Many of the small business owners we work with believe that cashflow is the key metric for their businessr business. Put simply, the most effective way to maintain cash in your business is to get paid regularly and on time. Late payments are the scourge of small business.
Historically, chasing invoices has been time-consuming, awkward and even embarrassing at times. No business owner wants to have an uncomfortable conversation with a great customer on the basis of an overdue invoice.
Despite the unpleasantness of having to chase customers, unpaid invoices mean you’re running your business without the cash that you should have in the bank. Not only that but every minute you spend chasing them is time that you could have been working on something else that makes you money. It’s doubly blow. At Connex, we offer great online accounting software like Xero which will help you maintain your cash flow. We’ve talked about t Invoice Reminders before, and now we’ve put together this handy video, which demonstrates how to use them to chase invoices with an ease that business owners could have only dreamed about until recently.
Set and forget – It’s automated
Once you have turned on reminders, you don’t need to do anything else. Each morning Xero will check all your sent invoices for anything unpaid. Reminders will be then be sent out to any invoices that are past their due date according to your settings.