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Following are the Accounting features and benefits of IQ reseller (click here for a comparison showing how these features compare to popular accounting applications):
Reseller Accounting Features “Out of the Box”
- Credit hold based on amount and or aging AR limit. Limits sales to companies with AR aging on any amount. Maximum amount outstanding. Preserve and conserve cash limits your AR exposure on any one account. Can be configured as a hard limit, or a soft warning.
- Suspend new sales to any customer for any reason. Prevents sales to companies with poor credit or ethics.
- RMA function. Documents returns for credit, and repair; return for replacement auto-creates a Sales order to allocate inventory and schedule for shipment. Once product is received credit can be 0-100% creating an AR credit invoice with a comment tying it to the RMA number and original Sales order. RMA workflow maintains organization in the warehouse and communication with front office accounting by clearly showing what items are received, processed and waiting for credit to be applied.
- Create AP invoice from AR credit invoice for issuing refund check. Other accounting systems require you to create an AP payable, hand entering comments in the payable (if possible). IQ reseller streamlines that operation and ties the AR credit invoice to the AP invoice automatically with no entering of comments or other manual work.
- User access and security controlled at the specific activity level. Set user access at only what you want them to see. As their trust in the company builds give them more access. You may have group profiles assigned to an individual and then further modify the individual profile. Real life examples:
- You may have a part time AP person to match up AP invoices and enter the Vendor invoice numbers but you do not want them Applying credits or payments.
- A new salesperson you might want to limit access to only see their quotes and Sales so they do not get distracted looking at other reps Sales and the private information that is part of those sales.
- Invoice creation upon processing shipment. Optional with IQ resellerShip shipping integration is the auto-flagging of shipped lines for invoicing, or some users prefer the shipment processing to create the invoice.
- Auto freight markup. IQ resellerShip allows you to set a percentage markup on each shipment executed on your account. It will add markup to the true freight cost and add the line to the invoice. If shipment is billed on the customers or third party account it will not add freight line to invoice. Invoices can be reviewed, adjusted if necessary printed or e-mailed. Invoicing is more accurate, time is saved and embarrassing incorrect customer invoices are minimized.
- Invoice displays complete order information. Includes shipment information, Carrier, Tracking number, service type, Serial numbers, Condition code, Warranty, Line item comments, Deal comments. Prevents any misunderstandings and clearly communicates what was sold. Comments will transfer from original sales order contract.
- Early invoice sales which have not shipped. Early invoices work great for International Sales where you want to receive payment via wire before you ship. The Early (proforma) Invoice can be generated immediately after sale is created before product ships and e-mailed to customer. Other accounting programs require you to invoice first making it harder to apply receipts to open sales prior to invoicing. Other accounting systems force you to create an invoice to apply receipts. That method can cause problems when you have not shipped the product. Now you can write up the sale, generate an Early invoice, wait for the wire payments to arrive and then ship.
- Apply receipts to open sales prior to invoicing. Other accounting systems force you to create an invoice to apply receipts. That method can cause problems when you have not shipped the product.
- IQ reseller allows you to write up the sale, generate an Early invoice, wait for the wire payments to arrive and then ship.
- Assign freight cost distributions to individual sales and purchases through AP invoice. Freight will appear as expense of the transaction and as a deduction from the gross margin for rep commission reporting.
- Complete financial accountability for each rep. Report by rep what value they added to each transaction and what they contributed to the company in Gross profit and Net profit margin each month. IQ reseller will gives you the ability to compensate reps based on the amount of net profit they generate. This is much more accurate method of sales rep compensation than a small percentage of gross sales. Gross sales can be deceiving. On sales with low margins the entire profit can be erased with payment processing fees from PayPal, Credit cards, and Ebay selling fees. No need to track returns or other expenses in manual spreadsheets as IQ reseller tracks it all for you.
- Margin (profit) split capability between reps. Split profit between reps based on the “value” they added to the transaction. This method allows company management to know who is really adding “net profit” to the transaction and who might be riding the “coat tails of low cost purchases”
- Commission report on 100% collected AR transactions option. Encourage your reps to do quality business, collect AR, and follow-up to ensure that they get paid their commission. This also protects the company in advancing out commissions on transactions where a portion of the AR might be uncollectible.
- Inventory write-down capability. Write down inventory through the General Ledger to more closer represent its true market value. The write down amounts if desired, can be posted directly to the inventory adjustment account of the rep responsible for purchasing the slow moving inventory. Upon execution of the write-down, the rep will see an entry on his profit margin commission report showing the loss, lowering his commissionable margin and the loss to the organization since the corporation will save the reps normal percentage payout. If the product is later sold, the rep will recover the amount written down up to the selling price of the product. If another rep sells the product the margin split function will ensure the purchasing rep recovers their “fair share” of the margin.
- Net profit margin commission reporting. Saves time manually tracking Sales revenue, returns, equipment costs, freight, bank wire fees, and other expenses on sales orders. Commission report can be configured to only show those transactions where 100% of the Accounts receivable has been collected, thus protecting the company in paying out commissions on transactions where a portion of the AR might be uncollectible.
- Pay unlimited vendor AP invoices with one check.
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