The process of collecting invoices is one of the most challenging for enterprises, regardless of size or activity. It is a complex process that involves many steps necessary to ensure the collection of outstanding amounts from clients and business partners, including tracking outstanding invoices, sending them to clients, following up on payments received, dealing with queries and objections, dealing with late payments, identifying and updating relevant financial records, and many others.
With this wide range of activities, the collection of invoices can be costly in terms of time and resources; it is therefore important that the process be managed by a specialized team, which requires employing and training staff to implement it efficiently.
Here, the role of the QTahseel service is clearly evident; this service comes in order to be more effective in collecting invoices and reducing costs and effort. Because of its integration with the Qoyod cloud accounting program, this service makes the bill tracking and collection process very smooth and easy. It reduces the need for dedicated efforts to manage these processes, helping organizations save resources and reduce costs while ensuring the accuracy and reliability of the collection process.
In this article, we will explore more details about the complexities of the bill collection process in organizations, learn about QTahseel, learn about its concept and key advantages, and learn about the role it plays in improving the flow of funds and reducing financial risks for local Saudi companies.
The traditional process of collecting invoices for enterprises and establishments
Organizations usually collect their invoices through a series of steps and processes, but this process can be complex and face many obstacles. Here’s an overview of how organizations collect invoices:
Steps to collect invoices
Issuance of the invoice: The process begins with the issuance of the invoice to the client or customer, which must contain clear details of the amount due and the date of payment.
Send the invoice: After issuing the invoice, the institution must send it to the customer. This can be done by e-mail, regular mail, or even fax, depending on client preferences.
Follow-up payments: After the invoice is sent, the institution must follow up on payments received from clients. Which may include cash payments, checks, or bank transfers.
Dealing with queries and objections: The enterprise may face inquiries or objections from customers about invoices, and here it has to deal with these issues effectively and expeditiously.
Management of late payments: In the event of late payments by clients, the enterprise must take action to collect such payments, which may include alerts or other means of ensuring payment.
Obstacles faced by institutions
Lack of a clear policy of billing and payment: If the institution does not clearly and clearly write down the billing and payment requirements, it may have difficulty demanding the outstanding funds from clients or resolving disputes that may arise. Therefore, an enterprise must establish a specific policy that includes, for example, a date for the entitlement to the invoice, the method of payment, delay fees, and follow-up actions.
Non-use of an electronic billing system: if an enterprise uses traditional billing methods such as paper or e-mail, it may be subject to loss, delay, or invoice errors; this may affect the accuracy, efficiency, and speed of the collection process. Therefore, the enterprise must use an electronic billing system that allows the creation, dispatch, tracking, and management of invoices to be automated and secure.
Failure to monitor the status of invoices: If the institution does not regularly monitor the status of invoices, it may lose control of cash flow movements; therefore, the enterprise must use tools to analyze the status of invoices and identify potential problems or risks.
Weak customer communication: If the organization does not communicate effectively with clients, it may fail to convince them of the importance and necessity of paying bills on time and may also miss an opportunity to build long-term relationships with them. The institution must therefore pursue professional, friendly, and transparent communication with them and respond to and resolve their queries or complaints expeditiously.
Delay in payment: One of the most significant challenges for organizations is the late payment of clients; this affects the cash flow of the organization and may require additional resources to follow up on late payments.
Collection of large bills: When enterprises have high bills, the collection process can become complex and take longer.
What is QTahseel, and how do institutions benefit from it?
This service is a modern and powerful addition that has been included in the Qoyod cloud accounting program. This service represents a qualitative shift in the collection of invoices and the financial management of enterprises in Saudi Arabia. It is available as an optional measure that local Saudi institutions can easily activate in return for benefits such as:
Integration with the Qoyod cloud accounting program: “Qoyod” is an accounting program covering large sectors in Saudi Arabia, and the QTahseel service is an integral part of this program, which means that it works smoothly with the rest of the program’s features to provide a unified and integrated accounting experiment.
Facilitation of the billing process: This new service from Qoyod greatly streamlines invoice management processes so that institutions can easily issue invoices and send them to clients through the program, thus saving time and effort.
Reducing human error: By integrating with accounting programs, human errors in the collection and accounting recording processes can be reduced, thus increasing the accuracy of the financial statements.
Increased financial efficiency: Thanks to this service, companies and institutions can increase the efficiency of billing processes by reducing manual processes and improving the regulation of financial processes.
Safety and reliability: This service provides institutions with reliable and secure management of their financial operations; it provides innovative solutions for processing payments and controlling invoices.
Compatibility with the requirements of the Islamic Shariah: Qoyod is a cloud accounting program approved by the Zakat, Tax, and Customs Authority, and therefore all the services it provides, including the QTahseel service, are designed in accordance with the requirements of the Islamic Shariah, making it suitable for Saudi Arabian institutions.
QTahseel service packages
This service offers Qoyod customers two packages:
Basic Package
This plan is an excellent option for organizations looking for a simple and efficient start in bill collection, as it enables the organization to create a payment link in the form of a QR code, which redirects the customer to the payment gateway via this code, which allows customers to send their card data and withdraw the invoice amount easily via this link, providing them with a simplified and easy payment experience.
Advanced Package
The Advanced Plan goes beyond the traditional boundaries of bill collection processes, which are ideal for institutions that need more allocation and control. as this service enables organizations to submit requests for the collection of specific invoices to a specialized team in “Qoyod,” which works on behalf of the organization in collecting those invoices, and this includes communicating with customers and following them up independently. This package allows organizations to focus on other important processes, while Qoyod’s team efficiently and professionally manages aspects of bill collection.
Questions and answers on the QTahseel service
- What’s this service going to do for Qoyod’s clients?
- Create invoices.
- Collect the invoice amount.
- Create a payment receipt.
- Here, Qoyod will take care of the rest.
- What payment methods are available?
- Visa Card.
- mastercard
- Mada
3: What are the most important challenges that QTahseel solves?
- The customer spends a lot of effort and time to pay the outstanding bills; the solution is to automatically attach the payment link to each invoice.
- Organizations want to save time and effort and reduce human errors. This service provides an accurate, automated payment process.
- Organizations waste a lot of time following up on the collection process. This service provides two reports, one when the customer pays the invoice amount and the other when the amount is deposited in the institution’s bank account.
4: Is this service integrated with the Qoyod accounting program?
Yeah. Upon completion of the payment process, the Qoyod program will manage the collection process, update the records, and include the payment process in the correct paperwork, thereby creating prompt reports of all transactions to obtain instant information on the status of collection. All of that is due to the connection between the Qoyod system and the payment system used on this property.
Conclusion
So, as we have seen, QTahseel provides the ability to issue, track, and collect invoices easily and effectively, making it a necessary tool for any organization looking to improve its financial efficiency and increase the security and transparency of its operations.
Now that you have a clear vision of Qoyod and its features, what are you waiting for? Try Qoyod now for free for 14 days, and start your journey towards improving financial management today.
