Sending Invoices is Good for Your Cash Flow (#Cashflow) Tip 12

Sending Invoices Regularly Gets Your Customers to Pay on Time

sending invoices

Day 12 of of 31 Days – How to Improve Your Business Cashflow by Ezypay

Ezypay knows all about how challenging creating invoices and collecting payments on a consistent basis can be – after all, our own founder George Holman used to practice the honesty system payment method in his own gym, Vital. Needless to say, trusting people to pay on time rather than sending them invoices promptly did not boost the gym’s cash flow health at all.

Sending Invoices are Part of Good Business

Sending invoices on a consistent basis can be time consuming, so it’s best to set aside a fixed time every week to work on just billing your customers. Good invoices should include important information your customers will require to make prompt payment – such as your bank account name, account number and invoice reference number. Cheques can also have the awful tendency to bounce, so you might also consider opting for online banking options for faster collection as well. For businesses like gyms or fitness centres that require regular collection of income, you should also consider Ezypay’s direct-debit billing services as we have over twenty years of experience in the billing industry, with plenty of features to make sending out and collecting from invoices an easy, “set and forget” process for busy business owners on the go.

The act of chasing your customers for payment every few weeks can also be very heavy on your human and time resources, so Emily Coltman, Chief Accountant at Freeagent advices that you could also use automatic reminders for better credit control. Basically, what these automatic reminders do is send you alerts when the payment deadline of an invoice is overdue.

The good news is that with membership management software like iconnect360 that’s integrated with Ezypay’s direct-debit, you’ll never have to fuss about ensuring that money owed is steadily being funnelled into your business account (as well as save on tonnes of time you could be spending with your gym members, rather than being stuck in the office with paperwork).

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