For businesses, cash flow is very important to be successful. It’s no different for tradies. When you buy materials, tools, supplies and petrol or pay your team, you need the money for work that you have already done. This means you should get invoices out to make sure they are paid. It can be a challenge for tradies and some struggle with the admin work with new jobs to handle. Here’s how you can get paid faster.
Firstly, get the invoices out ASAP. Your customers cannot pay you until they get this. You can get side-tracked for weeks and months even after the job has been completed. The longer you leave invoices unpaid, the more you will struggle with cash flow.
Some tradies still use handwritten invoices and forget the details after working non-stop on-site. You need a way that works for you. Accounting software for invoicing and job management can help through automation. Outsourcing admin work like invoicing make sure you invoices are paid while freeing up your energy and time.
Invoicing for tradies
One benefit of accounting software is it shows your outstanding debtors easily. If you send out invoices each week, you can lose track of those who haven’t paid and put off chasing unpaid invoices. With accounting software such as MYOB or Xero, you can see payments that are due and late payers and send them notifications. An accounting software comes with lots of benefits for tradies and a good accountant for tradies will help you choose the right accounting software for your business.
More and more people pay for products and services using their cards because of ease, convenience and incentives. As a small or medium sized business, you can accept card payments that are instant. You can easily set card payments on site as soon as a job is completed. You can start accepting mobile payment. Many banks offer this with business packages. Consult with a tradies accountant or tradies business advisor and check out your options.
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Sky Accountants Ballarat
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437