The ultimate goal of any Treasurer is to keep your accounts receivables down as close to zero as possible. Your Aging Report allows you to see any accounts with past due balances at the 30, 60, 90, and 91+ day range. Even though this report works wonderfully to keep you on top of your overdue balances, TeamUnify has a few more tools to keep your accounts receivables in order. It's time to get your Aging Report down to $0 by putting your TeamUnify website to WORK!
HERE ARE 7 WAYS TO PUT YOUR TEAMUNIFY SITE TO WORK:
RUN YOUR AGING REPORT MONTHLY
TeamUnify makes it easy to report and export your Aging Report. Go to Billing Admin > Invoices & Payments > click the Aging Report button. This gives you a detailed report of past due balances at the 30, 60, 90, and 91+ day range. This report is a treasurer's best friend and will help you stay in the know on all outstanding debts.
ADD ELECTRONIC PROCESSING WITH TU PAYMENTS
TU Payments allows your team to process online Credit Cards and ACH Payments with ease. Setting it up is simple and this powerful and secure tool allows you to integrate and automate your entire billing system, keeping your payment processing smooth, and the best part—no more trips to the bank!
REQUIRE CREDIT CARDS AT REGISTRATION
One of the many perks of using Online Registration is the ability to capture payment and credit card information for future charges upon registration. In online registration, click on the Fees Setup tab. Under Accepted Payment Method(s) turn Credit Cards Accepted to Yes then turn Allow Credit Card to be saved for Auto Pay to REQUIRED. Now you will be able to capture payments and begin your automated billing system without having to chase down credit card numbers with every billing cycle.
CONNECT OUTSTANDING BALANCE TO YOUR ANNUAL REGISTRATION
If your Accounts and Members seem to always have outstanding balances from previous seasons it is a great idea to begin connecting those balances to registration. It is simple and helps you start the season off right. If you have only cloned your registrations from year-to-year, this is the year to change up your registration. In Team Admin > Registration Admin select your Registration or Add New. On the Fees Setup page, scroll to the at the bottom of the screen to the Connect Outstanding Balance: section and set Connect Account Outstanding Balance from Billing System: to Yes.
REMOVE MANUALLY MAIL-IN PAYMENT AS AN OPTION
Waiting for checks, manually inputting them into your accounting system and taking them to the bank wastes valuable time. Eliminate all this extra work. Email [email protected] and tell us to turn off the ability for accounts to pay by check. When you activate your TU Payment system and remove the ability to pay by check, you will streamline your billing process by no longer having data entry and manual payments to process.
SET MEET DECLARATION RESTRICTIONS
One of the best ways to keep your accounts up-to-date is to restrict meet declarations. Overdue swim meet fees are one of the biggest contributors to growing Account Balances we see here at TeamUnify. The best way to reduce Account Balances via meet entries is to restrict declarations. Firstly, you can restrict account declarations to allow only those with a zero balance or a balance no older than 30, 60, 90 or 91+ days. Secondly, you can restrict declarations to allow only accounts with a Credit Card or ACH Account on file to declare for your next swim meet, ensuring timely payment with your next billing cycle. In the blog Improve Your Team's Cash Flow with Meet Declarations we talk through setting meet declaration parameters.
MONITOR FAILED/EXPIRED CREDIT CARDS IN THE SYSTEM
Now that you have created a lean and mean automated billing system, it is time to keep it healthy. One of the best ways to preemptively reduce your Aging Report is to monitor failed and expiring credit cards. We have a great report to show you who has an expired card on file and whose card is about to expire within the next billing cycle. To access this report go to Billing Admin > Invoices & Payments > click the Expiring Credit Cards button.