Managing payments is a critical task for accounting teams, and we’re thrilled to introduce advanced payment customization features designed to simplify this process.
With the ability to require detailed billing information, include custom fields for purchase order (PO) numbers, invoice numbers, and even additional fully customizable fields, your team can now ensure accurate records and streamlined payment tracking.
Here’s how these features work and how they can benefit your accounting team.
Key Features of Advanced Payment Customization
1. Required Billing Information
Ensure every payment is accompanied by accurate billing details, such as the customer’s name, address, and contact information. This feature makes it easy to comply with accounting regulations and simplifies reconciliation.
2. Custom Fields for PO and Invoice Numbers
Add specific fields for purchase order (PO) numbers and invoice numbers. This ensures that every payment is correctly attributed, making it easier to match payments with corresponding records or transactions.
3. Fully Customizable Fields
Ensure every payment is accompanied by accurate billing details, such as the customer’s name, address, and contact information. This feature makes it easy to comply with accounting regulations and simplifies reconciliation.
Use Cases and Examples
1. B2B Transactions
For businesses working with corporate clients, ensuring that each payment is linked to a valid PO number is crucial for accounting and compliance. With custom PO fields, your clients can provide this information seamlessly during the payment process.
Example:
A supplier sends a payment link to a corporate client. The client is prompted to enter the PO number in a designated field before completing the transaction, ensuring accurate record-keeping.
2. Service-Based Companies
Service providers often need to match payments with specific invoices. By adding an invoice number field, your team can automatically align each payment with the correct invoice, saving time and reducing errors.
Example:
A consultancy firm uses payment links with an invoice number field. When clients pay, the invoice number is captured, making reconciliation straightforward for the accounting team.
3. Project-Based Businesses
Businesses handling multiple projects may need extra details, like project codes, to track payments efficiently. Custom fields allow for the collection of this data, ensuring payments are linked to the correct project.
Example:
A construction company includes a “Project Code” custom field in its payment links. Clients input the relevant code, enabling precise tracking for project budgets.
Why It Matters for Your Accounting Team
These advanced customization features empower your accounting team to:
- Streamline Payment Processes: Collect all the necessary data at the time of payment, eliminating back-and-forth communications.
- Improve Record Accuracy: Ensure every payment is tied to the correct invoice, PO, or project, reducing errors and discrepancies.
- Enhance Efficiency: Simplify reconciliation and reporting tasks with all required information readily available.
With fields for billing information, PO numbers, invoice numbers, and additional custom data, you can streamline workflows, reduce errors, and improve the overall payment experience for your clients.
Start using these features today and give your accounting team the tools they need to succeed!