Managing customer payments is a crucial aspect of any business, and late payments can disrupt your cash flow and hinder growth. Thankfully, Easy Interest for Xero offers a powerful solution, seamlessly integrating with your Xero accounting platform to automate interest charges.
Imagine this: a customer invoice sits unpaid for weeks, tying up valuable funds. Easy Interest allows you to easily calculate and apply interest to overdue invoices in minutes, acting as a gentle reminder and encouraging prompt settlement. You can set flexible rules to trigger fees at specific intervals, ensuring consistent enforcement.
Start by creating your EasyInterest account, adding your business details, and syncing your Xero account. All your debtors will be populated from your Xero profile.
Set your business terms, such as the default interest rate and/or custom interest rates according to individual customer accounts. You can also select if customer accounts should be ignored from receiving interest.
Calculate interest on outstanding customer balances and apply the interest to your Xero Account in a few steps. You have the power to reverse interest previously applied to a customer’s account.
Calculate how much interest you could be charging on your outstanding balance