Our client wanted a solution that will help business organizations manage their payments and debts effortlessly.
Managing payments & debts is a challenging task for entrepreneurs and chances of misses are likely. If payments are not executed timely, debts start piling up which often goes unnoticed unless a debt collection agency intervenes. Such scenarios adversely affect the credit history and credit score of an organization.
Biz4Solutions helped the client to build a versatile finance management app. The app helps business enterprises organize & track their finances and pay off debts easily and quickly. The app ensures the privacy and security of users’ financial data.
This is a debt management web app that collaborates with different business organizations for managing payments and debts. Enterprises get onboarded into the app and add the details of their accounts and invoices for finance management. The app helps enterprises to identify debts, negotiate debt amounts, and pay off outstanding debts. App users are provided with the choice of payment periods. Users can go for a one-time fixed payment; they can pay off the outstanding amount in one go for clearing the delinquent account. Users can also avail of the monthly payment plan. This plan helps users to execute regular payments and settle their balance by paying a certain amount at a time. Users have the flexibility to choose which plan works best for them based on their circumstances.
- Error-free debt calculation.
- Ensuring the security of the financial data of users.
How did we resolve Bottlenecks to develop a perfect solution?
Our innovative developers overcame all challenges to achieve the desired outcome. We used advanced algorithms to ensure the accuracy of financial calculations. We integrated QuickBooks API to facilitate automation & customization, ensure correct data entry, and secure financial data.
- QuickBooks Online Integration.
- Sign in with QuickBooks.
- Management of Invoices, Credit Memo and Refunds.
- Reminders and e-mail notifications to users.
- Interactive reports showing the breakdown of the debt amount.
- Calculation of the average collection period & average delinquent days.
- Delegation of responsibilities to the team members for account management.
- Debts are documented and displayed in the form of a list connected to the database.
- When users add new borrowers, loans, payments, etc. the list gets updated accordingly.
- The app calculates the debt amount and displays the amount – principal and interest.
- Users have complete control over what they pay and when they pay.
- Users are notified about due payments so that don’t forget to record payments.
- Transaction details for each debt are recorded separately.
- A budget-friendly, hassle-free, and speedy way of settling multiple debts.