Disrupting the profession: 3 ways accountants can grow and thrive
With the accounting world ever changing, here are some tips to help your accountancy practice stay ahead of the curve.
Invoice software reduces the time you need to spend creating invoices, chasing payments and processing finances. That means you’ll have more time to focus on growing your business.
Invoices are an essential part of most businesses’ finances.
A properly designed invoice helps you get paid on time, provides legal protection for you and your client, and validates your company’s revenue. Using software to generate invoices will make life easier and reduce the scope for costly human error.
Manually generated invoices can often include errors, leading to late payments and ultimately harming your business’ chances for success. A constant cash flow is necessary for covering basic overheads, such as paying staff and purchasing supplies, so delayed payments can create significant problems.
Yet small businesses spend an average of 130 hours each year chasing late invoices and often don’t receive outstanding payments until 30 days after the contractually agreed terms.
With invoicing software, you can easily create, edit, and send invoices from anywhere, at any time. An automated billing system promptly dispatches and tracks invoices to help reduce the risk of late or missed payments. Invoicing software can also remind customers and clients about upcoming deadlines.
Plus, when using business invoicing software, you can effortlessly track payments, so you’ll always have real-time information about your finances and cash flow.
Companies that don’t use online billing software can find it challenging to compete in today’s digital environment. Manual billing systems are inefficient and lead to higher operating costs, which can in turn impact profitability and payment processing.
Consider this: a 5% decrease in operating costs can have the same result as a 30% increase in sales.
Whether you’re a law firm regularly invoicing clients or a micro-business that needs to create a one-off invoice for a distributor of your product, invoicing and accounting software can make the end-to-end process fast and easy to manage.
John Jarvis, Owner
Broom Leys Farm
With the accounting world ever changing, here are some tips to help your accountancy practice stay ahead of the curve.
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