Having an efficient process for sending out invoices to your customers and clients can really help to speed up the cash flow in your business. There are a number of ways that you can do this and it is always best to talk through the options with your Gloucester accountants such as Randall and Payne because they will be able to look at ways that they can help with your invoicing and business finances.
Here are some ways to help build an efficient invoicing process in your business.
There are lots of different pieces of software that can be used to help with your business invoicing. Some of the best options are those that also work as accounting tools, such as Xero and Quickbooks. These pieces of software can be used relatively easily and if you combine them with the support of an accountant they can be a really useful tool for managing your business income and expenditure. Invoices can be set up as templates and can be scheduled to be sent on a regular basis for any regular customers or clients. Once the invoice has been paid you can reconcile this with the payment that has been made into your business bank account. Many of the cloud accounting software choices also come with mobile apps that mean you can even send invoices when you are out and about. This is particularly useful for those who work in trades such as electricians and plumbers, as the invoices can be sent as soon as they have completed a job.
Using a bookkeeper is a great way to ensure that you have your business accounts in the right order ready for your end of year tax filing and for any VAT filing that might be needed on a quarterly basis. A bookkeeper will have additional knowledge that is useful to any business and they are able to work closely with your accountant, or may even be connected to them. If you use them on a regular basis you will be able to ask them to send your invoices when they are due and to then watch for the money coming into your account.
- Debt chasing
Debt chasing is a difficult thing for any business, but it can be dealt with by using either of the above two options or maybe both of them combined. Accounting software will allow you to set an automatic reminder email when an invoice has not been paid and a further chasing email after this. A bookkeeper can then be used if necessary to make a final phone call chasing the money, if this is a service that they offer.