In the cloud for ease of access
Xero: This is my choice for invoicing. It is internet based so accessible from all devices – you can even send an invoice when you leave a client having completed some work – how efficient is that?
Invoicing is one of those things that you need:
• to be timely
• to be accurate
• to be kept up to date
• to chase and be aware of late payers
• to keep records
Xero allows you to set up repeating invoices – this means that regular invoices don’t get forgotten. The system automatically raises the invoice when you want it – weekly, monthly, first Tuesday of the month, etc – you can then check, edit and send it via email. When you send it by email you can also get a copy to yourself so you have a record; or you can print it in pdf form and send it either in the post or as an attachment and for your records.
With Xero you can brand your invoice, credit note and statement with your logo, personal information, payment terms and even have different branding for different businesses if required.
Coding is essential when working with finances; being able to identify where you are spending your money but also what is making you the most money helps with where to devote your energy. Teaming this with reporting; being able to compare month on month or year on year, see a profit and loss account at a glance or your biggest earner gives you an essential tool that enables you to move your business forward, grow your customer base and reach your targets when you want to.
When you receive invoices you can attach them to the Xero transaction so eliminating the need to keep piles of paper invoices (save on printing costs too).
On Xero you can get bank feeds too – and reconciliation is simple to carry out based on the lines on your statement and the transactions put through the system. Your Paypal accounts, petty cash tin, savings account, etc can all be shown too; giving you a complete picture of your finances.
I love the simplicity of the layout, the graphs, the wording (monies coming in, monies going out, received and spent).
The beauty of Xero is that you don’t have to use it all (if you’d rather your bookkeeper or accountant looks after most of it) you can just issue the invoices going out and coming in. There is a facility to invite others onto the system with different levels of access. But you can see what is happening on a daily basis without waiting until the end of the month or even the end of the year.
I do hope this has given you an insight to what is available for your business – that you can get involved in – or do you use something else that you rave about? Or is that left to your bookkeeper or accountant to get right for you?
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