Whether it’s the seasonal ebb of low cash flow, or a more pressing problem that is weighing on your business, money crunches are tough for everyone involved. Your debts may be too high to correct, or your margins too low. Perhaps it’s your current sales volume. More than a need to simply chase invoices and offer incentives to entice prompt payments, these times of negative cash flow are more complicated and more detrimental to the health of your company. And cash flow management is as important as liquidity. (more…)
Cryptocurrency has gained an awful lot of traction (and press) in the past few years. Many people are excited about what it means for the financial industry, others are uninterested, and a lot of us are just plain confused! So what is it, and what makes it something that you should keep on your radar? Is it simply the newest craze, sure to die out quickly? Or is cryptocurrency the wave of the future? (more…)
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…)