Send Invoices Online & Get Paid Faster with Stripe and Deskera Books

Send Invoices Online & Get Paid Faster with Stripe and Deskera Books

Vivien
Vivien
Table of Contents
Table of Contents

Do you ever wish that you can speed up your account receivable collections and recover your outstanding amount as early as possible? What if you could send your invoices and get paid immediately?

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese” – Chris Skinner

Do you ever wish that you can speed up your account receivable collections and recover your outstanding amount as early as possible? What if you could send your invoices and get paid immediately?

According to the statistics:

  • 39% of invoices are paid late in United States
  • 61% of late payments are due to incorrect invoices
  • An average of 4% of Account Receivables are written off as bad debt each year

If you are looking for an accounting software that helps you get paid instantaneously, you are looking in the right place.

Here at Deskera, we allow our users to get paid faster and efficiently using Stripe integration. Customers can pay easily in less than a few minutes by simply clicking the online payment link they receive. Getting  account receivables down to a minimum is a priority for any business, but is more so important for a small business.

In the article below, we cover the following topics:

  1. How to Connect Your Bank Account with Stripe?
  2. How Can Business Send Invoice to Their Customers?
  3. How Can Your Customer Pay Using the Online Link?
  4. How Does Online Payment Affect the Accounting Entry in Deskera?

How to Connect Your Bank Account with Stripe?

First of all, to use Stripe Payment in Deskera Books, you need to ensure that you have added your bank accounts in the Bank Module.

Creating a new bank account on Deskera Books.
Creating a new bank account on Deskera Books.

Next, you will have to click on the contextual menu of the respective bank account that you wish to connect with Stripe. After that, choose the Connect Stripe option.

After successful connection with Stripe

After a successful Stripe connection, you should be able to view the Stripe icon next to the bank code in the Bank Account Summary List.

Interested in finding out more about the steps to connect your bank account with Stripe? Click here to read out more about the steps you will need to take for a successful connection.

There are a few things that you will need to bear in mind when connecting to Stripe. Here are the few things that you need to note down:

  • Only a single bank account can be connected.
  • Once you have connected your bank account to Stripe, you cannot disconnect the bank account from Stripe.

Therefore, before connecting, make sure that you choose the right bank account to connect. It's advisable to select the bank account that is actively used by your business.

How can Business Send Invoice to their Customers?

As a business owner, you can definitely send the invoice to your customers using email.

Follow the steps here to send the invoice email to your customers:

  1. Go to Sell tab >> Select Invoice.
Send the invoice using email from the contextual menu.
Send the invoice using email from the contextual menu.
Send the invoice using email in the invoice document
In the invoice document, click on the Email button available on the right-hand side of the page.

2. You can either send the invoice using email from the contextual menu or in the sales invoice document, as per the images shown above.

Insert the payment link in order for your customers to pay faster.

3. After clicking on the Email button, enter the recipient email, which is your customer's email, and also enable the checkbox to insert the payment link in the pop-up page.

4. Once your customer receives this email, they can open the link and enter their bank details to pay for the invoice.

Payment automatically marked as done after Stripe payment
Payment automatically marked as done

5. The invoice will be updated automatically right after you have received the payment from your customers using Stripe.

As soon as an invoice is generated by Deskera Books, the journal entry is created to hit your accounts receivables. If not paid, this amount will continue to reside in the accounts receivable section against the created invoice.

Once your customer receives the invoice via email, they should be able to view the Stripe payment link as per the attached screenshot.

Your customers will need to click on the payment link in the email received.

Upon clicking the payment link, this will redirect you to the Stripe page, whereby your customers will need to enter their bank details to make payment.

Before making payment, your customer chooses to download the invoice in PDF format and view their outstanding balance.After confirming the details in the invoice, your customers can click on the Pay Invoice button to proceed with their payment.

The payment receipt for any Stripe payment
The payment receipt for any Stripe payment on Deskera
The invoice document in PDF format

On the following page, the invoice will be marked as paid, and your customers can choose to download both the payment receipt and the invoice document.

Deskera Books will automatically update the customer's invoice as paid after you have received the Stripe payment. You can skip your manual task by allowing the automation to do the work for you.

The accounts receivable will be cleared as soon as invoice is paid.

How Does Stripe Payment Affect the Accounting Entry in Deskera?

To view the accounting entry for the Stripe payment, you can go to the Accounting Module and select the Journal Entry.

The accounting entry for Stripe payment on Deskera
The accounting entry for Stripe payment on Deskera

Attached above is the screenshot of Deskera Books' Journal Entry after the invoice is paid using Stripe. The Journal Entry for the Stripe payment is auto-populated in Deskera Books based on Stripe API.

Also, the Stripe Fee account is one of the default accounts in the Chart of Accounts. Hence, zero effort is required to configure the Stripe Fee account!

Conclusion

Online invoicing and payment can help you get paid faster. By improving on the company's account receivables collection, companies can strengthen their cash flow and overall company's financial standing. Therefore, businesses should brainstorm and strive to improve on their account receivables collection.

Are you interested in getting paid faster using Stripe? Sign-up for a 30-days free trial on Deskera Books now.

What is Invoicing? (+ Free Invoice Templates)
Invoicing is the first step to getting paid! In this guide, we introduce invoices, clear up common misconceptions and share what are the top nine elements of an outstanding invoice. We also share FREE invoice templates that you can use for your small business!
What Are The Commonly Used Payment Terms in Invoicing
Payment terms define how and when the payment(s) against an invoice will be made to a supplier from their customer. Getting paid on or before the due date keeps you cash flow healthy, and payment terms help you achieve this as well as keep you aware of any long outstanding receivables.
What Are Payment Terms in Invoicing & How They Help With Cash Flow
Many small businesses face issues with cash flow due to late payments from their customers. Being upfront and clear with payment terms is a vital part of getting paid on time.
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Sending invoices and getting paid on time is probably the most important thing for your business. Depending on your business, you may be sending a few invoices per month, or a few hundred on a day.
E-Invoicing - The future of business transactions
Electronic invoice (e-invoice) automates and eliminates manual intervention in sending and sharing of invoices between a buyer and a seller. This means that the invoice is created, sent, and received in standard electronic format. This allows buyers and sellers to automate invoice processing.
What is Invoice Factoring and How Does It Improve Cash Flow?
Frustrated with late payments from customers? Invoice factoring is a viable alternative to improve your business cash flow.


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