by Hugh Johnson, Posted on 8/9/2018 1:08:29 PM
Do justice to your Sage 50 receivables & collections reports with Power BI
Accounts Receivable for Sage 50 is a business intelligence solution from Suntico for companies that want to drive down debtor days and improve cash flow. Good accounts receivable reporting can be tricky to do but this solution makes it easy for you.
Unlike your current aged debtor report from Sage 50 that may run to 10 or 20 pages and tell you very little that is digestible, the Suntico Accounts Receivable solution delivers the complete picture from overview and trends down to an individual sales invoice line item.
Accounts Receivable for Sage 50 uses Microsoft Power BI to deliver automated analysis that can be as fresh as the last 30 minutes, with key insights delivered to your smartphone.
“Since Hugh and his team (Suntico) have come on board with us, we have been able to create multiple reports in Power BI including a new debtors report which has significantly improved cash-flow and reduced our debtor days.” John Glasgow, Financial Director, The Berkley Partnership.
Cash is the backbone of any business and; the main source of income in business is sales. But increasing sales does not always guarantee you inflows. Business often operates on a credit basis which allows customers to pay the due amounts within some specified period of time. In the real world, not every customer pays their invoices on time and that’s when the problem arises. Business needs cash to survive. Imagine you have made sales worth €10,000 and the customer didn’t pay you, all the hard-earned money will accumulate as a bad debts. To reduce the possibility of bad debts, businesses have collections teams. Collecting your receivables on time is an important, if not the most effective, way to avoid serious cash flow management issue. Receivables are nothing but unpaid invoices and collections (aka debt collection) is the process of collecting the due money from the customer.
If you are using Sage 50, the most common way to track your debtors is through the Aged Debtors report. It is neat and tidy and lists out each debtor, how much is owed, a rough indication of how old the debt is and some other useful information such as the customer credit limit. So what’s wrong with this?
2. It can be outof date as soon as you have printed it.
3. It gives you no sense of the overall company receivables position - is it healthy or not? Is it improving or getting worse?
The Suntico Accounts Receivable reporting solution for Sage 50 uses Microsoft Power BI to present much more useful, timely and engaging information. You can see for yourself, the first image is the receivables and collection report from Sage and the second image we have is the Suntico Accounts Receivables report made using Power BI with the same data.
Microsoft’s Power BI gives you a whole new level of understanding to your receivables and collections reports. So what is so good about this?
In summary, all the information you need is just one or two clicks away. The visualizations show you the overall scenario in less than a minute. The Suntico Accounts Receivable solution in Power BI is brief, but you can always drill down all the way to each single line item. With very little training, you can even customize your Suntico Accounts Receivable report the way you want. Power BI makes it easier to understand your customers as you can see all of their activity as a group or individually. Trend lines give you a quick way to know how your business is doing. A simple bar diagram will tell you so much about your outstanding and overdue amount. Unallocated credits are another issue with receivables and collections but in Power BI you will know exactly why you have it. And the bonus is every time you update your Sage 50 system, your Power BI can be updated automatically.
The Suntico Accounts Receivable solution for Sage 50 is a pre-built Microsoft Power BI Template file that works with the Suntico BI OData feed for Sage 50 Accounts.
Suntico OData feed for Sage 50 Accounts
Fully documented Accounts Receivable template file for Power BI
Annual subscription per page as a managed service
One-time charge per page as a Power BI template file
PrerequisitesThe Suntico Accounts Receivable solution works with Sage 50 Accounts version 23 or higher and Sage 50cloud Accounts.
If you are not using Sage 50, you can still purchase and use the Accounts Receivable template file for Power BI Desktop. The template needs just the following data from Sage 50:
From the BICustomers table:
From the BITransSplits table:
Optionally from the BICurrencies table (if you want to track receivables by currency):
If you are able to export the equivalent of this data from your accounting software into a couple of Excel files, then it would be very simple to apply this same template file to your accounting data.