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Business Management 101: How to Make Sure You Get Paid?

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As an entrepreneur, it’s one thing finishing the work and it’s another getting paid. Luckily, with a few time-tested strategies and some handy tech solutions, you can simplify admin, track your incomings, and secure payments quicker, ensuring that the money promised is money earned. Here’s how.

 

Implement the right ERP software and get trained to use an ERP solution

Accounting software is crucial for keeping on top of cash flow, managing payment procedures, and monitoring your business’ financial health. You can also use it to track outstanding payments and automate actions to ensure that invoices are being sent properly, clients are playing ball, and that your company is following up on the ones who aren’t.

Picking the right accounting software can be difficult as there are so many great options. It’s important, therefore, to look at this decision as an investment. Ultimately, you’ll need a program with good general functionality, cross-platform compatibility, and scalability - meaning that, as your company grows, the system can grow with it. It may also help if the program has multicurrency functions and the provider has well-reviewed custom support. Crucially, it must also have a clear interface that you (in addition to any finance employees) can understand and navigate. Weighing these requirements against cost will help you to narrow down the right choice.

 

Use the help of Specialists who can recommend best practices

If, after the introduction of accounting software, your cash flow is still stunted and you’re struggling with setting up payment channels, it might be worth reaching out and enlisting the help of an accountant. An accountant, beyond tax management, financial planning, and deduction claiming, can chase up outstanding payments and will be trained to do so in an expedient, professional manner. When starting your own business in California, they may even suggest that you form an LLC (Limited Liability Company) as this will provide you with tax advantages, reduced liability, and less paperwork. Perhaps most importantly, an accountant can also formalize your invoice process and set the foundations for best practice moving forward.

An accountant may also recommend diversifying your payment methods to help accommodate a wider range of clients. This means opening the doors to eChecks, mobile apps, email invoicing, credit cards, and recurrent payments. By moving things to a digital space, you’ll find your cash flow improves as well - online payments are usually carried out in real-time.

 

Cash flow is crucial to the long-term survival of your company. In the event that a client or customer isn’t paying on time, you’ll need a plan of action to chase them up. From the outset, you’ll need to be certain that you have outlined any payment terms and conditions - this means specifying the number of days and whether or not any cost must be paid upfront. It’s also here that you should also disclose any interest charges invoked on late payments.

 

Learn how to Chase Up your payments

It’s important to remember that it’s not bad etiquette to chase up payments. It may even be useful to send reminders closer to the time - just make sure that you write these using guidelines and at a time removed from the moment. If these still don’t work, it can be worth sending a statement of outstanding cost or even calling the client directly. These steps, whilst not common, are sometimes necessary.

Getting paid can be a pain but, if you take the right precautions, it will certainly be less painful. Remember to always seek the right help, learn the current software, and don’t be afraid to follow up on late customers.

Therefore, whenever you are looking to start using the solutions, look for the right partners who will help you every step of the way. Start your digital transformation journey with us at Technology Management Concepts.

Visit our Microsoft Cloud Business Solutions to learn more about our solutions in order to further your understanding of financial and business management systems. Team up with a certified Microsoft Gold Partner to make your migration to the cloud seamless. If you have any questions regarding Dynamics 365 or other ERP/CRM systems, contact us.

Don't forget to follow us on Facebook, LinkedIn, and Twitter. Subscribe to our YouTube channel for insightful tutorials and demos.

 

Technology Management Concepts specialize in the implementation of Microsoft Business Solutions including Dynamics 365 Business Central and Azure Cloud. To learn more, visit: www.abouttmc.com

 

 

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