All businesses need to ensure cash is continuing to come in because if you are giving credit to your customers, you need to ensure that cash is collected within terms. Traditionally companies employed a credit controller to manually chase outstanding invoices and even though this can be effective, you are often using a team member all the time on this.
At Hemingway Bailey we understand how these cloud solutions can be implemented into your business and what solution would be best for you. Each business has different requirements and so it is worthwhile that you contact us to see how we can help you.
There are now a number of solutions provided by Cloud software providers which bolt on to Quickbooks Online which help you to bring more cash into your business when you need it by automating large elements of your credit control process.
Owners of SME’s are busy people and these solutions free up more of your time to focus on “Working On” the business and is much more cost effective than having a dedicated resource employed in your business.
One of the popular solutions is Invoice Sherpa and this integrates with Quickbooks Online so that the software is always up to date with the latest customer balance position. Invoice Sherpa removes a lot of the repetitive work that you have to do with credit control and so once it has being set up, you will have the option of automatically sending to your customers :
● Regular statement balances at a set date
● Reminders when an invoice is due to be paid. So for example it can be set up that customers get an E-Mail reminder 7 days before it is due to be paid.
● The reminders include a pdf of your invoice and from there, customers have the option to pay online which does improve your payment success.
● For overdue invoices, reminders can be set up depending on how overdue the invoice is.
● The messages you send to your customer can be set by yourself so you can set the tone of the messages.
We can help you by setting this software up and by doing so, you will have access to a very powerful tool that will be working whilst you are focusing your time on areas that will help you to take your business even further forward.
Another very popular credit control App that works really well with Quickbooks Online is Satago . As well as providing automated reminders to your customers of amounts owing, it gives you the function of making note of your interaction with the clients during your credit control process. This is always very useful when you are communicating direct with the customer for an outstanding amount.
The quality of reporting is very good with Satago and gives high quality reports so you can see quickly which debts should be giving you the most concern.
When you take on a new credit customer you should take a credit check on them and with Satago, you are given free suggested credit limits for your new and existing clients. This is an invaluable tool for an SME or any business. If you require more detailed information, you have access to a paid solution. Where Satago offers something which can be really useful to improving an SME’s cashflow is single invoice finance. This can be used to give your cashflow a boost.
There are a number of other solutions in addition to the ones mentioned above and we recommend that you get in touch with ourselves to find out your precise requirements and we will come up with a solution that will work for you.
For customers you give credit to it most ideal if you can set them up for direct debit or standing order but often you are not in control of this. An ideal solution to this is to use GoCardless which allows you to set up future customer payments and puts you in control as a business. Your customer can amend this but it is automated and so works really well if you have regular monthly invoices. Fees are also low and so is often more cost effective than traditional methods.