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Invoice Reminders – 6th April 2K16
In small business, cashflow is crucial for survival. Your business may be booming and sales are up, but if you are not collecting your receivables in a timely manner, your business may be going through financial strain. Paying your creditors, staff and other liabilities on time can be stressful when there is no money in the bank.
Chasing up your customers for overdue invoices can be both time consuming and in many cases an uncomfortable exercise, particularly if you are both the salesperson, the individual executing the task and the debt collector. Frankly, you would be much better off spending your time working on more effective tasks in your business rather than chasing overdue invoices.
A recent innovation in the Xero software called “Invoice Reminders” is here to help.
Invoice reminders inside Xero enables reminders to be sent to your customers automatically at set time intervals. You determine your terms and customise your message, and once it is set, you can essentially forget the regular debtor follow up process. The additional benefit is that you can choose to exclude certain customers, or certain sales invoices from the process if you have particular arrangement in place and Xero can take care of the rest. Xero will also keep a log of what reminders have been sent and when, so you can refer back to it during any conversations you may have with your clients.
So get on top of your cashflow and debtor management using Xero Invoice Reminders, and start focusing on what is more important and inspiring in your business.
Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.