Consider automating accounts receivable

There are many different accounting software tools, such as Xero and QuickBooks, that you can use alongside a cloud-based payments system like GoCardless to automate your accounts receivable process.

Streamline invoicing

From an incorrect client address to invoices that simply get lost in the shuffle, there are a broad range of errors that can be introduced during the invoicing process. Be sure to use an invoice template to ensure you’re including all the relevant information. You should also issue the invoice as soon as work is completed to make sure you get paid faster.

Negotiate favorable payment terms

Don’t forget about optimizing accounts payable. One of the best ways to do this is to negotiate longer payment terms for your bur business, which helps to free up cash and boost working capital.