In any business, it’s crucial that your customers are able to pay you on time.
According to a recent survey by Xero, almost half of all invoices are paid late, with small businesses in the UK being owed an average of £24,841 as a result of late payments. For any business, let alone an SME, this should indicate that cash flow should be your number one priority.
Here’s how Clear Vision Financial Management, with offices based in Romsey and Hampshire, can help with invoicing in order to avoid late payments going forward.
Time to reconsider your invoicing approach
How do you currently invoice your clients or customers? Whether it’s electronically or by paper, it’s time to think about your business’ cash flow and when you’ll need the invoice to be paid by.
If your payment terms are 14 days, those 14 days don’t begin until the invoice has arrived and is in the hands (or inbox) of your client.
Invoicing can be time-consuming and may seem like the lowest of your priorities on a never-ending to-do list, however, failure to do so will result in more challenging accounts in the future, so don’t put off until tomorrow what you can (and should) do today!
Here at Clear Vision Financial Management, with offices based in Romsey and Bournemouth, we can work closely alongside you and assist with any general day-to-day bookkeeping, as well as processing invoices, so you don’t have to.
Don’t let the invoice be forgotten
If you are a small business, chasing an invoice is never an easy task and can seem awkward at the best of times. If you’ve been in regular contact with the client on the receiving end of an invoice, it’s much easier than if you’ve buried your head in the sand to avoid a conversation about getting the invoice paid. Plus, the occasional phone call or statement acts as a reminder that you’re serious about getting the invoice paid.
If you find that you don’t have time to chase invoices, why not let us help? At Clear Vision we can act as your outsourced financial department as and when you need us to liaise with suppliers and chase any outstanding invoices to ensure that they get paid.
Need help managing your cash flow?
If you’re unsure about cash flow management or having issues with your invoicing, it’s always best to seek advice from a professional accountant.
At Clear Vision Financial Management, with offices in Romsey and Hampshire, we can assist businesses across the Hampshire and Dorset areas to manage all day-to-day bookkeeping, processing invoices, running payroll, liaising with suppliers, chase outstanding invoices, provide cash flow forecasts, monitor profitability and more, so you don’t have to.
If you have any questions, no matter how big or small, contact the friendly team on 01794 330 025 or email firstname.lastname@example.org .