Small Business Start Up Finances Guide

Step 9 – Decide How You Will Get Paid and Issue Invoices

The first step here is to get clear on the objectives you want to achieve before considering the solution.

Possible objectives can include:

  1. Payment within a certain timeframe – eg if you can get paid immediately after completing the job, then that is ideal because you can have the timing benefit of the cash and don’t have to spend time chasing payments
  2. Making it easier for customers to pay – eg offering different options
  3. Integrating payment and invoicing with your business bank account and bookkeeping software (if applicable) so that less time needs to be spent on entering information
  4. Making your invoices look professional
  5. Using your invoices to include marketing messages (eg ‘give us your input’; ‘if you are happy with our work and would like to refer us then we will….’)

Based on these objectives, then look at your options. This can include:

  • good ol’ cash
  • direct debit
  • EWay
  • Paypal (including Credit Card)
  • Credit Card on Smart Phone
  • EFTPOS terminal
  • Xero invoicing

Some online solutions that might help include:
online-solu

With changes in technology, this is an ever evolving area and not easy to know what’s best for your exact situation.

For help with this, contact us