LedgerLive is a free credit control tool from Funding Options, who are deploying a suite of tools designed to help firms grow revenue, get paid faster, and access finance. LedgerLive allows UK Xero users manage their cash flow and avoid bad debts. LedgerLive lets you see which customers pay the fastest (and slowest), and its synchronisation with the Red Flag Alert database gives you an insight into your debtor’s credit rating and how quickly they pay their other suppliers.
Who is it for?
LedgerLive is useful for any business with debtors in Xero. The LedgerLive application also allows a user to access multiple companies, just like Xero, so it is great for Xero accounting partners that want to assist their clients with the management of the debtors ledger.
How LedgerLive works with Xero
LedgerLive connects to Xero to import customers and invoices, so you have a complete picture of your debtors. LedgerLive syncs daily with your Xero accounting data to keep up to date.
Where you can use LedgerLive
LedgerLive is available for UK customers only (they will be evaluating other countries in 2013), and you will need to be using a version of Xero that utilises invoicing.
Check it out
LedgerLive is completely free, so no excuse to not try it out today!
Just to say hello, I’m Managing Director of Funding Options Limited, the company behind LedgerLive (and personally a Chartered Management Accountant and long-time fan of Xero): please don’t hesitate to drop us a line if you have any questions or would like to chat.
Also, if any Xero accountant partners are attending “Accountex” at Olympia in London on 22nd- 23rd November 2012, please do come by and say hello at our stand, or you can see me speaking on technology and business finance on the 23rd.
Looks great. Can’t wait for it to be available in NZ.
I’m a underwhelmed by this this to be honest. It certainly couldn’t be described as credit control! Basically all it’s doing is giving you a snapshot of your debtors but there’s nothing more than that. If you want to see why your debtor has a red flag you can’t!
It’s a real shame as this has so much potential. I liked how it connected companies with their files and I also like the whole traffic light aspect of it. I suspect there might be additional functionality that will be charged for and that may not be a bad thing if it’s affordable. Having your sales ledger connected directly to credit monitoring is long overdue in my opinion but this is too basic for me and left me wanting much more 🙁
@Barry – be good to elaborate on what ‘more’ you are after , I am sure the Funding Options team would be interested.
@Barry
Firstly, thanks for the feedback.
As Ronan says, we’re always keen to hear what users think and really do feed this into our development roadmap. In fact, we’re setting up a Xero users group to help us develop our services further. Would you be interested in getting involved?
In terms of the additional features, you actually stole my line! I was just about to post on here to say that we’re set to release a range of new features for LedgerLive in the near future. Hopefully these will cover the extras you’re looking for but if there’s anything missing, please let us know.
As far as the more goes. I would expect to be able to drill down into why a company has what is called a red flag. It has no context without understanding this. I would like to see the ability for people to share information on problem debtors anonymously. Credit checking is all very well but even in the most expensive of systems it’s inherently out of date. Getting opinions from people on the ground could potentially be massive.
I think the other thing to bear in mind here is how you align the product with Xero users who I would imagine are mostly small businesses. When a business hits a certain level they ultimately outgrow Xero and need something more sophisticated so there’s no point in adding too many bells and whistles that no one will use.
It’s really refreshing as well that you’ve responded so positively that certainly leaves me feeling more positive about the potential of this. More than happy to get involved in the user group if you think it will help:)
Feature update:
To all LedgerLive users (and anyone interested in signing up), we’re rolling out the first of a series of credit monitoring features this week.
The main thing to note here is that you’ll receive an alert when the credit score of one of your debtors changes, so you’ll know straight away that the risk profile of your debtor ledger has changed.
More features to follow soon, so stay tuned!
Hi all,
I wanted to you know that we’re in the process of building a UK-specific Xero customer group to help us develop our add-ons and that we’re looking for additional members to join.
Working with users to understand what they want from an add-on is a key part of technology development, so if you’re interested in learning more about how add-ons and software in general are built, you might want to get involved.
We’ve already had interest in the group from our existing users but we want to involve as many Xero UK users as possible. These sessions will be very informal and also be a great chance for you to network with other likeminded Xero users.
Let me know if you’d be interested in joining the group by replying to this discussion or, if you’d prefer, email info@fundingoptions.com including “Xero user group” in the title.
Thanks in advance and hope to hear from some budding developers soon!