Prism has partnered with Xero, Thoroughbred Payments and Thoroughbred Recoveries to bring you a revolutionary new dimension to efficiently manage your operation’s expenses, invoicing, payments and overall management.
Prism Finance Overview
Prism manages all horse expenses, owner splits, invoicing and statement generation.
Xero is fast, simple, powerful online accounting software. It manages the core accounting functions, including chart of accounts, ledgers, trial balances, balance sheet, profit and loss, accounts payable, accounts receivables and payroll. Bank feeds allow efficient reconciliation of payments and receivables, and Xero excels at efficient GST reporting and Activity Statements.
With our partner Thoroughbred Payments, a convenient Pay Here button can be included in all your Statements/Invoices. You can also invite your owners to authorise you to direct debit their credit or debit card, or bank account, on the due date of each invoice.
With our partner Thoroughbred Recoveries, you can issue Letters of Demand to selected owners who are not paying you. If they still fail to pay after 14 days, you can seamlessly engage Thoroughbred Recoveries to commence debt collection - all within your Prism account.
We have also integrated with another leading accounting solution, MYOB. Although the integrations are a little more manual as opposed to the continuous synchronisation of data between Prism and Xero.
To get up and running in the quickest way possible, there are several key steps that you should undertake in the following order.
Master Data Configuration
Our Customer Onboarding Team will be in touch with you to provide introductory training. This introductory training will include important configuration of master data, specifically:
This master data is then used in Prism Finance. So we recommend this master data configuration, or at least a thorough understanding of that master data, prior to your Prism Finance training.
- General Tasks
Schedule Prism Finance Training
Our Customer Onboarding Team will be in touch with you to provide Prism Finance training. This is a 45-60 minute online training session to guide you in your configuration of Prism Finance and the integration with your chosen accounting system (Xero or MYOB).
Configure Xero (or MYOB)
We encourage you to engage a qualified accounting to correctly configure your chosen accounting system (Xero or MYOB). We can assist to some degree, but our training will focus on the Prism Finance system which synchronises with Xero (or integrates with MYOB).
Here are some important articles to read if you have chose Xero as your accounting solution:
Here are some important articles to read if you have chose MYOB as your accounting solution:
Will will focus our training on the content in these articles.
Configure your Organisation for Finance
There are various finance settings to configure in Prism Finance, and various template content that will display on your customer Statements and emails.
Setup a Thoroughbred Payments Merchant Account
By choosing to integrate Thoroughbred Payments with your Prism Finance portal, you enable the following benefits:
- A PAY HERE button on each monthly Statement/Invoice sent which allows owners to easily pay the amount owed via credit or debit card;
- Invite owners to authorise you to charge their credit or debit card, or deduct from their bank account (Australia only), amounts owing on the due date of your Statement/Invoice; and
- Easily charge each owner who has signed up for Direct Debit, on the due date.
This partnership with Thoroughbred Payments is proven to improve your cash flow and reduce bad and doubtful debts.