systems on a schedule. It can automatically take payments for invoices, then mark them as paid once the payment settles. It can take payments via credit card and bank accounts. If you have any CSV invoices to import it can even accept an email with a CSV and inject it straight into Xero. Find out more by visit the App Marketplace at https://apps.xero.com/au/app/connectwise-sync-nvoiceflow to get the app. You will be happy that you did! Now that you know more about Nvoiceflow, let’s talk about accounts payable and accounts receivable. Accounts payable and accounts receivable are terms legally enforceable rights held by an organization for unpaid invoices received by it for products or services rendered which customers have purchased but yet not paid for. These are usually in the form of statements raised by an organization and subsequently delivered to the customer either for acceptance or repayment within an extended time frame. Accounts payable and accounts receivable collections vary greatly depending on the nature of the debt, the amount owed, the age of the balance, and many other factors. Accounts payable are primarily collected from customers who pay with their credit cards. A large portion of accounts payable collections are from individuals and small businesses. Businesses may use a variety of methods to collect funds from customers, including direct debits and payments over the phone or internet. A number of organizations, however, utilize the services of collection agencies to collect accounts payable obligations. Examples of these are money order collection agencies, check collection agencies, and debt collection agencies. The primary objective of these collection agents is to recover the outstanding amounts from delinquent accounts. The importance of collecting accounts payable balances lies in the fact that these debts represent the bulk of a company's revenue. For any business, these invoices represent a large amount of capital that cannot be quickly replaced. Therefore, a company must focus on collecting accounts payable promptly in order to prevent itself from experiencing financial hardships as a result of not paying accounts payable in full. A company that is slow in paying invoices risks becoming subject to court-enforced liquidation proceedings, which can result in a significant number of potential losses. If a company experiences a slow rate of payments when it comes to accounts payable, it has an increased risk of being subjected to legal action and penalties. In the past, some companies that were slow to pay accounts payable incurred financial hardship, ultimately being forced to shut their businesses down. In this current climate, remaining current with your accounts payable responsibilities can protect your business in several ways. Accounts payable collections represent the bulk of your company's liability revenue. Therefore, they require the highest priority in the event of an emergency liquidity crisis. The fastest way to achieve a recovery is through the assistance of an accounts payable professional. A reputable collection agency will work with your company to identify delinquent accounts payable obligations, create a recovery plan, collect the funds, and contact the delinquent accounts holders to make payment arrangements. Because of the nature of accounts payable

2. collections, you may not be able to achieve a recovery unless your company has a dedicated Accounts Receivable Recovery Specialist on staff. To protect your company and meet its liability recovery requirements, it is important to develop a strong liability recovery plan. This includes establishing a targeted recovery strategy and assigning a responsible individual to oversee this activity. Many times, Accounts Receivable Professionals (AREDS) are employed as an additional layer of management to help you establish the appropriate account recovery plan. They are typically assigned to large Accounts Payable collections, where they may focus on one specific account or set of accounts payable responsibilities. Aededs can also assist in the liquidation of Accounts Payable collections and provide support throughout the process. Many companies choose to outsource their Accounts Payable collections to an Accounts Receivable Recovery Service (arranger), who is able to manage these tasks for a variety of clients. Depending upon the nature of your account deposits, the company may have an initial deposit, which is used to cover start-up costs and established monthly fees for account collection activities. Other deposits may be included to cover overage costs associated with collecting accounts payable funds. The company then receives monthly payments from the arranger, who manages accounts payable obligations on your behalf. Some Accounts Receivable Collection Companies operates as third-party finance companies that bill for the service, collecting the receivables from customers Integrate Xero to Connectwise on behalf of your company. Accounts payable collections are a critical aspect of the finance department's responsibility and must be managed in an effective and efficient manner. Without Accounts Payable collections, the finance department would face significant financial difficulty and ultimately might go under. Therefore, it is essential to identify the Accounts Payable balances for your company and develop a collection strategy to deal with them appropriately. If your company is experiencing an extended period of Accounts Payable payment delinquency, it may be time to review your collections management policies and develop alternatives to meet your Accounts Payable cash flow problems. The sooner you make this review, the earlier you can get back on track with your cash flow needs and return to business revenue and profit. Now that you know more about accounts payable and receivables, download the Nvoiceflow app for seamless integration between ConnectWise and Cloud Accounting package Xero.