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Table of contents
We’re not ashamed to admit we’ve already had our first mince pies of the season here at Pandle HQ. But, with the welcome arrival of delicious Christmas-themed eating, come all sorts of unwelcome demands on everyone’s time. Those presents just won’t buy themselves.
To help our users make the most of their busy schedules, we’re launching yet another time-saving bookkeeping tool. Three cheers for automated payment allocation, with Pandle Pay! Is it too early for a celebratory Quality Street?
Payment allocation is an essential part of the bookkeeping process for businesses. Allocating payment transactions essentially means matching payments received at the bank, to the invoices which triggered the payment.
It’s a useful way of checking which invoices have been paid, enabling users to identify any unpaid ones. (But don’t worry, our Payment Reminders feature can still do the hard work of chasing unpaid invoices, by automating a series of reminder emails to customers).
Our update to the payment allocation process has automated the burden of manually matching payments processed through Pandle Pay to their invoices.
Pandle Pay allows customers to pay invoices directly within Pandle by clicking through the link which is emailed to them with their invoice. They’ll be redirected to the Pandle Pay page, without having to navigate to anywhere else. Because Pandle Pay is powered by Stripe, users and customers alike can relax knowing their payment is safe and secure. It’s another way to manage that customer relationship!
We launched Pandle Pay back in 2017, making it quicker and easier for our users to get paid by their customers. We’ve been crunching the numbers since then and have found that on average a Pandle Pay invoice takes just 8 days to be paid, whereas the standard time for any other invoice to be paid is 32 days!
Our new payment allocation feature makes this time-saving tool even faster and further reduces the opportunity for making mistakes.
Users can create an invoice within Pandle, and send it on to their customers. If the customer uses Pandle Pay to pay the invoice, the transaction then appears in the user’s Stripe Feed within Pandle.
The new feature automatically detects the payment reference ID. It then uses this to match the payment to the correct invoice number, rather than users manually matching the payment to an invoice. All the user needs to do is confirm the transaction. Easy breezy!
This feature was previously only available through our web app. Now we’re rolling it out to Pandle Mobile so users can easily confirm transactions, even whilst on the move.
Learn more about using Pandle to make business accounting easier. Create an account today and decide what to do with all the extra time you get back.
AAT Level 3 qualified, I’ve worked in the finance sector since 2017. When I'm not in Pandle HQ, you'll find me hiking and playing the drums.
Create your account today, and decide what to do with all the extra time you get back. We hear Pilates is popular.
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