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Collecting payments shouldn’t be like pulling teeth.
Your business needs money to run. If your customers are keeping it in their pockets, you’re destined to fail.
Be honest. Your current “process” of collecting payments isn’t working. Creating invoices sometime after the job is complete, following up when you remember to, constantly looking in your bank account hoping the money is there.
Something along those lines?
You’re spending too much time chasing down payments from customers. It’s inefficient, unprofessional, and unproductive.
But what can you do?
You need positive customer feedback to grow. You need their referrals. Sometimes customers take a while to pay. You don’t want to annoy them because then you might not get paid at all. Maybe they’ll pay tomorrow…
These excuses are bullshit. They’re holding you back from having a positive cash-flowing business. Well and the fact you probably have no clue what an AR process looks like. Or what AR is for that matter.
Staying organized with accounts receivables is key to a healthy business. It means a steady cash flow, less bad debt, and stronger client relationships. It also saves time and inspires better financial decisions.
You don’t need to be a CPA to have organized finances. You just need accounting software — we use Quickbooks — and a block of time each week to focus on getting bills to customers and money into your bank account.
That’s it. It’s not rocket science. The outcome is more cash in your business and, therefore more cash in your pocket.
This process will help you habitually get your hard-earned money from your customer's pockets, into your bank account. All you need to do is set aside an hour each week to sit down and focus on getting cash into your business.
These questions help you build your AR process
- How often should you process payments?
- How often should you bill customers?
- What tools are you currently using to support your receivables process?
Need support setting up your accounts receivable process? That’s what we’re here for. Get in touch and let’s work through this together.
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