Get paid faster with MYOB invoice reminders

There’s nothing more frustrating for a business owner than doing the work, but not getting paid.

So many business owners that I come across are time poor.

They spend the day out on the road, completing all the tasks they have for customers, only to come home at the end of a long day with hours of invoicing ahead of them.

Many are too tired or have family commitments, so the invoicing gets delayed. Sometimes delays can be a day, a week, or longer. The good intentions to get the invoicing done are there, but the time to do it just isn’t.

Need an invoice template? Download our invoice template

Invoice on the spot

When I see my clients struggle with this, the first thing I point them to is MYOB Online Payments.

Right there on their smartphone, my clients can invoice their customers and email or SMS the invoice directly to them. On the spot! No more having to wait until they get home in front of their computers.

MYOB Online Payments also allows them to take payment there and then.

It’s so much simpler to invoice customers as soon as the job is done, and take the payment and sync to their MYOB accounting software all at the same time.

To take advantage of this, all MYOB Business users need to do is navigate to their sales tab and then select “turn on invoice payments” and start their application.

Cash flow is generally tight for most business owners

Being able to invoice on the road means you can start collecting your income sooner.

If you wait a while to send an invoice, the recipient may get the idea that it isn’t that important to you.

They will then make it lower on their priority list for payment. It is human nature.

By having clear payment terms on your invoices, and by sending them in a timely fashion, you are giving the message that it is important to you, and consequently to them that they make payment by the due date.

Build great relationships with your customers

No matter what industry you are in, you are in the business of great relationships with your customers.

Wouldn’t it be wonderful if there was never a need for questioning your invoices or awkward debt collection conversations?

Follow these easy steps to make sure your accounts are just a by-product of these great relationships – instead of the catalyst to damaging them.

1. Email and SMS your invoices so that you can be sure your customer receives it quickly and there is no chance of it being lost.
2. Reduce any reason for confusion or dispute with your invoicing. Make sure you use full descriptions so that there is little room for the invoice to be queried. Discussions or confusion will only delay payment.
3. Offer your customers a range of payment methods.
4. Invoice quickly and perhaps offer incentives for early payment – perhaps a discount should they pay within a shorter period of time.
5. If you find a customer hasn’t completed payment in time, take the time to have a conversation about it with them. Find out if they are having some problems of their own you may not be aware of. Make them feel heard.

Keep a close eye on your receivables report

Keep a close watch on your receivables report. In our practice, we watch our clients’ receivables on a weekly basis.

If a customer hasn’t paid, we deal with it quickly. Discovering a problem a month after the fact is disastrous for cash flow – and relationships.

Treat your invoicing and receivables as a priority and you will find that your customers will do the same.

Activate bank feeds to save you time reconciling

Close the cashflow gap by reconciling your transactions with bank feeds.

Bank feeds capture the debits and credits from your bank account and drop them into your MYOB online accounting software.

It helps save you valuable time by reducing data entry and assisting with eliminating possible data entry errors.

Applications for Online Payments are subject to approval. Fees apply: $0.25 per transaction + 1.8% of total invoice. Fees are inclusive of GST and will be automatically passed on to your customers unless you turn off surcharging. Payment accepted via Visa, Mastercard, AMEX, Apple Pay, Google Pay and PayPal. You can also choose to enable BPAY but cannot pass on a surcharge to customers who pay via BPAY. View terms and conditions here. 

MYOB makes no recommendation regarding whether you should surcharge your customers. Visit the ACCC website here to find out more about surcharging and your obligations. 

Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.