If you are looking for a simple, easy way to manage bookkeeping and accounting, at Timewise VA we are big fans of Xero.
As an online, cloud-based package, we use Xero to help many clients with their bookkeeping. Many also have accountants who use Xero, too, or extract information from it to help them with the preparation of accounts.
Xero also has a choice of ways it can help you ensure you get paid – making it easier to keep on top of cashflow. And these are generally linked to Xero in the form of add-ons. The beauty of these new systems is that it adds another way of getting paid, with a simple, automated interface. Customers can choose a variety of online ways to pay, even setting up to pay via mobile phone apps. And the easier you make it for customers to pay, the more likely you are to receive your payments on time. That not only improves cashflow, it also reduces the time you spend chasing up payments.
Go Cardless, for example, is one partner that helps take payments by card, and by direct debit. The company offers highly competitive costing, and provides a simple online interface that makes it easy to set up direct debits – perfect for regular payments. It also works effectively for one-off payments, too.
There is also Directli, which can work alongside Go Cardless and automates the collection of invoices from the Xero bookkeeping package. Payments get reconciled automatically via the system, reducing your administration. Using Xero and Directli it is possible to import customer details, and invite those regular customers not already doing so, to pay by direct debit. Should payments not be received, and invoices become overdue, the system reports that to you, so that you can take the necessary steps to ensure you do get paid.
More and more of us are now used to paying automatically – with insurance and other annual payments often renewing without us having to intervene. So, it’s easy to persuade customers to use a similar automated method, to settle their invoices; and many realise that time is saved on both sides, by using an automated system. Using a variable direct debit mandate allows for situations where a customer may have an invoice amount that varies from month to month.
The beauty of these new, online payment systems is that they are secure, and can be set up the same day. Charges are reasonable, and such services do not usually require a long term contractual commitment.
If all this sounds interesting, but you are simply too busy to look into a new payment process – even if it could save time and money – then why not ask Timewise VA to look into the options for you? We’re experienced Xero bookkeeping users, and also use Directli and Go Cardless for a number of clients already, so we are in a great place to answer your questions. Contact us now now for a chat and see what we can do for you.