MUNCIE, IN – Setting up a bookkeeping system or figuring out cash flow will naturally occupy much of a business owner’s time, but sometimes it’s the accounts receivable itself that causes frustration. An older or slower system that can’t keep up with the money flow can lead to late payment, delinquent accounts, and lost customers. You can pay a clerk the national average of $16 per hour to manage your books, or you can take command of your finances yourself.
Get Information On Demand
It’s one thing to turn your accounts receivable over to a computer if you’ve been using a pen and paper; it’s a whole separate issue to digitize it so that it’s available on command. Mobile apps can pull up information on your mobile phone or tablet, tracking specific information down to the penny. Use a cloud provider service like DropBox to store and retrieve documents digitally instead of relying on a hard drive. This allows you to get access to information at the push of a button when you need to make a decision or a payment.
Credit Where Credit is Due
One of the great things about running your own company is determining the credit limit you give out to your customers. Extend moderate amounts and terms to customers with a strong record, then slowly give them the chance to take on more flexible repayment options. You can offer lines of credit to customers with a payment merchant service like BluePay, which is dedicated to small businesses. This not only gives payment flexibility, but helps keep your customers paying steadily.
Customize Your Invoices
Since no two sales are the same, why would you use the same template for each invoice? Creating different custom-made invoice templates can add detailed information about delivery, payment, dates and times, and future arraignments. Look at the custom templates from invoicing services like Quickbooks invoicing to see how you can tailor your bills and payment plans for your own business practices. With automatic invoicing, you reduce the number of phone calls and hounding emails.
You can find insurance for a house, a car, a motorcycle, a vacation, and even a wedding, so why can’t you get financial assurance that your bills will be paid in full and on time? Trade credit insurance organizations like Euler Hermes can offer financial security against the risk of defaults and delinquencies, just as an insurance agency can give you financial security in the event your house is blown away by a hurricane. With the added safeguards in place, it’s possible to tend to your company’s books without the added pressure that one particular invoice will make or break your budget for the next week, month, or year.