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…)
Small and medium sized businesses who use automated invoicing and build close working relationships with their clients will be more successful and have significant savings. That’s a bold claim, but consider the 90-95% reduction in paperwork and 25% improvement in productivity that happens when you use e-invoicing, and you will begin to understand how outsourcing your accounts receivable is the way forward. Invoice processing technologies are paving the way forward, substituting old and outdated accounting solutions and revitalizing them. Don’t let your business fall behind. (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…)
Struggling with unpaid invoices? Are you looking for a way to speed payments and incentivize your clients to pay on time?
Being paid on time equals improved cash flow. This is common knowledge, but how can you make it easier for those in receipt of your services to pay outstanding fees, so that your business reaps the benefits? After all, in the UK in January, average e-commerce weekly sales were at a staggering £1.2 million–a figure that is steadily increasing. We at Invoice Tracker have partnered with Stripe to assist you in this process. But what is Stripe, and how can their services help the cash flow in your business? (more…)
Clerical errors are unfortunately common, but they can be avoided if you have the information you need to actively prevent their frequency. These mistakes can be costly, either with minimal effect and relatively easy corrective measures, but some are very serious, with considerable impacts which can affect your business for a long time. (more…)