Previously, we talked about opening a separate bank account designated for paying your taxes, where we recommend putting 25% of your monthly income (read the blog post here)
Now we want to ask you – do you want a bigger paycheck???
We know your answer is going to be “YES!” so today we’re going to discuss strategies to make sure your paycheck is as big as possible.
☝️ First answer these questions:
– What is your billing process like?
– Are you billing your customers on time?
Although these sound like no-brainers, it can be easy to get caught up in the day-to-day and forget to schedule a time to bill your clients and follow up on past-due invoices.
As a growing business, especially during times like these, it’s important not to lose any revenue.
🔥 Hot Tips for Monthly Invoices 🔥
First, let’s ask ourselves – What is my system for invoicing?
If sending out monthly invoices is a challenge for you, we have a few recommendations!
- System to Automate your Billing Process.
Work weekly on billing and schedule reminders for overdue invoices. If this sounds like too much for you personally, consider hiring someone to do your billing for you.
- Disappearing Clients
Have you had clients that go poof as soon as their invoice arrives? This is very frustrating, but unfortunately common. Write off any uncollectible invoices to bad debt. If you use QuickBooks this can be done using a credit memo.
- Ask us for help!
Did you know that we offer billing and collection services? If you are struggling to invoice your clients or collect on time, DM us or email your account manager to discuss adding this to your current services.