Invoice Payment for Small Businesses
Know who owes you money and who you owe money to at a glance. Save time, improve cashflow and avoid bad debt using electronic payments.
There are several parts to the payment functionality in Powered Now:
-
Taking payments for sales invoices electronically
-
Recording other payments on sales invoices
-
Recording payments made on supplier invoices and expenses
Electronic Payments
Currently Powered Now supports the following ways of taking payments electronically:
-
By clicking on a link from the email or invoice your customer can make a payment through either SumUp and a box that pops up, or Paypal at the Paypal website
-
Face to face using SumUp chip and pin and contactless card reader (speak to Powered Now sales for details) - Details of SumUp
The following types of payments can be recorded against supplier invoices and expenses:Recording Payments
Payments can be recorded against both sales invoices and supplier invoices to keep track of the status of these invoices. As well as the electronic payment types above, the following types of payments can be recorded against sales invoices:
-
Cheques
-
Cash
-
Bank transfers
-
Direct Debits
-
Standing Orders
- Chip & Pin
-
Payments made by Card
- Costra
The following types of payments can be recorded against supplier invoices and expenses:
-
Cheques
-
Bank transfers
-
Payments made by Company Card
-
Petty Cash
-
Payroll (Expenses only)
Refunds
Refunds can also be recorded in Powered Now, so when overpayments are made or credits given to clients, invoices are still shown as balanced.
CIS
Recording payments against invoices allows Powered Now to automatically calculate CIS amounts and generate the necessary reports to support the Construction Industry Scheme (CIS).
Accounting Interfaces
All payment and refund records can be extracted so they can be imported into an accounting system. If a payment is made and then detected in your accounting system using a bank feed, that can be fed back into Powered Now.