In our prior spring cleaning challenges, we have talked about opening a separate bank account designated for paying your taxes. You were then to put 25% of your monthly income into that account.
Now we will discuss strategies to make sure your paycheck is as big as possible!
What is your billing process like? Are you billing your customers on time?
Though it sounds like a no brainer, it can be easy to get caught up in the day to day work tasks and forget to schedule a time to bill your clients and to follow up on past due invoices.
As a growing business, especially during times like these, it’s important not to lose any revenue.
If sending out monthly invoices is a challenge for you, we have a few recommendations!
You could look for a system that helps you automate the billing process. Choose one day a week to work on billing and send out reminders on overdue invoices. If this sounds like too much to add to your already full schedule, you could consider hiring someone to do your billing for you.
Have you had a client that disappears entirely when their invoice arrives? That is so frustrating, but unfortunately not uncommon. Write off any uncollectible invoices to bad debt. If you use QuickBooks this can be done using a credit memo.
Ask for help! Did you know that we offer billing and collection services? If you are struggling invoicing your clients or collecting on time contact us and we can discuss adding this service to your current services. Remember we are your one-stop accounting resource here and ready to help you as you grow.
How do you make sure your invoices get out on time?
Want more ways to spring clean your business? Download our financial goal setting worksheet.