Posted on January 21, 2014
Every business owner needs to know their cash flow inside and out. It can make or break a small business. But really when thinking about cash flow the main event is accounts receivable. While kind of a big term, it comes down to the simple idea that customers owe you money for the awesome product or service you sold/did for them and they need to pay for it. As soon as you send them an invoice your customers are in the accounts receivable process. From that moment until they pay you, they are outstanding and we need to make sure [...]
Posted on January 21, 2014
Ever use InvoiceSherpa and think man it would sure be nice if you could schedule all the reminders for me and then I could actually approve or deny which ones actually go out? Well hazaa! Today is your day. We have this feature live and in the wild. Lets talk about what it does and how it can help you manage your accounts receivable better. Granular Review Sometimes you have clients who have been with you a while or you know are good for the money and while you don't mind sending them emails to say thank you for your [...]
Posted on January 21, 2014
One of the biggest challenges with any accounts receivable process is keeping consistent when following up with clients who are outstanding. Most organizations do this with a collection of spreadsheets and cross referencing notes on invoices. It's a cumbersome process that relies generally on the memory of a few people to keep track of what invoice is in what stage of the process. The ultimate problem is it's too expensive and too cumbersome to manage any process this way, especially one that is as important as accounts receivable management. Enter Accounts Receivable Automation We created InvoiceSherpa specifically to solve just [...]
Posted on January 3, 2014
You love a good fee right? I mean who doesn't , a little extra jab from your vendor when you're late on an invoice. When you get it you think "Wow thanks for teaching me a lesson, I really deserve that." Yeah right, you think what a jerk, I can't wait to replace that person. The reason why is because we're human. We tend to blame others and not ourselves when things go wrong and when we feel hurt we lash out. Resist the temptation to put up a bunch of signs I know you feel hurt when someone doesn't [...]
Posted on January 2, 2014
So imagine you have a bunch of outstanding invoices with your customers. Now imagine those are really just like loans that you've made to those customers who get to use that money in their business, even though that money really belongs to you. I know, weird right? But it's true. The moment you remit an invoice you're essentially saying you owe me money because I did something for you. Whether or not that money is in the bank, under the mattress, or in the vault, it's technically your money. So the longer it sits in the volcano lair the longer [...]