If you have ever sent an invoice and then followed up for payments, then you know how painful the invoice-to-payment process can be.
First there is invoice creation. Getting all the GST, RCM, TDS etc details right is super-important.
Then making sure the invoice is sent on time. Followed by sending reminders to make sure the invoice is seen and acted on.
And then you find out that the payment is delayed because no one was around to deposit the cheque.
And it isn't over even if the payment is made.
You still have to reconcile payments, bank transactions, invoices, AR etc, and make sure GST and other financial reports are accurate and up-to-date.
Nearly two-thirds of all businesses face cash flow issues at some point in time and delayed invoice payments is among the top 3 reasons.
Worldwide, a third of businesses report waiting more than 30 days past the due date to get paid. Note – this is not 30 days from the invoice date. It is 30 days from the "due date".
This is where Deskera and Cashfree come in.
Deskera and Cashfree
Deskera reduces the time taken to create, send and follow-up on invoices with digitalization and automation of the entire invoicing, GST and accounting process. With integrated Accounting, CRM, Payroll and HRMS, Deskera is the all-in-one business platform for running and growing your business.
Invoice creation, to sending, to follow-up and reminders to recording payments to GST calculation to financial and GST reporting - it is all done via Deskera.
Cashfree makes it easy to make and accept digital payments as a full stack payments solution. It helps Indian businesses accept and send money and is used by 50,000+ businesses for vendor payouts, wage payouts, bulk refunds etc.
Deskera and Cashfree have come together to make invoicing, accounting and payments easier and faster.
Better Invoicing, Faster Payments
With Deskera and Cashfree, the entire invoice to payment process takes a fraction of the time. And its automated.
Create an invoice using Deskera and it is emailed to the customer with the payment link generated by Cashfree auto inserted.
GST is applied automatically to the invoice amount. And Deskera generates the eInvoice too.
Reminder emails are sent automatically for any unpaid invoices by the system along with the payment link from Cashfree.
As soon as the payment is made by the customer (either through card, or UPI), the payment details are automatically updated in Deskera.
For all the financial transactions, the journals are posted in General Ledger, AR is updated, bank transactions are matched and the financial reports like profit and loss and balance sheet and cash-flow are updated automatically.
GST reports are auto-populated based on the transactions.
The entire cycle is completely automated.
So how to achieve this?
Setting Up Deskera and Cashfree
- Have a Deskera account. If you don't have one, sign up for one here.
- Have a Cashfree account. If you don't have one, sign up for one here.
- Login to Deskera.
- Start creating an invoice.
- Select Cashfree as the desired payment method.
- Enter your Cashfree account details and connect Cashfree and Deskera.
- That is it. The two are connected and now every time you create and send an invoice, the payment link will be auto-inserted.
Here is a short video that takes you through each step of connecting Cashfree with Deskera.
Don’t forget to take a look at the following helpful resources on getting the most out of your Deskera experience.