Xero- Helping improve Credit Control
Xero the accounts and finance package can help improve your Credit Control which is an area that a lot of people find quite challenging. Although Credit Control is the life-line of businesses it doesn’t always receive the attention it should. Many businesses find numerous obstacles within Credit Control i.e. not invoicing as soon as work is completed, not chasing settlement of invoices- the list goes on……
Whether you offer credit terms, payment plans, etc it is really important not to wait too long to collect this money. Many businesses find themselves using their own funds to sustain their business. In the long term this is not advisable or practical. It can be a challenge keeping track of what you are owed.
Xero is an accounts and finance package that can help improve credit control procedures within your business. It’s a great business tool all round.
As Xero accredited advisors we know about the power of Xero, indeed there are many Xero features that will be useful for your business. In this blog we are going to focus on how Xero can be used to cut down the time spent on credit control.
Why use Xero?
The Xero package can help you to keep check on how much money is owed and when payments are due:
- Reports section- here you can see what invoices you have outstanding
- How long does settlement usually take?
- You can set reminders to be sent out at the intervals that you require
- You can add notes to the account e.g. if they’ve requested a payment plan and the amount they have agreed to pay etc
We have found this to be an invaluable tool that not only significantly reduces admin time but also helps keep our records up to date and in one place.
There are many other areas that Xero can help your business. It can reduce the time spent on admin, generating and keeping track of invoices, updating client databases and much more. Click here for more information https://www.xero.com/uk/
Call us on 0116 2247122 to arrange a meeting to see how Xero could help improve the the way you run your business. We offer in house training on how to utilise the many different arrears within Xero