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This One Thing Can Get You Paid Faster

accounting services financial reporting time management Jul 02, 2021

What sets businesses apart from all their other competitors is how they take care of their clients, and how do you take care of clients? It is by giving them what is due on time. Getting paid promptly is good, but getting paid faster is better. 

For businesses, payment must be made in a timely manner. And in order to do so, an accounting system must be established to get all invoices sent on time. A “timely manner” means within 30 days or less. Timely payments will reduce complaints, vendor phone calls, and email notifications, so it’s best to avoid delaying sending and receiving documents and invoices. 

Your business needs a system that can handle all your invoices and send them in a timely manner. This is because keeping track of invoices and payments are very crucial to the success of the business, as the amount paid affects its cash flow. A company should use an accounting software system for this tracking. A good accounting software system is, first and foremost, accessible from the cloud, and comes with a dashboard that will show your company’s total amount of invoices, both paid and unpaid.

Follow these 3 steps to keep track of invoices and payments:

1. Research and choose an accounting software.

A good accounting software system should be a solution for your business accounting needs. The features it offers should reflect that. When looking for any available accounting software systems, ask these questions:

  • Is the Accounting Software Cloud-Based?
  • Does It Allow for Multiple Users?
  • Is It User-Friendly?
  • How is the Security of the Accounting Software? Is my data going to be safe?

When it comes to good accounting software, we recommend for you to use Xero and the Xero App Ecosystem. These softwares are user-friendly and is cloud-based, thus, you can access it anywhere at any time.

2. Follow Best Practices for Invoicing.

While having good accounting software will help keep track of invoices and payments, it is also important that you follow the best practices for invoicing. You must ensure you enter accurate and detailed information, every time, into the fields provided. This may not seem like a big deal when creating the invoice, but if an invoice is not paid on time, these details could suddenly be very important.

3. Outsource Accounting Services.

Even when you’re following the first two, the safest and most convenient way to ensure that your invoices get sent in a timely manner is to outsource accounting services. With accounting firms, you get a wide array of services, and as they are trained in the field, you know that they are up-to-date with accounting concepts and principles.

 

If you need help with your invoices and cash flow management, we can set you up with an accounting software system that will suit your business. Get in touch with us here at Stream Accounting and get the help your business needs.

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