Now, not all financial problems are because the consumer doesn’t pay. The money side of business can be a hairy task to undertake. If you only have one or two customers, managing your finances will be easy. It’s when you start tackling hundreds of accounts that money management becomes overwhelming.
In addition to budgeting, taxes, and creating invoices, small business owners have to keep accurate records of incoming funds and their own expenses. And, with so much accounting work to do already, who wants to mess around with payment plans, credit card transactions, and other payment methods? Even if it means missing out on opportunities to make more money.
And let me throw one more pain in there. (Then I promise I’ll stop.) What happens when someone wants a refund? Does your financial system come tumbling down?
Manual Systems Don't Work! You must get a better system in place!
Most small business owners use QuickBooks or some
other “accounting” software to manage their finances.
Unfortunately, the majority of these programs require
small business owners to dedicate unavailable hours to
manually input and calculate transactions. Eventually,
small business are going to make mistakes.
other “accounting” software to manage their finances.
Unfortunately, the majority of these programs require
small business owners to dedicate unavailable hours to
manually input and calculate transactions. Eventually,
small business are going to make mistakes.
Ironically, the more you sell, the more financial management you’re dealing with, and the less time you have. So, I’m going to scream this as loud as I can until it reaches the ears of every small business owner:
DEAD END
-Follow-up on failed payments
-Process the payment
-Customer pays invoice
-Invoices set up per timelines
-Agreed on Payment Plans
A Manual System Requires Manual Follow-up
© 2008 By Clate Mask
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