The workforce is changing by storm. 45% of Canada’s workforce will be “freelancing” by 2020, according to Knowledge Bureau. This upward trend means that small business owners will increasingly turn to their creative juices to transform their passion into a meaningful and purposeful business. But most importantly, it means having to deal with the dull and repetitive bookkeeping processes such as invoicing and getting paid.
Not only can late payments trigger disadvantages to your cash flow, but oftentimes it can damage client relations as well. Ever had to chase clients for late payments? It’s a waste of your time (and theirs) and an incredibly uncomfortable situation to be in.
Thankfully, there are ways to increase the chances your clients will pay on time and preferably earlier than expected. Below are 4 simple strategies and accounting tools you can use today to prompt payments on time, and nearly every time!
1. Invoice Quickly and Consistently
Quick invoicing is fundamental to getting paid. Once a client has been on-boarded, it is your responsibility to keep the ball rolling on getting invoices to them in a quick and easy format. After all, most clients who notice your invoicing speed typically treat payment urgently too, as opposed to receiving invoices days late or inconsistently each month.
Invoicing with Kashoo: Kashoo provides tools to make the invoicing process more seamless. For instance, you can duplicate past invoices, and email your client the invoice directly from your workspace. It’s simple, quick and effective.
2. Make the Payment Process Simple For Clients
The easier you make your payment process, the quicker you get paid—it’s simple! Kashoo provides secure credit card processing, eliminating the hassle of waiting around for a cheque. Remember the good ol’ days, receiving a cheque in the mail, having to go to the bank to deposit it, and then waiting for the bank to process the cheque?
Invoicing with Kashoo: With Kashoo, setup only takes one minute and we make it easy to categorize all your transactions and fees. Some benefits of getting paid using Kashoo tools include:
- Getting your credit card accepted for Kashoo payments instantly
- Receiving automatic deposits right into your designated bank accounts
- Getting payment notifications
- No hidden fees
3. Send Visually Attractive Invoicing Templates
In the business and invoicing world, appearance matters. A dull, black and white invoice will not be as memorable to your client, as it likely looks like every other invoice they receive.
Invoicing with Kashoo: Thankfully, with Kashoo you have access to beautifully crafted, custom invoices to choose from. Since nearly 65% of the population are visual learners, it’s no secret that a distinctive, attractive invoice is more likely to leave an imprint in your client’s memory and eventually nudge them towards paying promptly. Besides, who doesn’t like a visually appealing invoice?
4. Be smart and selective of your clients
Simple of a strategy as this may sound, selecting good clients is no easy task. Of course, through trial-and-error and ample research, there are methods to figure out which clients are right for you and most importantly, your business.
If invoicing has been a struggle for you and your small business, incorporate these simple strategies to get paid on time. If you haven’t already switched your bookkeeping to the cloud, give Kashoo’s free 14-day trial a try to see how you can get paid quicker and easier with some small changes to your business processes.