How Can You Get Paid Faster
Staying on top of payments due to your business is essential for maintaining the financial health of your company and being able to stay organized with the money you have coming in.
There are several processes you can implement and ways you can get paid faster. The three listed below are the top ways you can start improving your methods of receiving payments quicker. Each of the following can be added to your processes easier by using software like Quickbooks to help you remain informed on what payments are due or past due.
Allow Customers To Pay Online
Offering an online payment method can not only help you get paid faster, but it can also speed up your financial process once a payment is made. The online option provides your customers and clients with a quick way to provide a payment compared to coming into the office to pay with a card or check. Several softwares also have an account your clients can log into to look back at payments and track their history. This system provides businesses with an easier option for transferring money as well. Instead of having to deposit a check, the money easily gets transferred to the account you choose to connect to the software.
Sending one statement to a client isn’t always going to guarantee that the client makes the payment right away, so it’s beneficial to send multiple statements based on the time the payment is due. Every business is different with how their payment due dates are set up, so you can create your statement-sending process based on what would be best for your company. For instance, a business could send the statement the day of the purchase, the day the payment is due, and one more time 15 days after the payment is due. Having a set schedule for when additional statements are sent will help with organization and provide clients with multiple notifications if a payment is due or past due.
Create a Quick and Efficient Process for Sending Invoices
Once a purchase or service has been completed, an invoice should be sent right away. Having a delay in the time the invoice is sent could cause more issues when your business is getting paid. Items can get missed when there are delays, especially if there isn’t a good tracking method for transactions coming into your company.