How To Use The Administrate Reporting System To Track And Manage Debt Collection
Pressmaster/Shutterstock.com

How To Track And Manage Debt Collection With Administrate Reporting System

You may have noticed if you’ve read our blog before, but we really love our reporting system! In the past, we’ve talked about lots of different ways you can use the reporting system to help your business run smoother, such as spotting problem instructors and measuring your training offering, but today we’re going to talk about how you can use the Administrate reporting system to keep track and manage debt collection!

Amazing Administrate: How Administrate Can Help Solve Your Training Management Problems
Discover how to manage everything training-related from one central system while dealing with all your training administration tasks and saving time, money, and effort!

Administrate wants to be your one-stop-shop for all your training needs, so being able to manage debt collection from within our reporting system is just another way we want to make sure you can do everything vital to your business without having to invest in multiple systems to get the job done.

Getting Started

The first thing you want to do is make sure your Finance team have access to Administrate, if they don’t already! This will make everyone’s job a whole lot easier, and the Finance team will have direct access to all the information they need, which means no one will have to re-input information which is already in the system, time won’t be wasted hunting for the right information, and your finance team won’t have to worry about information being up to date, as everything is updated in real-time in Administrate.

The most important thing here is that you need to create the correct reports within Administrate to ensure you get the data you want to see. We’ll show you below which reports will give you the information you need, and how you can go about creating them in Administrate’s reporting system!

All images of our reporting system just show a section of each report for clarity. Reports will be more detailed when you recreate them in Administrate.

Un-Invoiced Report

The first report you can create is an un-invoiced report. This will show you which events you have scheduled and people have purchased places on, but you have not sent the invoice out for, meaning the payment is still outstanding.

Now that you’re aware of who still needs to get an invoice, you can make sure those are raised and sent over straight away, and hopefully you will start to get some of those payments cleared.

We would suggest creating two different reports, one for private events (as you invoice for the whole event in one go) and one for public events (where you have an invoice for each individual student). Below we’ll show you what you need for your un-invoiced events report.

What Key Data Do You Need In Administrate?

  • Event title.
  • Start date of the event.
  • Forecast revenue.
  • You can then filter the data to show events when your actual revenue does not exist, meaning you’ve not received any revenue for that event and it still needs to be paid for.

Raised But Not Paid Report

This next report will show you which invoices you have actually raised, but have not been paid. This means you have sent the invoice to the customers or supplier, but they have yet to send payment to you.

Once you have a complete list of all the invoices that have been raised but not paid you can go about contacting all these customers and suppliers to ensure they are aware their invoice is overdue and arrange payment with them as soon as possible.

What Key Data Do You Need In Administrate?

  • Account name.
  • Invoice number.
  • Registration number of all the delegates.
  • Date of the sale.
  • How old the invoice is.
  • Total of the invoice.
  • Any credit notes which have been issued.
  • Total paid against the invoice.
  • You can then add a column to add the invoice total to any credit notes amount, then minus any amount which has been paid against the invoice, which will give you the total outstanding amount which is due to you.

Not Finalised Report

This is a report that users of our Xero integration will find particularly useful, as it shows you what invoices have not been finalised, and therefore have not been synced to Xero.

This means you have created the invoice in Administrate, but have not finished the process, and therefore the invoices have not been pushed over to Xero, where they will then be sent to the recipient to actually be paid.

Again, this report will give you a list of all the invoices you need to go in and finish, so they can be pushed and you can start getting paid!

What Key Data Do You Need In Administrate?

  • Account name.
  • Invoice number.
  • Tax point.
  • Gross total of invoice.
  • Net total of invoice.
  • Total tax.
  • You then just need to filter the status of invoices to equal draft, and the report will display all your unfinished invoices just waiting to be completed so they can push to Xero.

Cleared Payments Report

A cleared payments report can clearly show you what payments have cleared over a certain time period and made their way into your account.

You can set this to cover whatever time period you want, but something like weekly or monthly will allow you to constantly check when payments are being made to you.

You can also divide the report by whether the payment was made by cheque, cash, card, etc., so it’s really easy to see exactly what payments were made and when. This is important if you’re trying to track a particular payment, as it will make it really easy to find exactly the information that you need.

What Key Data Do You Need In Administrate?

  • Payment type.
  • Date paid.
  • Date cleared.
  • Total paid.
  • Invoice number.
  • Account name.
  • You can then set the report to filter by the date cleared, and set the date range to be whatever you want it to be, for example “is in year 2017”. This will then show you all the payments that have been made each month in 2017.

Deferred Income Report

This report will show you income that you can expect for future events, but that has been deferred to a later date, so some or all of the invoice may not have been actually paid yet. This could be because you only require invoices to be paid a set time before an event begins, and if it is quite far in the future, the payment may not be due yet.

This can be great for helping you forecast your revenue and your profit, and means you will always be aware of that incoming money, even if it’s not been paid yet.

It also lets you see future events which may have been partly paid for, such as a customer putting down a deposit but not paying the full amount until nearer the time. This lets you see clearly why the invoice isn’t fully paid, so you know which invoices you actually have to chase and which are not due yet.

What Key Data Do You Need In Administrate?

  • Account name.
  • Invoice number.
  • Tax point.
  • Event start date.
  • Gross total of the invoice.
  • Total tax of the invoice.
  • Net total of the invoice.
  • Total paid against the invoice.
  • You can then filter your events to only show those which exist in the future.

Automate Everything

Creating all these reports to get a full insight into your data may seem like a lot of work, but don’t worry, Administrate is here to make your life easier!

Once you’ve set up all the reports once in Administrate, they will always be updated in real-time, meaning every time you open them, export them, or email them to yourself or other team members, the data included will always be the most up-to-date version. So instead of having to compile the same data into various reports repeatedly, you can let Administrate do all the hard work for you!

You can also set the reports to be emailed to you, and whoever else needs to see them, automatically when you need to see an updated version of the data. This means you’ll get an updated of the report sent to your inbox daily, weekly or monthly, whatever timeframe you need, without even having to run the report again!

Originally published at www.getadministrate.com.

Close