QuickBooks Tricks to Get Your Firm Paid Faster

QuickBooks Tricks to Get Your Firm Paid Faster

If your small business is struggling to keep up with bills, rent, payroll, and overhead, you may have a problem in your collections process. No business can operate without a healthy cash flow and even if your services rendered are satisfactory, that doesn't necessarily mean you'll be able to count on your clients and customers paying you on time. Here are a few tips to get your firm paid faster with software you already have: QuickBooks!

1. Email Your Invoices

If you're still sending notices and bills by mail, you may have a kink in your system. Mail, while certainly more present and physical than its digital counterpart, takes several days to process, send, be received, and sent back. Plus, it's a tremendous waste of paper that too often than not may get lost a stack on your client's desk. It's easier to ignore, too - an emailed invoice sent within a few minutes of a phone call is much more urgent and actionable. Think about your own email inbox: do you strive to clear those red-flagged messages before the end of each day? The truth of the matter is that an emailed invoice (and automated reminders until payment is received) is sometimes more effective than the traditional paper method. QuickBooks Online also lets you know whether or not a client has opened the email in question and allows them to pay online, helping reduce turnaround time.

2. Get Paid in Advance

If you offer a professional service, establishing a financial relationship early is the best way to ensure you're paid in full for the work you perform. Your contract should stipulate that a certain percentage is to be paid upfront, but be ready to make adjustments for larger clients who require more resources or new customers who aren't yet familiar with your work. By making note of this in QuickBooks Online, you can see how much your client has already paid out and when the next installment is due.

3. Keep an Eye on Your A/R Reports

QuickBooks can provide custom reports for aging, upcoming, and open balance accounts in your pipeline, allowing you to prioritize which accounts you should pursue over others. In a perfect world, all payments would arrive on-time and in full, but as with every company, you're dealing with people. Check for specific factors like Terms, Due Date, Aging, and others to get custom reports and distribute priority accounts to your team.

Of course, these tricks are a simple stop-gap solution to a full-service collections and billing professional. Automated processes and online tools are nice, but nothing can replace a first-party collections and accounts receivable partner that's dedicated to streamlining your intake and billing processes so you can focus on running your business. Clients A.R.M. can be that partner. We utilize both cutting-edge online tools and good old-fashioned professional customer service to get you paid on-time and in full. Contact us today for a free consultation or take advantage of some of our other services to truly maximize your company's growth potential.

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