While Bloo is not a replacement for a fully fledged accounting system such as Xero or Quickbooks, it can be used to keep track of both your account payable and receivables in an easy to use manner, especially for users that are not familiar with accounting.
This is especially useful for service businesses where incoming invoices need to be sent according to specific milestones in the contract, and the accounting team members and project team members need to work closely together to ensure that clients are billed on time according to the project schedule.
The key process that you can set up on your todo boards is this:
- Future Invoices - These is a column that holds all the future invoices that you will need to send based on your current projects.
- For Issuing - This is the column that the accounting team members keep their eye on. Each time a todo is moved here, they know that they are good to send the invoice.
- Sent & In Process - These are invoices that have already been sent to the client, and are waiting to be paid.
- On Hold - These are invoices that are currently on hold.
- Overdue - These are invoices that have not been paid by the client within the due date on the invoice. We know that this always sucks, but at least you can then track it and follow to make sure that you get paid as soon as possible!
- Received - These are all the invoices that have been paid by clients.
- Voided - These are all the invoices that have been voided (i.e. there was a mistake on the invoices or an alteration required so a new invoice was created). It's good to keep them on file to ensure that you can come back and reference them if required.
We suggest that each todo has the following information inside:
- A PDF of the invoice that has been generated by your accounting system
- The name and contact details of the client
- A description of what triggers the invoice to be due (i.e. design stage completed)
- Any other important details.
- Every time a comment moves from one stage to another, it's important that the person responsible on your team adds a quick comment to let everyone know that some action has been taken on the todo.
We hope you enjoy using Bloo to manage your account receivables, and, of course, you can use this to also manage your payments to your vendors as well.
If you have any questions, just shoot us an email at firstname.lastname@example.org
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