Five steps to improve business cash flow

Five steps to improve business cash flow

04/24/2018

Invoicing can be a hassle, but it must be done efficiently, accurately and often to maintain good cash flow. This isn’t always easy when invoicing is done manually. Instead, businesses can save time and improve cash flow with a document delivery solution that processes and sends invoices swiftly and securely

The way you handle invoicing impacts cash flow

Many small businesses invoice once a month, create the documents manually and send them by postal mail. This works, but it might not help optimize cash flow because:

  1. Invoices could be sent out sooner – why wait until the same time each month? The sooner invoices go out, the sooner payments can come in
  2. Creating invoices manually takes time and mistakes can be made – invoicing is essential but anything that can be done to speed it up means more time available for generating revenue. Meanwhile, invoicing errors can be costly, not only in time spent correcting the mistake but also in potential damage done to the customer relationship
  3. Post doesn’t suit everyone – customers want to choose how they receive information. Some may prefer a digital invoice so they can upload it to their accounting system and process payment electronically. That can also mean funds coming into your business quicker - it’s a win-win.

Five simple steps to send invoices from your computer in minutes

Instead of preparing and printing invoices and taking them to be mailed, or sending individual emails, you can upload your documents to a web-based portal. It works like this: you create your documents in the usual way, then you:

  1. Upload them to the online document delivery solution
  2. Select the delivery method, e.g. postal mail or email
  3. Do something else while the production facility prepares the invoices, prints the ones for postal mail, puts them in envelopes and adds postage
  4. Make better use of the time you would have spent taking mail for posting and creating emails because all this is taken care of
  5. Track progress through the simple online interface.

Save time, get paid sooner and satisfy customer preferences

No matter how many invoices you issue, and whether you send them out altogether or a few at a time, it’s a simpler, more efficient way to handle invoicing. It can mean money coming into the business sooner because invoices go out when they’re ready, boosting cash flow. What’s more, it can satisfy customers by invoicing them in the way they prefer.

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