Cash flow. Two little words that are the source of huge amounts of stress and frustration for many SMBs. Invoicing quickly and accurately is key if businesses want to have enough money to pay their employees and their own bills. But invoicing quickly isn’t as easy as it sounds.
To improve your invoicing, SMBs need to focus on three key areas – keeping all their financial data in one place, avoiding manual re-entry of data and efficiently collecting information from the business so invoices can be sent out quickly.
And just like accounts receivables, accounts payable also benefits from using an integrated system that eliminates manual re-entry and offers better controls. With improved visibility into your accounts payable and accounts receivable, SMBs can make sure they’re optimizing their payments to take advantage of discounts for early payments and maintaining a stable cash flow.
3 Ways To Shorten Your Invoice Cycle
For many small- and medium-sized businesses (SMBs), longer invoicing cycles cause confusion, accuracy issues and serious cash flow problems.
Without powerful financial accounting software to rein in these complications, SMBs wrestle with maintaining the integrity of their bookkeeping. This struggle makes it difficult- if not impossible- to forecast or make sound business decisions without questioning the validity of the data.
Here are three key invoicing issues that SMBs frequently deal with, along with an explanation about how financial accounting software helps to eliminate these problems, effectively speeding up the cycle time and saving the company money.