One of the biggest concerns our clients have is juggling their cashflow.

What we find is that often bills are not entered into the accounting software as soon as they are received. Instead they are held on to, with the intention of making payment on the due date. The result?Paperwork gets piled on top and then payments are overlooked.

To have an effective relationship with suppliers you need to pay bills on time through your accounts payable process.You then gain a good reputation, which spreads throughout the community who come to know that you are a trustworthy person or organisation to do business with.

On the flip side, you need money in order to pay these bills. You have done the work, shouldn’t you be paid for it?

In our experience there are two types of customers when it comes to paying;

  • Ones that like to have all their debts paid so they don’t owe anyone anything.
  • Ones that will do what they can to get out of paying so that they have more money in their pocket.

So how do you get more clients to pay your invoices?

We handle all payments received from your clients and take control of your Accounts Receivable. In accordance with your terms, invoices and statements are sent with regular reminders to your clients.  To streamline this process we are able to do all of this from an accounts @yourcompany email address so we can then check for responses from clients. In addition to this we set up payment facilities which are linked to the electronic invoices sent to your clients.  They can hit the Pay Now button and make payments instantly to your account.

How do we know this works?

We have worked with a client for many years. They used an old accounting system and would give the file and paperwork to us on a monthly basis to complete reconciliation process and quarterly BAS.  They did not chase payments from their clients, so the accounts receivable was always a huge task to clean up.  Last year they wrote off over $30,000 in bad debts.

We have now changed this client over to Xero and work on the file weekly.This year we have reduced their bad debts to $3,000 with the average creditor payment days decreasing from 94 days to 39 days!

As the business owner, investing in your services and on-charging your expenses is a great start. Working in partnership with Account Aspects will reduce your bad debts and increase your cashflow.

Contact us to learn more about how we can help you.