Getting paid on time is a constant battle for many small business owners. Here are 3 ways that Xero can help speed up the time it takes to get money into your bank account.
Xero allows you to quickly create sales invoices for your customers using invoice template or the “copy” feature to copy a previous invoice. Using tools like inventory items to record all your products and prices really speeds up your invoice processing.
Within a few clicks after creating your invoice, your customer will have the invoice by email. Or if your customer also uses Xero, using “network keys” means your invoice goes straight on to their system from yours!
Getting invoices processed and issued quickly really cuts down the time it takes to get paid.
Xero allows you to add “payment services” to your sales invoices. This means you can link PayPal, Stripe, Worldpay and others to your Xero system and it gives your customer a “Pay Now” button on the invoice to be able to make a payment to you.
Giving your customers easy options to pay reduces the time it takes for them to process payments to you.
Statements and Invoice Reminders
Having good credit control procedures in place in your business is vital. Xero allows easy production of statements to all your customers at the same time, so that multiple emails are sent at one time. Again, getting statements issued quickly and regularly encourages faster payments.
Xero has another great feature called invoice reminders. This allows automated emails to be sent to customers when invoices are due for payment or become overdue.
You can choose to send to all customers or select the ones to remind, and you decide how often these reminders should be sent – e.g. 2 days overdue, then 7 days overdue, then 10 days overdue etc.
The key phrase here is POLITE PERSISTENCE PAYS.
If you’d like help using Xero to improve your credit control and get paid faster, feel free to get in touch. We’d be more than happy to help.