As a small business owner, you should always look to reduce time spent on non-revenue generating tasks. Better uses of time include business development, serving existing customers, and analyzing your business. Increasing your personal time is also a great option!
Consider the following options to drastically reduce time spent on income administration:
- Do a Power Set Up: Spending a little bit more time to set up any service or inventory item for which you will bill more than once means you will be able to pick from a list instead of recreating it forever more.
- Email Your Invoices: Sending invoices via snail mail means you have to print, stuff, stamp and mail, and your client won’t get the bill for 3-4 days. Mailed invoices will likely be paid via return mail. Get the invoice to them today!
- Enable Online Payment: Why wait for your client to mail you a check and worry about your payment getting lost? Enable ACH on your email invoices for fastest collections. Enable credit cards as well if your clients require it. Payments made online update your accounting automatically!
- Use a Dashboard: By using a dashboard that integrates invoicing with accounting, you can see all of your outstanding receivables in one place versus trying to track them in your head or on a spreadsheet.
- Use Lockbox: Some clients are old-fashioned and insist on paying by check. Don’t waste your valuable time going to the mail and depositing checks. Checks sent to your FINSYNC Lockbox will be deposited for you!
- Use Recurring Invoices: Don’t waste your time recreating the same invoice every month. Simply set up the frequency with which you want to bill and the start date if applicable and FINSYNC will send a new invoice each month.
- Set Collections Reminders: Have clients that need a little push? Don’t lose your time on follow up correspondence, set automated collections reminders on problem clients, and FINSYNC will do the follow up!
- Cloud Collaborate with Your Team: Want to streamline the invoice creation and review process? Create a user that can only enter invoices and a higher level user than can review and send. Solopreneurs can bypass this workflow!
- Invoice from Projects: Don’t track projects in a separate system or not at all and then invoice separately. Let your team log time and expenses directly to projects, and then simply invoice what is un-billed.
- Review Your Customers: Periodically review your customers in terms of how fast they pay and how profitable they are and make adjustments accordingly.
Do you have questions or other time saving tips related to income? Feel free to comment below!
About the Author:
A serial entrepreneur, Eddie Davis heads business development for FINSYNC. He loves working with small businesses to help them streamline operations and speed growth. Contact him at [email protected]