March 15, 2022Invoicing , Late Payments
In Australia, small to medium-sized enterprises provide about $1.3 trillion in business-to-business credit. Trade credit allows consumers to access goods and services that they may be unable to under other circumstances. While trade credit is standard practice, suppliers often deal with a time-consuming and outdated process. Unfortunately, without innovation, your company is more likely to …
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January 18, 2022Invoicing , Late Payments
Have you considered online invoicing for your business? Companies are using invoice software to create invoices and streamline their accounting processes to improve their productivity. Even if your business doesn’t yet have its own separate website for setting up payments, you can use software to submit online invoices. Is it worth trying? Consider the benefits …
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The financial health of a business is arguably the biggest determining factor for longevity. This is why accounting plays such a crucial business role. However, no matter how skilled the accountants you have onboard may be, the more manual processes involved in accounting, the higher the risks of human error. Accounting software greatly eliminates these …
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January 5, 2022Invoicing
Very few accountants will rank the account reconciliation process as one of their top favourite tasks to do. Throw in human error and the complexity of spreadsheets required to pull this off, and it becomes more and more frustrating. The good news is, it doesn’t have to be that way. Try these five methods for …
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December 5, 2021Invoicing , Late Payments
Getting paid for the work you do is usually a given, however, in the world of wholesale product supply, things work differently. Providing delayed payment terms means trying to get paid can be time-consuming, annoying and dangerous. Why dangerous? Because when buyers don’t pay, suppliers hound them. This is fair enough. However, when communication between …
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August 2, 2021Invoicing , Late Payments
A powerful addition to your collections toolkit is having a demand letter. This comes into play when you have tried everything to receive a payment from your customer/s. A letter of demand, also known as a dunning letter or debt collection letter, helps your B2B customers know that there are consequences for paying you late. …
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Reconciling your customers invoices is an important step in your accounting process. Not paying proper attention to this can not only cost your business revenue but also affect the relationship of those you do business with. Shockingly, a large number of small businesses and SMEs skip this step. Whether you don’t understand the importance of …
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May 11, 2021Invoicing
Running a business means constantly shifting focus – you’re so busy in the day-to-day, that it can be hard to keep track of all the moving parts. Pencil, on the other hand, is in a unique position. We have a birds eye view of the businesses we work with, which gives us special insight into …
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January 13, 2020Invoicing , Late Payments
Managing your cash flow as a freelancer can be a difficult task. When clients are late with payments and invoices are ignored this can really have a negative impact on your lifestyle and stress levels. Freelancers are constantly having trouble collecting payments from their client but this unneeded stress can be dealt with quite easily …
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September 23, 2019Invoicing
Sending invoices to your customers is obviously a very important step in receiving payment. But you would be surprised to learn that many business owners have a poorly constructed invoicing system and mistakes are made constantly. These small invoicing mistakes can lead to larger problems for your business, such as dealing with late payments. We all know that reoccurring …
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