Accuracy in receiving, verifying, and tracking invoices is crucial for maintaining a positive cash flow for your business. These processes can be complicated, prone to human error, and lead to delays from the first step to the last. Maintaining financial accuracy can present issues for your company even if your staff is well-trained and organized. Often, the expectations for your accounts receivable don’t match up with reality. (more…)
Already using Xero for your accounting needs? Excellent choice! Xero’s time saving tools have likely helped you to free up space in your business, and get you the accurate results you need with features like invoicing, inventory, and fast bank reconciliation. Now that you’ve seen the benefits of tracking your invoices, it’s time to consider doubling up on the ingredients that help drive profitability and growth. (more…)
Did you know that 60% of invoices are paid late? This chart from the Smart Company details average payday data for 19 countries across the globe, and clearly shows that the vast majority of customers worldwide are late with their payments. Even large firms are going past their due dates, with more than a quarter of their invoices being paid late. This can be catastrophic for small and medium-sized enterprises trying to stay afloat. And with the average time to pay at 38.97 days, and more than a quarter (27.26%) of those invoices paid beyond the agreed terms, how can businesses work to combat these troubling statistics? With 15.25% of UK invoices being paid later than 60 days, smaller companies need payment certainty. Knowing when your payments will arrive is crucial to achieving balanced cash flow. (more…)
Do you feel overwhelmed by accounting paperwork? Are there things which are more important to your business growth than constantly rewriting invoices and chasing late payments? Are you worried about making a costly mistake when it comes to important information?
By outsourcing all of your accounts receivable needs to an automated tracker, you will free up valuable time for yourself and your employees. You will also see an increase in timely payments and effortlessly maintain the important relationships you share with your customers. If you have been feeling weighed down by invoices and want to free up some time for yourself and your company, read ahead for ten signs you should invest in an invoice tracker. (more…)
In a world where we are constantly uploading and transferring our data online, it is natural to worry about the security of our information. This concern becomes more pressing in regards to business goods: how can we be sure that the confidential electronic statistics, documents, facts and figures of a company are protected? (more…)
Tracking your invoices just makes good financial sense, but did you know it can also help your business to grow? Meticulous accounting allows for fewer crises, more informed planning, and the knowledge that your accounts receivable is running smoothly for prompt payments and satisfied customers. No matter the size of your business, careful invoice tracking can fuel its growth. Read on for our top five tips to advance production via invoice tracking. (more…)