In the dynamic business world of today, workspace solutions have become a necessity for modern businesses seeking flexibility and convenience. From coworking spaces to flexible office spaces, workspace solutions offer various services. With these solutions, businesses can efficiently manage resources, foster collaboration, and support remote and hybrid work models.
However, if you own a workspace solution, managing accounts receivable is very crucial. This is because you will have a wide variety of clients, from small businesses to large enterprises. You have to invoice these clients for the type of space or amenities they use. Also, collect payments from them monthly, quarterly, or annually, depending on the lease or membership terms. 
What are Accounts Receivables?
Accounts receivable are the funds owed by clients to a business for goods or services it has delivered. It is seen as a credit extended by a business to its customers, allowing customers to pay after receiving the product or service. Accounts receivables are usually recorded as assets on a company’s balance sheets. This is because they represent an expectation of future cash inflows.
However, managing account receivables comes with certain challenges for workspace solutions. This is because you have to deal with diverse payment terms like hourly, daily, weekly, or monthly rates for office spaces, meeting rooms, and other amenities. Therefore, managing varied payment schedules and multiple clients can increase your administrative burden.
As a workspace solution, you can easily manage your account receivables using cloud-based platforms like Zil Money. You may easily get paid by your clients using these platforms. With these online payment platforms, you can create and send invoices, track payments anytime, reduce manual errors, and increase your cash flow.
Easily Create and Send Invoices
When your business is growing, the volume of invoices also increases. However, if you are still creating invoices manually, then it can be a hassle and a time-consuming process for you. This can slow down your payments and will eventually affect your cash flow. Therefore, use cloud-based platforms like Zil Money to easily create invoices and send payment requests. The e-invoicing feature on these platforms will help you easily create invoices. With these online payment platforms, you may also import invoices from your accounting software. This is done by integrating cloud-based platforms like Zil Money with your accounting software.
Collect Your Payments Effortlessly Using Payment Links
As an industry with multiple clients, workspace solutions may find it difficult to collect payments in their busy schedules. One of the most efficient and secure ways to collect payments is by sending payment links to your clients along with the invoices. You can easily send payment links using cloud-based platforms like Zil Money. These platforms help businesses to create customizable payment links according to their needs.
You can easily send these links via email or SMS to request payments from your clients with a few clicks. Your client will be taken to a payment page when they click on the link. From there, they can easily send the requested payment. After you receive payments, you may quickly view the payment status on these platforms.
Easily Create and Manage Check Drafts
When running a workspace solution, you might have clients on monthly or quarterly plans. One of the most efficient payment methods to support these recurring billings would be check drafts. This is because check drafts offer a secure option for larger payments. However, creating check drafts manually is a time-consuming process when handling multiple payments.
Therefore, you can utilize online payment platforms like Zil Money to create check drafts easily by obtaining permission from the account holder. Using these platforms, you can accept your client’s check drafts over the phone. This is done by sending your client a link to their phone and having them fill out the bank details and sign it. Then you may enter your client’s information into this platform and print the check on their behalf with their authorization. You may use these platforms for one-time or recurring payments.
Simplify Making Payments to Your Vendors
For any business, sending payments on time is equally important as receiving them. To run a workspace solution smoothly, other than receiving payments, you may have to send payments to various entities. This can include suppliers and vendors who provide office furniture, technology, security, cleaning, and other essential services. You have to pay these vendors and suppliers on time in order to maintain a good business relationship with them.
You can easily make payments using cloud-based platforms like Zil Money. These platforms offer multiple payment options, such as checks, ACH, wire transfers, card payments, and more. You may easily choose the most efficient and convenient method to send money using these platforms.
The Conclusion
Workspace solutions can easily manage their accounts receivables using cloud-based platforms like Zil Money. You can create and send invoices, payment links, and check drafts using these platforms. Other than receiving payments on time, you may utilize these platforms to send payments as well.
(Zil Money is a financial technology company, not a bank or an FDIC member. Zil Money offers banking services through a partnership with FDIC member banks Silicon Valley Bank and Texas National Bank.)