Huia Business Services Limited’s Post

What's your terms date for your customers? "The statistics show that 60% of invoices are paid late, causing significant cash flow problems for businesses. Creating terms dates for your customers needs to be done strategically, based on your industry and clientele, to ensure timely payments. Did you know that studies shows a "14-day" term is most likely to be paid on time?  Reason: Not too long: Long terms (like Net 30) give clients too much wiggle room, so they might push back payment. Not too short: Super short terms (like Due Upon Receipt) can feel like pressure, making clients take the due date less seriously. Additional tips: Be consistent: Use the same terms on all your invoices, every time. Clear due date: Make sure the due date is crystal clear on the invoices, to avoid confusion. Talk it out: Communicate your payment expectations with your clients upfront. What are your best strategies for on-time payments? #Bookkeeping #QuickbooksTips #BookkeepingTips

Streamline Your Invoicing Process to Get Paid Faster! 💸 Happy Thursday, everyone! 🌟 Today’s tip is all about getting your hard-earned money into your bank account faster. For business owners, streamlining your invoicing process can significantly improve your cash flow and reduce stress. Here’s how: 1. Automate Invoicing: Use bookkeeping software to automate your invoicing. This not only saves time but also reduces errors and ensures that invoices are sent out promptly. 2. Clear & Detailed Invoices: Make sure your invoices are clear and detailed. Include all necessary information such as item descriptions, quantities, prices, and payment terms. This reduces the chances of disputes and delays. 3. Set Payment Terms: Clearly state your payment terms on every invoice. Whether it’s Net 30, Net 15, or due upon receipt, make sure your clients know when and how to pay. 4. Follow Up Promptly: Set up reminders for overdue invoices and follow up promptly. Consistent follow-ups show your clients that you take payments seriously and encourage them to pay on time. 5. Offer Multiple Payment Options: Make it easy for your clients to pay you. Offer multiple payment options such as credit cards, bank transfers, and online payment gateways. Why It Matters: Faster payments mean you can reinvest in inventory and marketing more quickly. It helps you manage daily operations smoothly and ensures you have the cash flow needed to cover expenses. Ready to Get Paid Faster? As a professional bookkeeper, I can help you implement these strategies and more to streamline your invoicing process and improve your cash flow. Let’s connect and make sure you get paid faster! #ThursdayTips #Invoicing #SmallBusiness #Ecommerce #RestaurantOwners #CashFlow #Bookkeeping #FinancialHealth

Ever discovered a forgotten expense that should’ve been recorded months ago? 👻 It’s the kind of spooky bookkeeping mistake that can really mess with your financials. Unrecorded expenses can throw off your profit calculations, lead to surprise tax liabilities, and make it harder to get a real sense of where your money is actually going. 𝗧𝗵𝗲 𝗙𝗶𝘅:  🔹 𝗥𝗲𝗴𝘂𝗹𝗮𝗿 𝗘𝘅𝗽𝗲𝗻𝘀𝗲 𝗥𝗲𝘃𝗶𝗲𝘄𝘀: Make it a habit to review expenses weekly, just to make sure nothing slips by. It’s easier to catch things early than to deal with a big cleanup later! 🔹 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗲𝗱 𝗘𝘅𝗽𝗲𝗻𝘀𝗲 𝗧𝗿𝗮𝗰𝗸𝗶𝗻𝗴: Using accounting software with expense tracking features has been a lifesaver. Link it to your accounts so that all transactions are recorded automatically, keeping things up to date without the manual work. 🔹 𝗥𝗲𝗰𝗲𝗶𝗽𝘁 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Saving receipts digitally has been a game changer. Snap a quick picture on your phone and store it in an app/tool, so you always have a record on hand. 🔹 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻𝘀: Comparing bank statements with recorded expenses each month helps you spot any missing items before they cause bigger issues. If the “ghosts” of unrecorded expenses haunt your books too, try these tips! Taking small steps to capture every expense can make a world of difference. #bookkeepinghorrors #bookkeeping #bookkeepingtips #auditready #financialcompliant

📈 Calling all accountants! 📈 Are you looking for ways to save your clients money on card payment solutions (card machines, paybylinks, Ecom) or offer quick funding for cashflow or growth plans, and elevate your service offering? Look no further! 💰 With our innovative solutions, not only can you save your clients money on their payment solutions and provide them with fast funding options, but you can also enhance your service offering, strengthen client relationships, and set your practice apart from the competition. Here's how partnering with us can benefit you and your clients: 🔍 Cost Savings: Our solutions are designed to put your clients in a better place with the right products and potentially save money on the transactions and processes. ⏱️ Quick Funding: Need funds fast? We've got you covered with quick and efficient funding options for your clients' needs. 🚀 Enhanced Service Offering: By offering our services, you can expand your portfolio and provide comprehensive financial solutions to your clients. 💪 Strengthened Client Relationships: Providing value-added services strengthens your bond with clients and positions you as a trusted advisor. 🎯 Differentiation: Stand out from the crowd by offering unique services that address your clients' needs in innovative ways. 💼 New Revenue Stream: Earn referral fees by partnering with us and referring clients to our services. Ready to take your accounting practice to the next level? DM me for more info or comment "INFO" below to learn how we can help you save money, offer quick funding, and elevate your service offering while generating new revenue streams for your practice. Let's partner for success! 🚀 #Accounting #FinancialSolutions #PartnerWithUs

Maximizing QuickBooks Online Efficiency: Credit Memos & Refund Receipts: Read 👇 In any business, unexpected situations arise—completing a project sooner than expected, unused inventory, or customers returning products. When this happens, handling customer credits and refunds accurately is essential to maintain proper financial records. 💡 Credit Memos: 1. Applied directly to customer invoices for full or partial payments. 2. Adjusts accounts receivable (A/R) but doesn’t affect cash. 3. Helps maintain accurate FIFO costing for inventory. 4. Prevents confusion and maintains accurate records compared to editing the original invoice. 💡 Refund Receipts: 1. Used to provide direct refunds to customers. 2. Ensures accurate documentation for financial and tax purposes. 🔍 Best Practices: 1. Always create new transactions in QuickBooks Online for any exchange to ensure proper timing and sequence. 2. Avoid editing original invoices as it can disrupt previous financial records and affect tax returns. 3. Capture all transactions to reflect accurate sales, tax liabilities, and inventory movements. 🤝 Why Choose Credit Memos? 1. Provides clarity and transparency in transactions. 2. Helps maintain set product/service pricing and profitability. 3. Keeps inventory records accurate. Credit memos can also be a tool for customer loyalty or referral incentives. You can easily track and reward customer loyalty by mapping credit memos to specific accounts. Follow for more insights! #QuickBooks. #Accounting #SmallBusiness #quickbooksonline #Finance

How to Set Up Your Invoices Like a Pro Setting up your invoices properly is essential for ensuring you get paid on time and maintaining clear communication with your clients. Here’s a step-by-step guide to help you create professional invoices: 1. Header with Business Information: Start with your business name, logo, address, and contact details at the top. 2. Client Information: Include the client’s name, address, and contact information. 3. Invoice Number and Date: Assign a unique invoice number and clearly state the date of issue and the due date. 4. Detailed List of Services/Products: Provide a detailed list of the services or products supplied, along with quantities and rates. 5. Subtotal, Taxes, and Total: Break down the subtotal, any applicable taxes, and the total amount due. 6. Payment Terms: Clearly outline your payment terms, including accepted payment methods and due date. 7. Late Payment Terms: Specify any late payment terms, including fees or penalties for overdue payments. Make sure this section is clearly visible to avoid any misunderstandings. **THIS IS A HUGE ONE. I don’t know how many companies I have ran into that do not apply this. Applying late payments is good to help payments stay timely and discourage delays! 8. Notes Section: Add any additional information or a personalized message in this section. 💡 Pro Tip: Using invoicing software can save you time and reduce errors. At Confident Bookkeeping, LLC, we specialize in helping businesses streamline their invoicing processes. Contact us to learn more! #Bookkeeping #Invoicing #SmallBusiness #FinanceTips #ConfidentBookkeeping #BookkeepingServices #Bookkeeper #BookkeeperLife #Finance #SmallBusinessOwner

📈 **Struggling with Receivables and Late Payments?** 💸 Managing receivables is key to a healthy cash flow, but late payments can make it challenging. Here’s how to stay on top: 1️⃣ **Clear Invoicing** – Make invoices simple, with clear due dates and payment terms. The easier it is to understand, the quicker clients are likely to pay! 📝 2️⃣ **Automated Reminders** – Set automatic payment reminders to keep invoices top of mind, helping you get paid faster. 3️⃣ **Partner with a Pro** – A bookkeeping expert can save time, reduce stress, and ensure your receivables are organized. They handle tracking, reminders, and reporting so you can focus on business growth! 📊 For dependable receivables management, trust **FSMC Bookkeeping Services**. They’re here to streamline your finances, improve cash flow, and support long-term success. https://lnkd.in/dbfCSsNe #ReceivablesManagement #FSMCBookkeeping #CashFlow #OnTimePayments #BusinessSuccess

Are you struggling with customer overpayments showing as credits even after issuing a refund? Here's a common QuickBooks bookkeeping challenge I solve for my USA clients: A customer made an overpayment, and you sent a refund check—but it’s still showing as a credit on their account. How do you fix this? Simple: make sure the refund affects the Accounts Receivable account, then link it correctly. 1. Open the refund check and ensure it affects Accounts Receivable. 2. Use the Receive Payment feature to link the credit and check: • Go to the Customers menu. • Select Receive Payments. • Choose your customer from the Received from drop-down. • In the Available Credits section, select the check and click Done. With these steps, the customer's account gets updated, and the credit is removed—leaving your books clean and accurate. Want to make your bookkeeping process seamless? Connect with me today to streamline your accounts and avoid these pitfalls! Google my username, kabel1657, to see my proven track record 😉! #supportsmallbusinessowners #taxpreparation #xero #servicebasedbusiness #virtualbookkeeper #remotebookkeeper #bookkeepingforsmallbusiness #smallbusinessaccountant #usasmallbusiness #bankreconciliation

Billing vs Invoicing: What's the Difference? - Identify the crucial differences in billing vs invoicing with our guide, and discover how understanding these terms can streamline your business finances. https://bit.ly/3OVej8t

Navigating QuickBooks Online can significantly enhance your financial management, but understanding the distinction between recurring transactions and bank rules is essential. **𝐑𝐞𝐜𝐮𝐫𝐫𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬** are designed for entries that occur regularly, like monthly subscriptions, rent, or payroll. By setting these up, you automate the process, ensuring consistency and accuracy in your financial records. This feature not only saves time but also helps prevent missed entries. On the other hand, **𝐁𝐚𝐧𝐤 𝐑𝐮𝐥𝐞𝐬** streamline how transactions from your bank feeds are categorized. By defining specific criteria—like transaction amounts or vendor names—QuickBooks can automatically sort these entries, reducing the need for manual input and minimizing errors. While both features aim to increase efficiency, they address different aspects of your accounting process. Mastering them allows you to focus on strategic growth, confident in the accuracy of your financial data. Utilize these tools to make your bookkeeping seamless! Repost ♻ if you found this helpful. Follow me for more insights and updates! 𝗣.𝗦. 𝐡𝐨𝐰 𝐲𝐨𝐮 𝐮𝐬𝐞 𝐫𝐞𝐜𝐮𝐫𝐫𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 & 𝐛𝐚𝐧𝐤 𝐫𝐨𝐥𝐞𝐬 𝐢𝐧 𝐐𝐮𝐢𝐜𝐤𝐁𝐨𝐨𝐤𝐬 𝐎𝐧𝐥𝐢𝐧𝐞? #bookkeeping #accounting #quickbooksonline #waveaccounting #smallbusiness #smallbusinessowner #reccuringtransactions #bankroles