Post sponsored by FreshBooks.com
If you are a small business owner or even a solopreneur, then you can attest that cashflow and getting paid on time are of the utmost importance. If you aren’t an accounting whiz or a computer genius, you might be unsure about a software accounting solution that will work for you. I’ve had many business models over the past 13 years and have tried many accounting solutions but there’s one that stands out as a winner if you are just starting out and just need to get paid- FreshBooks. If you are looking to acquire more capital for your business or want to sell part of it, consider getting help from a business broker.
FreshBooks was life changing for me because I needed a way to quickly bill clients and offer a way to get paid right on the invoice. Yes, that’s right. For me, that made all the difference. If you are working with small businesses, many times the accounting person loves to whip out a credit card and handle the invoice right then and there. FreshBooks has even negotiated a special rate with the payment processor, PayPal, they use to make payment on your invoices possible. The FreshBooks special B2B rate only takes $.50 in processing fees as opposed to the normal PayPal rate of 2.9% + $0.30 per transaction. It made b2b payments much more attractive! As your invoices grow, that can mean paying a huge chunk-o-change just for processing fees. Thank goodness for FreshBooks!
In addition to adding payment processing directly to your invoice, there are a few other things you can do to speed up payment and improve your cashflow:
- Offer discounts for invoices paid either upon receipt or within certain amount of days (choose an amount of time that would work best for your business.)
- Let your client know upfront that you require payment upon invoice receipt, but will make it easier for them by offering payment options right on your invoice.
- Negotiate a monthly retainer paid in advance so that you will have consistent, predictable cashflow. You’d be surprised at how many of your clients will find this arrangement convenient for them as well. There are no surprises as they can also anticipate their expenditures to predict cashflow on their end as well.
Ready to start getting paid faster? FreshBooks pricing is incredibly convenient and reasonable.