There’s a reason why the phrase “time is money” is overused — it’s the truth. Getting paid on time is critical to professional service firms when it comes to managing their cash flow. However, oftentimes, the reason why payments are delayed is a direct result of internal processes, rather than the fault of a client.
How have your internal payment processes been working? By taking a step back and highlighting pain points in the process, you can then find the appropriate solution. Ask yourself, what takes up a lot of my team’s time? Maybe going into the office to pick up a physical check then driving to the bank to deposit it? What about reaching out to clients to let them know about any outstanding payments? Are you still waiting on a check to arrive in the mail?
These old-school practices, while sometimes necessary, can take up major time in a workweek and contribute to delayed workflows and frustration, coming from both your client and employees. While it might feel daunting, fine-tuning an internal payment processing plan doesn’t have to be a headache. Once you identify where too much unnecessary time is being spent, turn to an integrated invoicing and payment solution to get you caught up to speed. For example, instead of going to the bank to deposit a check, try accepting payments online that automatically deposit into your bank. Imagine what your team could be doing with all that time saved.
Another added bonus of using software with an integrated invoicing and payment solution? It can be an advantageous move that separates your business from the competition. Using software that allows for custom and professional-looking invoices as well as supports digital real-time payments adds legitimacy to a business and can attract prospective clients.
There’s plenty more where that came from. Curious to see other ways where your company could be saving time and money? Take a look at 7 easy steps on how to automate the process at every stage and learn how you could be saving 24 days on a single invoice with BigTime. Click below to see the full infographic.
Leanna Michniuk is a Content Marketing Specialist at BigTime