Talking about accounts receivable may not be the most interesting of topics, but I promise, being knowledgeable about different ways you can manage your accounts receivable can free up time, resources, and cash.
Challenges arise as businesses expand and continue to manage outgoing invoices and incoming payments manually. When the number of customers is small, one person can handle the workload. The process becomes inefficient when too many new and old tasks are put upon an individual. They will struggle to maintain a hygienic billing process. The possibility for human error increases and ultimately it produces continuous headaches until the process is organized.
When Do You Need More Support?
We all know someone who has been juggling too much and it overflowed into their personal time. You’re on vacation, but have to log on for a few hours to wrap up some invoices. Or it’s a holiday, but your loved one has to run to the office to take care of an error. Small and large businesses feel these pain points before they decide to get the support that will allow them to automate recurring billing and invoices. There are softwares available to manage and automate subscription billing. While they each have a range of features and capabilities, we can specifically look at ChargeOver and its ability to support subscription and recurring payments for you.
Calculating how much time and resources are spent on billing and invoicing every month on accounts receivable can reveal a ton of labor costs. When balancing those costs with the time it takes to actually get paid by the customers, at times a business’ financial position can look dreadful.
The first thing you can do to tackle this problem is to automate repetitive actions. Some billing software is more flexible than others in creating invoices. Look for integrations with products you already use, payment gateways that are compatible, and the ability to customize features to suit your needs.
Jon Doherty, a seasoned marketing veteran and the founder of Credo and Editor Ninja, and Bryan Vohnoutka, Strategic Partnership Manager at ChargeOver, discussed ways to turn marketing companies cash flow positive. You can see the full video here: How to Turn your Digital Marketing Company Cash Flow Positive.
In their discussion, you’ll hear about:
- Scaling your business and having the right tools backing you up
- Organizing your invoicing process
- Removing the pain points of billing
- How automation can help your business receive funds sooner
Having a payment system can help you directly bill and invoice your customers in a way that is convenient and reliable. Every growing business that can invest in ways to get paid faster, will ultimately develop quicker. When a business owner or accountant is not individually managing invoices, they can focus on being more agile in other areas. Are you unsure where to start looking for the best subscription billing software? While there are several solutions, finding one that fits your business’s precise needs will be the most beneficial. ChargeOver has over 60 integrations and partnerships. It is flexible for even the most complex recurring billing structures, and their customer service is remarkable!
For more information about ChargeOver, schedule a quick 20-min demo and talk with our industry experts about creating a solution for your billing and invoicing challenges!
Software solutions mentioned in this post:
ChargeOver is a premier AR automation platform. Our goal is to make your billing as hands-off as you would like it to be!
Credo helps companies find the right digital agency for their marketing and web development needs.
Editor Ninja is the internet’s preferred editing service!
