The concept of proper cash flow management needs to be learned before you even open the doors to your business, because it is the lifeblood of your company. If you master this aspect of running your business, you will have greater flexibility to resolve unforeseen challenges as well as take advantage of new opportunities.
The latest update of the Xero Invoice Reminders app further improves the way you can track what you are owed on your mobile device. You can now quickly see who owes you how much, the grand total value of unsent and overdue invoices and who your biggest debtors are.
Xero Invoice Reminders Help Boost Cash Flow
The Xero Invoice Reminders app addresses an extremely important component of your business operations, cash flow. After full implementation of this solution in your company, you will be able to focus more on ways you can increase positive cash flow without having to constantly worry about who owes you what, and when it is due.
You can access the Xero solutions on Android and iOS, but the latest release is for Apple devices. The app is designed for easy access to your account from your dashboard, which lets you tap into unpaid invoices and see a detailed list of everyone that has outstanding charges.
Based on this information, you can set rules that let you send emails automatically to remind your clients. These reminders can be set days before the invoice is due, on the due day if a payment has not been received and as a late reminder when it is past due.
Once you set these rules, all you have to do is turn on the notification on the app and you will know right away when you get paid. This lets you update your invoice to better manage your cash flow with the latest and most accurate information.
Although Xero is not the only company that provides this type of solution, it was specifically established to address small businesses. This has led the company to create over 500 product updates and features delivered in the last year alone, along with the integration of 400+ add-on applications so you can customize Xero to your exact needs.
So how does Xero invoice reminders compare to other applications? We reviewed invoicing solutions from CloudBooks, Sage One, Nutcache, Invoiceable, FreeAgent and Billbooks for small businesses. Overall these applications have many similar features and price structures with some variations. So take a look at the invoicing solutions review to get more details about the options available to you in this segment and see how they compare to Xero.
The rate of failure for new small businesses is high, and according to the Small Business Association only half survive five years and just a third are able to last 10 or more years. For many first time small business owners, the importance of proper cash flow management is appreciated through hard lessons learned.
The survival of your business greatly depends on timely payments of your account receivables for smooth cash flow and long term success.
You can try the three different tiers Xero has free for 30 days and if you choose to continue, it will cost you $20, $30, and $40 for the Starter, Standard and Premium versions respectively.
Image: Xero
This article, "Who Owes You Money? Xero Invoice Reminders Help Collect" was first published on Small Business Trends
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