Check all your outstanding invoices with Skydo
As your business continues to grow, it can be challenging to manage your accounts receivable. With multiple platforms and processes to juggle, there is a high risk of errors and inconsistencies. This can result in missed invoices or inaccurate data creating financial discrepancies that can have significant consequences.
Furthermore, services exports are a complex financial landscape with multiple stakeholders, currencies, regulations, and timelines. Managing financial data can become an overwhelming task.
A centralised financial system is the need of the hour to gain a clear understanding of their financial health. Hopping from one platform to another and trying to gather the information needed makes accessing real-time data and analytics tedious and time-consuming.
Skydo is a single source of truth for all account receivables, explicitly designed for modern businesses. Access all your outstanding invoices, analytics, and data in one intuitive platform - no more tedious switching between systems or manual reconciliation. Here’s how.
Businesses can stay on top of their accounts receivable, from tracking payments to managing invoices in the following ways through Skydo’s robust features.
1. Centralised Accounts Receivable Data
Skydo provides businesses with a unified platform to centralise all their account data. This eliminates the need to toggle between different tools or platforms and brings consistency and accuracy to the data.
For instance, a tech export company that sells software licences globally can use Skydo to streamline their payments from Europe, Asia, and America, all in one place while eliminating currency confusion and ensuring timely payment.
2. Intuitive and User-Friendly Design
Skydo offers an intuitive interface that makes navigating and understanding financial data more accessible for everyone, even those without a background in finance. It enables businesses to quickly view all the necessary information in a clear and concise format to make informed decisions.
3. Access to Crucial Payment Insights
Businesses can gain valuable insight into their financial health with Skydo. This means identifying trends, analysing customer behaviour, and making informed decisions.
For example, an AI solutions exporting company might find an increase in sales when a tech conference is taking place in a particular region. Skydo's payment insights can highlight this information so the company can prepare ahead of time by stocking up resources.
4. Managing Recent Transactions and Payment Summaries
A missed payment can lead to significant losses. Skydo provides real-time updates on your recent transactions. This is incredibly important for businesses that receive payments worldwide. Thus, Skydo’s dashboard ensures you never miss out on any details and trust that your transactions are correct and secure.
5. Instant Overview of Revenue Analysis
Skydo’s Client Overview section provides a summary of the revenue generated by the clients you’ve served. This data can help you identify what products or services are performing well and where there might be room for improvement.
For example, an IT solutions exporter can review the revenue generated through a client against the invoice specifying the projects done. They can then track the demand for its services like cloud solutions, cybersecurity, or data analytics, which will guide their R&D, marketing, and client engagement strategy.
6. Eliminating the Need for Spreadsheets
With Skydo, all your transaction data is conveniently organised into one dashboard. This saves time and minimises the risk of errors.
An international company that exports tech consultancy services might find it difficult to correctly convert different currencies in spreadsheets. A small mistake can result in major financial discrepancies.
Skydo resolves this problem by automating those calculations – reducing the chances of any miscalculation.
7. Monitoring Outstanding Invoices
Skydo’s intuitive dashboard enables you to review any outstanding invoices and keep a real-time watch on your accounts receivable.
By providing quick insights into outstanding invoices, you can ensure that payments are made on time and also send reminders to prevent delays that might affect your revenue stream.
8. Proactive Financial Management
Skydo's dashboard empowers businesses by offering them the tools to anticipate their future financial needs and challenges.
For instance, a tech export company can leverage Skydo to analyse payment trends in different client regions, recognising patterns such as preferred payment plans or methods. It enhances customer satisfaction and reduces the costs associated with reactive business decisions.
Moreover, Skydo's real-time tracking of international payments eliminates any surprises while its GST-compliant FIRA simplifies accounting and compliance tasks.
With Skydo, businesses can confidently navigate the complexities of global payments for a proactive approach to financial management that aligns with their growth objectives.
9. Ensuring a Healthy Cash Flow
Skydo is a great tool for businesses of any size to manage their cash flow. It helps you keep track of your payments and outstanding invoices so you can make informed decisions on future production cycles if a buyer's payment gets delayed.
You can also send reminders to the clients concerning the invoice payment and track whether they have received it, seen it, or deleted it.
It's especially useful for small businesses without dedicated finance teams who need to manage manufacturing costs against their receivables.
10. Real-Time Updates on Payment Activities
Skydo is the perfect solution for businesses to stay up-to-date with their payment activities. It provides real-time analytics so companies can have greater visibility and transparency into their financial data.
This can be especially helpful for companies launching new products or services since they can closely monitor sales and returns in real time, allowing them to make faster decisions based on accurate data.
A Real Transformation Story
Krenovate Pvt. Ltd., an IT export service business, relied on SWIFT to receive payments from their global clients. Through the implementation of Skydo, they underwent a profound transformation in their financial operations. The result was a significant improvement in their global financial performance. Here's a glimpse of their journey:
Top Challenges Before Partnering With Skydo:
- Obtaining FIRA posed a significant challenge, adding to the complexity of cross-border transactions.
- Krenovate had trouble understanding the exact cost of foreign exchange charges per transaction due to a lack of transparency in the process.
- SWIFT payments took almost 5 working days to complete the payment.
- SWIFT's fee structure resulted in substantial transaction costs, making international payments more expensive for Krenovate.
- Krenovate did not have a clear understanding of where their funds were or their status during transactions due to the lack of real-time payment tracking.
After Partnering With Skydo, Krenovate could:
- Download FIRAs instantly for each transaction
- Witness the real-time view of Live FX rates, supported by detailed fee breakdowns for enhanced financial clarity.
- Reduce payment processing time, and now receives payments within 24 hours
- Leverage Skydo's flat fee structure to ensure consistent savings
- Increase visibility in payment status with real-time payment tracking
Conclusion
Skydo provides an all-in-one solution to manage outstanding invoices and simplify global payments. By centralising accounts receivable data in one platform, businesses can have a clear overview of their financial health and ensure proactive financial management. With features tailored to meet the needs of modern businesses, Skydo ensures that companies can focus on their core operations without being bogged down by the complexities of international payments. Book a demo with Skydo today to witness financial efficiency in action.
