Invoicing Ways to Increase Cashflow

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Invoicing Ways to Increase Cashflow
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• One of the benefits of switching accounting and
  financial business activity to the cloud for
  small to medium sized organisations is the
  opportunity it presents for streamlining so many
  operational and financial elements.
• One of those elements is invoicing. This is one
  of the most important areas of a business.
  Getting this right and using the right software
  for invoicing can have an immediate and positive
  impact on your cashflow.

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• Ka-ching! Positive cashflow. We love that phrase.
• We often speak to our clients about this. One of
  the simplest ways you can remedy a cashflow
  problem is to sort the invoicing process out.
  This is what we recommend you do

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• 1. Invoice faster
• A simple administrative mistake many small
  business make is leaving the invoicing until the
  end of the week, or when theyre back in the
  office or worse the end of the month! This does
  nothing for your cashflow. In fact, it will
  probably dry up super-fast if you manage your
  invoicing this way.

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• If your team are out on site doing jobs, give
  them the tools to invoice immediately onsite at
  the completion of a job. Applications such as
  Invoice2Go allows them to create a branded
  invoice right then and there. An invoice goes
  straight to the customer instead of getting
  delayed by ineffective administrative procedures.

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• 2. Make it easy to pay you
• Another key to increasing that cashflow from a
  drip to a torrent is to make it easy for your
  customers to pay you. Think about your customers.
  Theyre probably super busy people who dont have
  a lot of time for admin themselves.

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• Xeros online invoicing software allows your
  customers to click on the payment link directly
  on the invoice they receive. They can then make
  direct payment using their credit card or PayPal.
  Youve minimised the hoops customers have to jump
  through to pay you which means their cash turns
  into your cash a whole lot faster.

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• 3. Track and Chase
• Another headache for many business owners is
  chasing up outstanding payments that are due. The
  old cheque is in the mail or Im sorry, weve
  been having email problems and I havent received
  your invoice excuses can come thick and fast.
  There is a way around it.

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• Use an app such as Debtor Daddy to track invoices
  for you and follow up outstanding invoices.
  Intuit QuickBooks invoicing software also make
  invoicing easy by keeping track of all your
  invoices in one place, so you know exactly which
  invoices have been paid and which ones havent.

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• We are so lucky. There are apps for days,
  platforms as far as the eye can see and software
  for invoicing that will take the administrative
  headache away from the accounts receivable side
  of your business.
• And without a headache holding you back and a
  little more cash in the bank account, you get
  clarity and energy back to focus on your business
  success. For more tips on managing cashflow for
  your small business check out our post on 5 ways
  to improve cashflow or speak with on of our
  advisors today.
• For more information contact us iKeep Bookkeeping.