Tips for getting paid before the holidays

Tips for getting paid before the holidays

Cash flow GoFi8urePositive cash flow, the lifeblood of SME businesses is critical to sustaining and growing a business. Many business owners rely on revenue to indicate the health of their business. However, as the saying goes “revenue is vanity, cash flow is sanity, but cash is king”.

Christmas is nearly upon us and it is the season to be jolly! But will you be feeling as full of festive cheer at the end of December when you find your outstanding invoices have not been paid?

With many businesses shutting down well before the start of Christmas, there is a narrow window of opportunity for your customers/clients to pay you. We understand every business needs money to survive that is why we created a checklist with tips and trick on how to get paid before Christmas.

Remember businesses shut down early

As you probably know, most offices will be closed from Friday 22nd December. That means that by that date, you need to send an invoice to the right person, with the correct information and on time. Otherwise, you will wait for the payment after the New Year.

Keep in mind that invoices that are sent two weeks before Christmas are likely going to be paid after the holidays, so plan your payment schedule on time.

To make sure you get on that December payment run:

  • Send your invoices over as early as possible.
  • Include a full statement of all outstanding invoices.
  • Make sure your payment terms and due dates are crystal clear.
  • Make it clear that you expect payment before Santa arrives.

Invoice Immediately

As soon as you have finished your project or job, you should send your invoice, especially during the holiday season. Every day that your invoice is not getting paid costs you money. Send your invoice immediately and give your clients a chance to pay you in a timely manner.

Chase Your Overdue Invoices

Find some time before Christmas to look over your invoices and make a list of what clients have not paid you, then sort the invoices by the due date and by the biggest amount. You should chase the ones that have the biggest total amounts that are overdue.

Move to online invoicing

In such a digital world there are no excuses for not using online invoicing to speed up your payments. Even the most basic cloud accounting packages will give you the option to send your invoices to clients online via email.

Using online invoicing will speed up payment because:

  • It removes the need for printing hard-copy invoices (as well as the time and cost of sending them in the post).
  • It gets your invoice sent by email directly to the customer’s finance team (and removes the worry of your paper invoice getting lost or delayed in the Christmas post).

Set up Xero Invoice Reminders

If you are using Xero and have not started using the Xero Invoice Reminders now is the perfect time to start. Invoice reminders allow you to automatically send your customers an email reminder about their invoice. You will be able to remind them before or after it is due, your choice. And the message is fully customisable. Once you get it set up, you do not have to worry about it anymore, it does the chasing for you. We also recommend as part of your debt collecting process to send monthly statements and use the notes section under the client so you can review the history with the client.

Click here to learn more about Xero Invoice Reminders.

 

 

Lisa Martin – Member of the Accountants + Tax Agents Institute of NZ (ATAINZ)

GoFi8ure ATAINZ MemberAt GoFi8ure we pride ourselves on being Members with Accounting Associations. A big congratulations to Lisa who become an official Member of the Accountants + Tax Agents Institute of NZ (ATAINZ) this week.

The Accountants and Tax Agents Institute of New Zealand (ATAINZ) exists to promote the welfare and professional development of its members and to represent members’ interests in New Zealand. It is unique in the New Zealand tax and accounting market because of its grassroots contact with members.

Being a Member of ATAINZ means each Member must comply with our Code of Ethics, which covers four main areas: integrity; trust and confidence; standards of service; and professional conduct. If you are looking to worth with a professional accounting firm come and talk to us. We take our our services and the quality of our work seriously. Email us to find out more.

 

 

 

 

 

 

Wellington Region Business Excellence Awards Finalist GoFi8ure – Professional Services Category

GoFi8ure were honoured to be named a Finalist in the Wellington Region Business Excellence Awards – Professional Services Category.

It was great to be in a room with so many successful businesses. You can check out the Awards introduction video by clicking here. 

To read the announcement click here. 

 

 

 

 

Another GoFi8urine WorkflowMax Certified!

Congratulations to Jamie who has completed his WorkflowMax Certification today – another achievement to add to your growing list!

WorkflowMax is an amazing tool for anyone who sells time and is looking for a tool/system that can do the following:

– Record time-sheets
– Prepare quotes
– Invoice progress and final invoices for jobs
– Enter purchase expenses and on-charge them to the client
– Have the ability to job manage from the beginning to the end
– Connect to Xero

 

There are so many things that WorkflowMax can offer businesses that sell time. To find out more send us a message – we are WorkflowMax Certified Advisors who can talk you through how it can work for your business.

Staying Fit (financially) – NZ Plumbers Magazine featuring GoFi8ure

Regularly reviewing your company’s financial fitness will keep the business watertight, says Lisa Martin of GoFi8ure.

Funny isn’t it, that when we talk about financial fitness, many bosses start to glaze over. And yet the monetary side of things is the main reason businesses start up in the first place.

To read the GoFi8ure’s article which has been featured in the October/November 2017 NZ Plumbers magazine – click here to read it.

GoFi8ure – Winner of the Bookkeeping Trainer of the Year Award– Gayle Buchanan Memorial Trophy

Winning the Gayle Buchanan Memorial Trophy was such an honour and privilege for Lisa Martin and the GoFi8ure team.

Click on the video image to see GoFi8ure accept this special award. #Hugabookkeeper #Bookkeepcon17

A beginner’s guide to cashflow management – Featuring GoFi8ure

It’s the stuff of nightmares for business beginners: customers not paying on time; never enough cash in the bank; unexpected tax bills. Where does it end?

To help you sleep easier, NZBusiness, GoFi8ure, Ontrack Bookkeeping and Lock Finance presents a short guide on cash-flow management.

Read this valuable article by clicking here.

Succession Planning Guide by Xero

Have you got your succession plan sorted for your business?

Xero recently released their “The importance of Succession Planning” Guide specifically aimed at small businesses in New Zealand.

Xero’s succession planning report outlines strategies for working with business clients to plan for a successful exit well ahead of time. It helps advisors start the conversation about this important but often neglected topic.

Succession planning is an important part of your business model, so when GoFi8ure were asked to contribute to Xero’s Guide we jumped at the chance.

Executive Director Lisa Martin truly believes that every business needs to have a Strategy, a way to Execute it and a good Cash flow forecast.

To read the online Succession Planning Guide and the value information provided by these amazing contributors click here to read the guide.

 

GoFi8ure’s Xero 101 seminar a success!

We had a great time presenting our Xero 101 seminar at the Hutt Valley Chamber of Commerce & Industry yesterday. Thank you to everyone to attended. Check out some of the feedback we received.

“Tania was fantastic”

“Good overview as Xero is new to me. Good presenter”

“The presenter knows what she is doing and was able to capture more or less the whole system in the time spent”

“The presenter was clear and knowledgeable”

If you would like to find out more about our advanced Xero training seminar coming up in November please click here.

 

 

GoFi8ure Dominion Post 11th October 2017 Feature

Wow make sure you check out the Dominion Post (11th October) pages B7 & B8! “Lisa Martin’s business is all about helping businesses with their business accounting”

This is pretty exciting for us to get such a big wide spread feature. Make sure you head to the Career Market section and check out the 2 page feature. Find out how Lisa Martin put her skills and passion into creating a solution every business needs and how GoFi8ure is helping ease SME’s pain points with their business bookkeeping and accounting.

 

 

For all your bookkeeping and accounting needs please contact us for your complimentary assessment.