Since its launch in 2012, Satago has evolved an entire suite of tools specifically for accountants and bookkeepers to allow them to support their clients with their cash flow management.
Of all the tools developed for accounts and bookkeepers, the biggest impact tool is the Portfolio Overview.
We created the Portfolio Overview so that trusted advisors can keep a watchful eye their clients’ debtor, keep tabs on how well those clients collect what they’re owed and monitor the levels of risks that their clients may (often unwittingly) be exposed to.
For every client connected to the Satago platform (connecting clients is free), advisors can see the following details at a glance:
This table can be sorted by any of the text fields. After sorting the portfolio overview table, you can then click on each of the clients to reveal their risk insights page.
Satago users can see what the current credit score of the customer is, what their average days sales overdue are, and what the potential credit limit to offer them should be.
Combined with information from their accounting software, Satago can provide users with a dashboard with includes colour coded reports such as:
For a single business these can provide invaluable insights and help the company to understand who owes them money, and how long they take to pay. It also allows them to identify clients that are low risk and good payers and those who represent higher risk and are worse payers.
For an advisor, these insights can generate another level of insights about the performance and health of the clients’ business. They can trigger a wide range of conversations a about the businesses performance and how they compare against the owners’ goals.
To start drawing the data that feeds the Portfolio Overview tool, your first step is to connect your accounting package to the Satago platform. We currently support accounting packages from the likes of Sage, Xero, QuickBooks, Microsoft and more. You can see the list of more than 300 accounting apps we connect to here: https://help.satago.com/en/articles/13226-what-accounting-software-does-satago-support
Once you have created the connection from your accounting software to your Satago account, it will start to pull your client data into the platform to help you manage your own debtors.
After matching as much of your client base as possible, your own Risk Insights dashboard will be populated with your own clients, showing you a complete risk overview for your practice.
You can then use the risk insights of your own practice, which is a great opportunity to get used to the reports with some real data. It’ll also allow you to identify and prioritise the risk clients who’re presenting the greatest risk to your practice. These could be good candidates for assistance with cashflow, if only to reduce your own risks!
To get clients to the point where you can really start helping them, you will need to add them to the Satago platform. As a Practice partner, any clients that you add to Satago will be added to the free plan and with reminders turned off – so there’s no downside to connecting large groups of clients.
You can connect clients one at a time by heading to Accounts, then Customers to see a list of the clients you’ve imported.
For connections to Xero, Sage Business Cloud and Sage 50, you can also bulk upload clients.
To do this, follow the steps 1) and 2) above.
Once a client’s accounting software is connected to Satago, they will automatically appear on your Portfolio Overview. As they go through the client matching process, with auto-matching working for most of their clients, your portfolio overview will be updated, giving you greater insights and opportunity for them to work with you as a CCaaS provider.
Once you have your clients connected to your practice through the Satago platform, and your portfolio overview has been populated with your clients, you can easily sort the table using any of these 3 columns:
By sorting by any of these columns (descending) you will be presented with clients who have the most to gain from some assistance with their credit control processes. Depending on the sorting column, and the client size, you will be able to determine which of your clients will see the fastest impact on their cashflow.
With ‘selling’ still being an uncomfortable activity for many accountants and bookkeepers – being able to proactively spot a problem and recommend a solution to exactly the clients who would benefit the most may be a much more comfortable approach.
The Portfolio Overview tool is a powerful way of opening conversations with your existing clients, offering proactive support and grow your practice.