You wouldn’t get behind the wheel of a car or cross the street blindfolded, so why should you operate your business as if you’re wearing one?
Because that’s precisely what you’re doing when you don’t know if your clients have paid on time.
And the consequences of remaining in the dark when it comes to your accounting information can be wide-reaching and devastating. Particularly with regards to your cash flow. Without access to real-time financial information for your business, you won’t know if the decisions you’re making are based on real numbers or a gut feeling.
In this blog post, we briefly explain why switching to a cloud accounting platform will help you lift the blindfold, get paid on time, and keep your clients honest.
The benefits of switching to cloud accounting
By leveraging existing cloud-based software, such as Xero, you can put your business in a far better position to save time, save money, and get paid faster. And with its secure banking integrations, you’ll enjoy real-time financial data at your fingertips. But that’s not all it can do:
1. No more manual data entry
Losing track of your finances as your business grows is a common challenge faced by many entrepreneurs. And one of the biggest reasons for this occurs when a business owner fails – or refuses – to take a more systematic approach to business finance, attempting to keep numbers in their head instead of moving the information to the cloud. Xero removes the need for manual data entry, keeping everything accurate, up-to-date, and available with only a few clicks.
2. Invoicing made easy
The invoicing capabilities of Xero makes the entire process far less of a chore, instead transforming it into a streamlined and effective means of organising and pursuing payment. With a simple and straightforward setup, invoices can be automated and sent to regular customers, ensuring you never miss out on being paid for services rendered.
3. Get paid faster; keep clients honest
Finally, Xero’s invoicing features are geared towards getting you paid faster. Automated reminders can be set up to prompt customers into action a few days before or after an invoice becomes due for payment, while payment gateways such as Stripe offer your customers the opportunity to pay from directly within the invoice. In fact, according to Xero, you can get paid up to 19 days faster by using Stripe. And who wouldn’t want that?
What’s more, by utilising both the reminders and a payment gateway, you’re taking steps to keep your clients honest. Sometimes they’ll need a gentle reminder that you’re running a business too, and you won’t stand for debtors dragging their heels.
Get started with cloud accounting today
Beyond what we’ve discussed above, cloud accounting software is relatively inexpensive and very easy to use. And when you work with Stepping Stone, we can help you get to grips with its important features and make the most of taking a modern approach to invoicing and payments.
Contact us today and speak with one of our friendly Xero experts about introducing cloud accounting and bookkeeping to your business.