Review: ezyCollect, Changing the way you collect your money
Review: ezyCollect, Changing the way you collect your money
ezyCollect is an online accounts receivable management system that helps you get paid faster with a huge range of reminder options, flexible customisation features and the ability for customers to pay their owing amount straight from the reminder email.
Features I love about ezyCollect
ezyCollect has got the usual debtor management functions that you might expect such as reminder emails for late payers and escalating bad debts to a 3rd party debt collectors, but here are some of the notable features of ezyCollect I want to tell you about.
- You can create a personalise your own debtor management plan for every customer.
- It pulls through a copy of the invoice from Xero with ease and the customer information, actionable tasks and payment history is all in the Customer screen in ezyCollect including tasks to do that you add yourself.
- There are templates to send a follow up email after a phone call says “As per our phone call today, this message is to confirm that…”
- There is a “Thank You” email that pulls through any payments recorded in Xero and sends customers an invoice saying “Thank You for Payment”
- You can add your own email signature and branding to any invoices and they are completely customisable.
- You can exclude customers you don’t want to chase at all.
- There is a direct payment integration with Stripe, the payment service, which means you can put a “Pay Now” button right into your reminder emails and accept payment for the amounts owed.
- You can set an overdue amount threshold so that you don’t send reminders to people owing just a few dollar or rounding cents for example.
- You can request a credit check quickly and easily for any business in Australia or New Zealand through a direct integration to Veda.
- You can bulk email or even post your month-end statements automatically with their Australia Post integration.
There are so many things that have been well thought out and customised for the Australian market.
What does ezyCollect look like?
It’s definitely not the prettiest and most modern looking interface going around but as you can see from the above, it sure is functional!
One of the most engaging features of ezyCollect is it’s Dashboard. You can easily see total money overdue from customers, total days overdue, biggest outstanding, oldest outstanding, 30-day aging distribution percentage, number of ezyCollect communications made and more, straight from the Dashboard.
As you can see, the interface is broken up into five major areas.
- Company Pulse – this is Dashboard mentioned above
- Your Tasks –
- Customers Who Owe Me Money –
ezyCollect has a great online help centre that has been written by the founder, AJ, and has some quick videos that tell you exactly what you need.
On signing up, you can book a 30-min training session with ezyCollect. I highly recommended this to just get you up and running fast. As you can see, there are lots of features and settings to make it as efficient and powerful as can be, so make that time to get the initial help and the rest should be a breeze.
It wasn’t clear to me straight away as to how to set the first “Next Communication Task” however I’m sure this is covered in the initial training, so don’t miss it.
The Dashboard is very functional and the Reports gives you an overview report to take to a management board meeting or send off to the boss. The task history and details of escalations to debt collectors status shown in the Call History and External Communications Report is also a good addition.
ezyCollect has three levels of pricing:
- Silver – $45/month
- Gold – $95/month
- Platinum – $145/month
You can learn more about the pricing plans here but the Gold edition will give you most features mentioned except for the Australia Post integration and automated statements. There is no limit on the amount of reminders you can send, number of invoices or contacts. It’s really built for people that are serious about managing their debtors and getting paid faster. Those types of businesses willing to pay for the functionality that ezyCollect provides saving time and money for the business because they know cashflow is king in any business.
Of course the only way to bring ezyCollect to life is to connect it to your current invoicing system. This review focuses on the ezyCollect and Xero integration, however ezyCollect does also connect to the cloud version of MYOB and desktop version of MYOB, as well as MYOB Exo and QuickBooks.
A cool feature of ezyCollect is the ability to control the Xero sync on whatever schedule you choose. You tell ezyCollect what time to sync and how often. So if you know you do your debtor management on a Monday at 11am after reconciling your bank accounts in Xero, then you can set it to sync at 10:45am every day.
The ezyCollect and Xero integration is one-way in that all the contact information and invoices comes from Xero into ezyCollect. This means you can only edit contact information in Xero and then manually sync with ezyCollect to update the information you need.
ezyCollect Company History
ezyCollect is a Australian owned company founded and run by CEO, AJ Singh. ezyCollect’s motto is “Changing The Way You Collect” and aims to be the best and easiest to use accounts receivable and debtor management software. ezyCollect is based in Sydney.
Best Suited Industries
As I have said before, best suited industries is a hard one for these horizontal types addons as the truth is that anyone that has invoices to follow up for payment could use it.
What about the missing features?
I was really struggling to find missing features for this solution as there is so much in it already – Australia post integration, “Pay Now” button, credit checks for local businesses and mini-CRM for the tasks you need to manage either manually or automatically.
I think I’d like to see more communication to the debtor manager about what’s happening in ezyCollect – who is going to be sent reminders, what has been sent and maybe even read receipts, a bit like the Xero online invoice “Viewed” link.
It would also be great to see a two-way integration with Xero with the notes showing up in Xero also on the bottom of the invoice and updating the Expected Payment Date for all those that use Xero but don’t have access to ezyCollect.
Reporting now is quite good for an accounts receivable specialist to take to a management meeting, but it would be great to see some other reports in relation to risky clients – people that are taking longer to pay than usual, etc.
ezyCollect really is a great solution for Australian businesses with some powerful features. It’s customisable, feature-rich and you have direct training and support at the click of a button to arrange a webinar. You can learn more about ezyCollect here.