OAW Cash Flow Tips for Tradies – Keeping the green in your pockets
The year is well and truly in full swing and keeping on top of your financials is starting to become more complicated by the day.
Monitoring your expenses, from supply chains to payroll, can be a headache at times.
Whether it’s financial lightwork or heavy lifting, we have you covered!
For tradies who’d rather be out on the tools than crunching the numbers, we can help with a number of areas including bookkeeping, tax planning, asset protection and other business advice to help your operation run as smoothly as possible.
We can provide specialised services to help improve your business, including specific tips to benefit cashflow.
There’s plenty of cash to be saved through invoicing, and below are some tips on how you might do this:
- Many tradies are so busy doing the work that their customers want done, that they forget or don’t make time to send the customer a
- If not already done, tradies need to get into the cloud and get a good cloud accounting software like Xero which will allow invoicing as soon as jobs are
- Using the cloud means keeping an audit trail of transactions; this is helpful if emails need to be sent to delinquent accounts or to a collection
- In Xero, automatic reminders can be sent for invoices that remain
- Prompt invoice = prompt payment. Time needs to be set aside to invoice; it should be as soon as the job is
- Ditch paper – paper invoices get lost. Paper invoices create excuses for slow
- Take payment on the day by offering multiple payment options, such as EFT, Credit Card, BPay, Stripe, eWAY, Afterpay, PayID, etc.
This article can also be found in the Feb/Mar issue of the Tradie Mag, free and out now!
Oracle Accounting & Wealth is located at Suite 31, 89-97 Jones Street ULTIMO NSW 2007. Phone: 02-9715 2977
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The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.