How To Automate Your Company Bookkeeping (For Free)!
Keeping track of who owes you money, on what payment plan, and who has paid what is necessary, but incredibly difficult information to keep track of.
In this video I walk you through the exact automations you need to set up so you can make sure your clients pay on time, pay in full – and how to automate the consequences if they don’t.
Become The Entrepreneur You Always Wanted To Be
[00:00:01] What is going on everyone, Ravi Abuvala here, founder of scalingwithsystems.com in this video going to be showing you guys two of my favorites, Slack and Zapier integration. So if you don’t know what Slack is, you’re probably not in the business world or the business to business world, but essentially is the communication channel between how you talk to your team and, you know, that’s where you’re going to have a fully remote team everywhere. And you can set up a bunch of cool tips and tricks inside of it, we go really in-depth and side Scaling With Systems on slack and some of the cool ways that we use it.
[00:00:33] And honestly, when I moved to Spain in August of last year or July of last year, excuse me, I told myself before I moved there, I said, I want to be able to run my entire company from this thing right here from my cell phone. And the only way I was going to be able to do that is if I had Slack. So I integrated inside of my company. I really recommend everyone do it that way you can talk with your virtual assistants or sales team, your client success, whatever it is. I know some people who can use it to have their clients as out of there as well. And then the other tool that we’re going be using here that I really love that once again we go really in-depth. Insights and wisdom is called Zapier. I’m going to show you kind of the breakdown. If you’ve never used these tools before, I’m going to actually show you a little bit of how you can use them inside of your company, how we use them. Once again, a lot more in depth insights getting systems. It’s not an accident that I’m on a review page here for Scaling WIth Systems, we just added a bunch of new testimonials here. We also have a new case study page if anybody wants to check that out. Hundreds of reviews and case studies. You guys can check out whatever your point. But anyway, that was just a soft sell for Skillings Systems. There would be a link below this video to apply. If you want to talk about how we can potentially help you really scale your business like these, hundreds of people have become hilariously profitable anyway.
[00:01:50] So talking about utility. So our two favorite one of our biggest issues for both my advertising agency and for Scaling With Systems, that was an issue in the sense of it kind of fell to the wayside because I was very disorganized was delinquents. So people who didn’t make their payments and then also people who did make their payments to make sure that they made their payments, we knew how much they’re paying, what their payment plan was. When it hits, etc, etc, etc. And most people I know have just like, you know, Stripe set up on their phone as a notification each time they get a payment. But it doesn’t tell them whenever someone fails a payment. And it also doesn’t tell them the payment plan. And to be honest with you, if you know anything about me, I actually turn off all notifications on my phone as it’s a huge distraction. So how was I able to show my team who’s paid, who hasn’t paid, see a whole history of payments in our company and also see when someone fails a payment? Because a few reasons. One fails payment. Right. Number one, they’re trying to join the program and their card has a limit on it. And so, like, it could be like literally 1:00 a.m. and we’ll get a fail payment and we’ll know that someone that we spoke to 30 days ago was trying to join the program right now. If we didn’t have these automation’s setup, we’d have no way to reach out and be like, hey, you didn’t need to call your bank or do you need us to come and help you do multiple charges. And a lot of times, if someone encounters some kind of resistance when they’re trying to do something and they can’t get past it, then they’re just going to say, oh, it’s not for me, I shouldn’t do it right. But this time, we’re able to see that that issue where ever reach out ourselves and help them kind of go the one yard line over.
[00:03:20] So that’s the first thing is helping close new deals inside the company. The second thing is gonna be there’s a delinquent from someone that is on a payment plan with us and owes us, you know, a certain amount of money left. And, you know, I don’t reuse questions that I really believe in collections. Right. You know, I think that if someone has a delinquent and it’s, you know, safe covid-19, if they’re not making enough money to to pay their next payment. And it’s also on myself as a company and our clients success team to figure out why are you not? We have hundreds of people making literally tens of thousands, hundreds of thousands, millions of dollars. You know, why are they not doing it? And instead of reaching on saying, hey, you owe us money, is more reaching on say, hey, where’s the disconnect here and how can we help you? Because we know this works before. Right. So it’s like a function of client success.
[00:04:06] And then finally, just cash flow in general. The number one reason why business fail is lack of cash. And if you lack of new cash coming in and if you are able to make it so that it’s like very systemize, like everything else and automated and then you delegate that to somebody else, then you don’t have to worry ever about having that lack of cash. And you can have someone have access to your merchant processor without actually give them access or merger processor, etc., etc. So hopefully by now you realize that the two most important channels are going to be inside of your company. My opinion are payment, success and payment failed.
[00:04:39] Now, payment success, as you can imagine, I’ll pull up ours right here really quickly. I’ll have to blur out some misinformation here. But payment success just means like, hey, someone just paid their payment, right? Someone has just closed the deal. Someone has has paid the recurring payment, whatever it is, you know, it says, hey, this person has completed a charge for your company, so that’s a great channel in order to see when someone closes someone that’s a great channel, in order to see the once you have recurring. It’s nice to see activity in that channel every single day to make sure that, hey, you know, we’re making money every single day or whatever it is. And it’s also a really great way, let’s see if there’s some kind of mistake or accident it’s a really great way to be able to see that’s, you know, hey, this person’s already been charged. This person is overcharged, and we’re able to reach out immediately and figure out where the issue is or apologize or refund them, et, etc., etc.. OK.
[00:05:31] So that’s payment success. That’s pretty exciting. We like that. But actually, what I would argue is even more valuable is this payment failed channel. OK. This is actually probably my favorite channels we have out there. And, you know, as you can see here, you know, we have haima fails all the time. Right. And a lot of these are people that are trying to join the program that, you know, you can see there’s like this one is five hundred dollars are two under fifty. Two hundred, one hundred. So we’re like trying to get their credit line so that they can essentially join the program. And a lot of credit cards have like caps on it. And so we’re able to see that they’re trying to join, we’re able to work on that process. And honestly, all of these right here are all people that are just trying to join the program. But let me try to find someone that is inside the program because this someone is inside the program. I hear you can see I reply twice to this, and this is somebody who had a payment and there is a recurring payment and weren’t able to pay it. And so I reached out to our clients estimates that, hey, figure out what’s going on here, figure out why they didn’t pay, and let’s reach out and get on a one on one with them or whatever we need to do.
[00:06:27] So that’s the kind of benefit the payment failing payment says. And I don’t have to have any notification on my phone. I don’t have to give anyone access to my striper or any kind of my sensitive information. Everyone on my team can have access to this channel. And also everyone can see what’s the cash flow looking like in this company. Right. You know, I think that sharing financials with your employees is absolutely critical. And so if you can set this up in your company, I think it will be really beneficial all around. And I’m going to take it a step further and show you we have attached to our zap here. So anytime or merge process or has a payment success or payment failed, it’s we have an automation tool going to show you, which brings a bit of slack to let us know in that slack. I also show I have a delinquent list right here. Right. And what this delinquent this is once again, all the stuff will be blurred out for sensitivity purposes because obviously I can’t show you guys stuff. But what this delinquent list here is to let us know exactly on a spreadsheet. Hey, who owes us money? Why do they owe us money? Are they on a payment plan? What’s going on? And so, you know, usually once or twice a month we kind of have a team meeting where we just clear this out. Right. We figure out, is this person paying? Is this person not paying? What’s the status on them? Do they need help? Do you want to one’s kind of what’s going on with everything. And before it was just like, I think this person owes you money. I don’t know if this person owes me money. Like, I we’re just guessing, really just grabbing at straws. And when you really starting to scale, you have to have some kind of, like, warehouse of all this information because you’re going to forget everything. Right? The amount of new stuff that we’re innovating and adding on, it’s really very difficult to remember every single person.
[00:07:59] And so, you know, sometimes this list only has six people on it now. You know, sometimes it can be as much as 10 to 12 people on it. And then we’ll kind of run through and just clear it out. Where’s this person at? How do we get a payment plan on how do we figure out how we can help them make the next payment, etc etc. So I would really make sure you have all this on here if you have a lot of failed payments and they’re from recurring customers and it’s also a really good opportunity for you, look back and be like, am I actually delivering what I’m promised I’m delivering? Am I actually helping this person out? Right. You might actually have a look at your client success. Right. We have a very low delinquent. Right, like a very for the price of our offer, we’ve a very low delinquent rate because people make a lot of money within the first seven or 14 days of joining our program. Right. So that’s essentially the idea behind it all. You want to have a slack channel that shows payment fail, you have a slack channel that shows payment success. Then you have some kind of Google sheet that kind of compiles all the payment failed. So you can be able to kind of do your accounts receivable aspect of it. If you wanted to send someone to collections, you can. I don’t really believe in that, but you can feel free to do that.
[00:09:00] And then finally, what you can also do is send these people an email so you can actually send this person an email through this automation so that they can say, hey, what’s going on? I noticed you didn’t make your most recent payment. I understand things come up. You know, if you have any questions or there’s any issues with the program or our company, please e-mail back and let us know. If not, just submit this update payment method link here and we’ll take care of as soon as possible. And like 90 percent of the time, our field payments are either going to be people try to join the program or number two, there are people that they just need to update their payment method. Right. For whatever reason, they’re at their credit limit. They have another card, whatever it is. Right. That’s Luly, like 90 percent of the that we have. And so I’m going to show you really quickly what it looks like inside of here to set these up inside your company.
[00:09:44] So first thing you do is go to zap your dot coms, the API Yarkon. You can get a free account there. I think with a free account, you can get like three, three or five Free’s apps and a zap is essentially a trigger and. And then an action. So if this happens, then these things will happen. So, as you can imagine, this is charge success than slap notification. So I can’t go and click on a lot of these things because it’ll show sensitive information of people. But what you won’t do is when this happens, when you have a new event in slack. Right. So whenever a new event is strike, which our payment processors or whenever there is a new charge, a new brandnew charge inside of slack, then first thing we do is actually filter. And we’re gonna actually say this. And for me is the data order demand is greater than one dollar, because if it’s one dollar, that’s actually what we send people just to update their payment method. We say, hey, here’s a charge for one dollar. Here’s an invoice for dollar. Fill it out. It will update your payment method and then we’ll come back in and charge the rest, the amount there. So it’s all really automated. So new events only continue with greater than a dollar, which means that it’s like an actual closer occurring or something like that.
[00:10:53] Then we’re going to send a message in our slash channel. OK. And we’re gonna send the message. And you already kind of saw the message right here. But essentially, it says, hey, team, this client just paid their blank amount of payments. If it was a manual clothes, then we lost it there. So if it’s not in the serum’s, we can make sure we track it all. Then there’s a link to our payment processor dashboard there. OK. And so that’s really it. It takes about five minutes to set it up. You just have to connect your stripe account. You guys can extra slack account and you’re good to go. Even though a little bit more integrated one. But I think the more valuable one is a striped charge fail. And then second location. So this one is gonna be whenever you have a failed event inside of Stripe. So if you come in here, you can see new failed charge attempts and sort of new payment success started again. Then we’re gonna send a message in our Slack channel. Right. So customize the message here. Hey, team blank person fail. They are blank amount. Please reach out A.S.A.P. or they’ll lose access. You know, here’s a delinquent list. Here is a striped dashboard. OK. So added all these links inside of here so my sales team can just click on that. They don’t have to go anywhere. I make it as easy as possible for everybody or our client success team.
[00:12:02] And then we also send this person an email. I’m not gonna go in the emotions. Those show sensitive information, but it’s pretty much saying it’s coming from my email accounts. In case I respond, I’m able to answer them personally as CEO of the company that says, hey, first name. I saw that you had a failed payment amount of this amount of money. I totally understand that things happen. And we are no, we are student obsessed company out on to make sure that you are essentially getting the resources that you need, either a complete this link right here in order to update your payment method and prevent any kind of interruption of service or respond to this email. And let me know what’s going on so we can make kind of it so we can make steps towards resolving this issue. Right. Super simple email. We give them an opportunity to update their payment method. If I see a charge come in for a dollar that I know that that’s an update payment method. If we can just quickly go in there and update the payment method. And then the final thing is we could create a spreadsheet and Google Sheets, which is this one right here. Right.
[00:12:56] So now we’re able to actually say, you know, the name who close it was the email. What source did the merchant? We have multiple merchant processors. What was the amount? When was the due date of the original things or when was it supposed to be do follow up after seven days. And then, you know, day eight, if we have no response. Right. We’ll communicate with people. But if they’re just like they told ghosted us, then we will revoke access. And I think you guys should do and then update the notes as people say, hey, I’m on a payment plan. Hey, Kobolds affected me, whatever it is. Right. So that’s pretty much everything it is. Guys, it’s really not that difficult to set up. I would really recommend everyone here does. It’s inside of their company as well. And, you know, two most important things in your company, how much money you’re taking in and how much money are you losing because you’re not able to collect. Right. And this this I know people that have full like accountants and CPA is that do what I have set up in an automation here. So I would really recommend you set it up. It’s my favorite channel because I get to see, you know, the payment success. At least I hear a channel because I get to see whenever we close new deals, it hypes everybody up and then the payment failed. Lets us know when there could be an issue inside of the company. So I hope this is really valuable to you guys inside is getting was ism’s. We teach every single zap that we have. I have over 300 different actually. Now we’re at four hundred events APS in our company that helps us kind of remove ourselves from everything. And we also walk to Slack the different channels that we use a lot more in-depth training like this.
[00:14:19] If you want to learn a little bit more about Scaling With Systems, you know what we’re doing, how we’re having these hundreds and hundreds of video testimonials, how we’re having all these case studies. Feel free to click the link below or around this video. You’ll be able to submit an application to speak with our team and then we’ll get on a call with you. We can walk you through more stuff like this. You can let us know why this video resonated with you. We’ll be able to talk to you about industry specific examples where you’re at if we’re able to help you, how we are able to help those people in your industry and what the potential next steps would be. So not a whole lot to lose. And I think be cool if we can maybe at least give you a few actionable steps on that call that, hey, maybe you’re not ready for. Now, but here are the things that we would put in place. So maybe we could potentially work together in the future. So let me know, you know, comment down below if you have an opportunity and let me know your thoughts on this video sent me a message. Let me know your thoughts as well. If you guys like these kind of things, that I’ll create more videos like it. But I hope you guys all have an absolutely incredible day. Thanks so much for your time.