One of the first areas My Virtual CFO assesses with any new client is how they invoice their customers. Many clients face challenges in managing their invoices efficiently, often creating them on Excel spreadsheets or Word documents and emailing them to customers. Others use outdated software. We all know that initial quotations to customers can change, leading to a stream of emails to confirm what was agreed upon. These methods can be time-consuming, don’t allow for easy amendments, and can create a mental load for small businesses particularly. This can lead to delayed payments, increased administrative burden, and potential cash flow issues.
What My Virtual CFO do and how we do it.
We will create professional invoices unique to your business that you can send in seconds, track payments easily, and automate recurring invoices and reminders. No need to mess around with spreadsheets or chase payments – just get paid and get back to business.
Online features include:
Personalised invoices: We will create custom templates for quotes and invoices, complete with your branding and payment terms. We can set up that once a quote is accepted by a customer, it automatically converts to a sales invoice on the software. This can be done from any device, saving an enormous amount of administrative time.
Easy card payments and direct debit: We can add a “Pay Now” button to online invoices, so customers can pay directly from your invoice. We can set up with an online payment provider such as Stripe or Go Cardless, giving customers more ways to pay on time (so they have less reason not to).
Automatic invoice reminders for timely payments: We can help stop late payments from slipping through the net with automated email reminders. The reminders can be set up the way you choose for your business. You can view online if the customer has viewed the invoices and how many reminders have been sent. Our clients love this feature.
After we’ve created your customised invoices with your branding and payment terms, you can copy the changes to speed up the process with every invoice.
We will train you and your team on how to create and send invoices on the go:
- Use the Xero app to create and send invoices from your phone or tablet.
- Set up new customers easily and save their details, so billing is super smooth next time.
- See when your customer opens their online invoice, so you know they’ve received it.
- Get notified the moment you’re paid – Xero recognised payment when it hits your bank, to put your mind at ease.
- Check unpaid invoices at any time to see what customers owe you.
- View the average days to payment for each customer, so you know who your reliable customers are.
Repeating invoices
If you bill your customers the same amount each month, we can create invoicing automation and payment automation.
Invoicing groups of customers in one go
If you charge a group of customers the same amount, we can set up Xero to send these identical auto invoices to the whole group in one go. Job done!
Automated data entry
We will set up default info for each customer, and each invoice fills with the customer’s info automatically.
Conclusion
By streamlining your invoicing process with Xero Cloud Accounting, you can save time, reduce administrative burdens, and ensure timely payments from your customers.
If you’re ready to improve your invoicing process, sign up Cloud Accounting today and experience the benefits of automated invoicing, payment tracking, and personalised customer communication. Don’t let invoicing pains hold your business back – take control of your finances and get paid on time
“It’s made a really big difference in keeping my finances organised and getting paid on time. The invoice reminders automatically go to my clients”
Niall Mitchell, Blue Rock Engineering