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Annalese Sharrock Strategic Director
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06 759 7044
Getting paid is awesome. Getting paid on time even more so! Thankfully, Xero comes with some nifty built-in tools for encouraging your customers to pay their bills on time and keep your cash flow management in a happy place.
As at August 2017, these Xero tools are:
1. AUTOMATED INVOICE REMINDERS
Automation is one of the game-changing aspects of cloud-based accounting. In Xero be sure to set up reminders that automatically send your clients a friendly overdue invoice reminder. This avoids many awkward phone calls and keeps your personal contacts with your clients on rosier subjects.
If you do enable this feature, ensure you are keeping your bank reconciliations up-to-date—you don’t want to be nagging someone who has already paid.
Watch this quick video to see how it works. https://tv.xero.com/detail/videos/featured/video/5130935327001
2. PAYMENT GATEWAYS
Providing multiple payment options—bank transfers, snail mail cheques, and online payment gateways (like Paypal and Payment Express)—will improve your chances of your customers acting fast on their invoices.
In particular, online payment services enable customers to pay their bills as soon as they get them. When you link these gateways to your Xero account, you can send online invoices that include a “Pay Now” button. This definitely reduces the number of “the cheques in the mail” responses you might get!
See how to set up a new online payment gateway. https://help.xero.com/nz/PaymentServices
3. EDIT DETAILS OF INVOICES
When following up late payments with customers you can make notes and record any new expected dates of payment in Xero. This helps you keep track of agreed payment dates to make additional follow-up easier and avoid more of those awkward conversations.
Find out how to use this feature. https://help.xero.com/nz/Invoice-AddPaymentDate
Need help with your Xero accounting? Give one of our friendly Xero Certified Advisors at Strategy Collective a call 06 759 7044