Everyone knows that cashflow, or lack of it, can make or break a business. Getting paid by your clients or customers is key to keeping your business cashflow healthy. So how can get paid as quickly as possible? Read on to learn how to use Xero and Xero apps to get paid faster.
Check if Your Invoice Has Been Viewed
The first easy way to make sure you get paid on time is to check if your Xero invoice has been viewed by the client or not. Just go to the invoices page and check the status on the far right column. If it’s overdue and not yet viewed by the client, then perhaps it’s time to send out a reminder.
Use Repeating Invoices
The next easy way to make sure your clients pay you quickly is to make sure you send out your invoices promptly. So, if you have regular repeating invoices use Xero to automate the process. Head over to invoices and then select new repeating invoice from the drop down menu. If you have already invoiced the client, you can go to a previous invoice and in the top right corner press the vertical ellipsis and then choose repeat. You can then setup how often it repeats (weekly or monthly) and other details including a template email.
Include Pay Now Link For Faster Payments
The easier it is for someone to pay you, the more likely they are to do so. So remove roadblocks, make it easy for your clients to pay you by adding a payment link on the invoice. This means when they receive the invoice, there will be a pay now button at the top encouraging the customer to pay the invoice while they are looking at it. There are several payment services that integrate well with Xero – GoCardless (for bank transfers), Stripe (for credit/debit card payments) and PayPal. Set one up now and make it easier for your clients to pay you.
Use Xero Dashboard and Reports
If you are grappling to stay on top of who owes you what and when, then make good use of the Invoices Owed To You widget on the dashboard. It shows you at a glance how many invoices are awaiting payment and how many are overdue. You can click either of these to see a list of these invoices. You can also make use of aged receivables reports to see overviews of invoices owed to you.
Debtor Tracking Apps
If you want to take it a step further and outsource more of the debtor tracking, management, and chasing, there are a whole host of debtor tracking apps available on the Xero App Store. Some of the popular ones are Chaser, InvoiceSherpa and Debtor Daddy (soon to be rebranded as CreditorWatch Collect). These apps integrate with your Xero account and can help with automating invoice chasing, outsourcing debt collection, adding late fees to your invoices and much more. Check some of them out today!
Conclusion
Are you interested in making the most out of Xero and its apps? Would you like an accountant who can help you keep on top of your invoices and make sure you get paid as quickly as possible? Please feel free to contact us. Check out our services page to learn more.
