How to use cloud accounting to get paid faster

Efficient invoicing and payment collection is without a doubt one of the single-most important aspects of astute business management. The resultant liquidity crisis from the current Covid-19 pandemic has underscored the importance of a robust cash flow position in surviving any unexpected crisis (read more about cash flow management here). In this blog post, we explore how small business owners can get paid faster by using cloud accounting to automate and streamline their workflow.

Problems faced by small business owners

• Countless time and energy spent on chasing payments instead of growing their businesses

• Insufficient funds on hand to purchase inventory or settle outstanding bills due to late payments

• Lack of visibility of real time cash flow position

How cloud accounting can help you get paid faster

1. Automated invoicing

• Maintain the efficiency of your workflow with cloud accounting software, and switch to generating automated invoicing for your customers.

• You can now send invoices using any location or mobile app.

• With manual data entry comes an increased risk of errors, switch to a financial reporting system to save your business from such inconveniences, and keep your sales data securely.

• By switching to automatic invoicing, you will cut the workload pressure on your employees.

2. Fast and efficient payment collection

• Cloud accounting software has an option where you can set reminders regarding payment collection.

• Facilitate customer payment by giving them the option to pay online using Stripe or PayPal. Based on an article from Xero Blog, businesses on Xero who give customers the option to pay via Stripe collect payments on average more than 2 weeks faster (Read more here)

Speak to your accountant

We understand that keeping track of payment collection on top of managing your daily business operations can be overwhelming at times. If you have any queries, feel free to drop us a message or email us and let us know how we can assist you. Our general response time is one business day.