During this time of uncertainty, one thing business owners need to know is how much money they are owed and to effectively get the ‘cash’ in, to secure the future of their business.
We have set out to identify cloud-based solutions to improve cash flow for our clients that can keep time and late payments to a minimum, such as Xero.
Step 1 Invoicing
Get the invoice out to the customer as soon as possible. Using Xero, invoices can be generated anywhere with an internet connection, can be emailed to the customer straight away and they are encouraged to pay quickly.
Step 2 Automated Payments
To make payment as easy as possible use apps, such as GoCardless, Stripe or iZettle, which integrate with Xero, giving you flexibility as follows:
• GoCardless is a Direct Debit software that enables you to automatically debit customers on a recurring basis rather than waiting for them to pay, and all you have to do is get the customer to fill out a Direct Debit mandate.
• Stripe is an online payment software that can be used to attach a link to the invoice you email to the customer, so all they have to do is click on the ‘Pay Now’ button.
• iZettle is a Point of Sale and Payments app that allows you to connect a card machine via Bluetooth to your phone, allowing you to take physical payments immediately after sending an invoice, providing you have an internet connection.
Step 3 Credit Control
Credit Control apps, such as Chaser, Debt Daddy or Fluidly, integrate with your invoicing software to keep track of which customers owe you what, sending automatic reminders at specified time periods after the due date.
If you would like a demonstration of Xero please give us a call on 01242 776000 or drop us a message using our contact us form.