Invoicing, collections and receiving customer payments are the building blocks of your revenue stream for many service based businesses. There are some simple steps you can take to increase your influx of cashflow.
When invoicing is necessary, be sure to send invoices as soon as possible. Delays in getting invoices out to customers often has a snowball effect on when payment is received. Make sure to email those invoices right away so your customer can pay promptly.
Additionally, the easier it is for the customer to pay, the faster payment will be received. By accepting credit cards and having an easy link for the customer to use, you are removing the time it takes to receive a check in the mail that can often be a cashflow killer.
Stay on top of collections. Make firm terms with your customers regarding payment expectations and follow up on outstanding invoices like clockwork. And just a reminder that some money coming in is better than no money at all. If your customer is having trouble paying in full, try offering to split the payments into smaller chunks to better fit their budget.
EVA Business Solutions is here to help you track and manage your cash flow. We are a virtual bookkeeping and accounting service ready to assist you with all of your bookkeeping and accounting needs. Call us today at (615) 461-7157 or email us at info@evabusiness-solutions.com to see how we can help you quickly increase your cash flow!