Cash Flow Is Money Coming In And Money Going Out 4 Instant Hacks To Stop Burning As Much Money & Boost Your Business’ Cash Flow

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4 Instant Hacks To Stop Burning As Much Money & Boost Your Business’ Cash Flow

MISTAKE 1: DO NOT CONNECT YOUR BANK TO XERA

Why?

You can potentially miss when a customer pays, or worse, not notice if they don’t, and you can run into cash issues if you’re using old data instead of the latest real-time information.

What to do:

Imagine logging into an app every day that pulled bank transactions from your online banking system. This means you can instantly link payments in and out of the bank to customer accounts and any payments to suppliers such as hosting costs, contractors etc. Xero Touch works on IoS and Android and provides real-time manual updates of your business finances, meaning you can be anywhere in the world and never in the dark.

MISTAKE 2: NOT INVOICING CUSTOMERS ON TIME

Why?

There is nothing worse than doing a job, relying on the next job, and forgetting to issue an invoice for the first job. This can cause cash flow problems if it spreads to more and more jobs, but too often we find that people are literally too busy with work to act on it.

What to do:

1) For one-off projects, once you’ve agreed an initial fee for the work, create a quote on Xero, which can then be turned into an invoice at the push of a button when the work is done; and

2) For retainer jobs or recurring subscription income, create a recurring invoice on Xero, meaning the invoice is issued every month until you tell it to stop. For example, our bills go out on the 1st of the month while we sleep!

MISTAKE 3: NOT SENDING INVOICES TO THE RIGHT PERSON

Why?

If your clients are small businesses, this won’t be much of a problem, as the person you agree to do the work for will probably also pay the bills. However, imagine dealing with much larger companies, with multiple locations, multiple departments, and running crazy bureaucratic processes. If you don’t get the bill to the right person and department, it just won’t get paid when you need it.

What to do:

Once the fee has been agreed with your contact, you get details of how the invoice will be paid, in particular whether the invoice needs a reference for their system (eg purchase order) and details of who the invoice should be emailed to (never don’t post the Invoice when it can be emailed!). Then email the Xero invoice to your contact and the payments department and include any backup copy of the invoice when sending.

ERROR 4: UNABLE TO PAY THE BILL Why?

Your customers are busy people just like you. What would you do if you received an invoice without bank details? You’d procrastinate and say, “I have to check this out,” but never do because a million other things come up.

What to do:

Xero now allows you to insert a “pay now” link on your invoice. So when the email is received (see Mistake 3 – Never send an email other than by email), the recipient can see a backup copy of the invoice and a super convenient button that allows them to literally pay in a few clicks. Imagine getting paid within an hour of being billed! We recommend setting up a PayPal or Stripe account for credit card payments and GoCardless for bank transfers to give you as many choices as possible.

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