So many financial software packages. How do I choose and what’s your go-to recommendation?

My go-to recommendation is, stick with what you know but learn to use it fully. 

Get someone to train you, or set it up for you so you’re using it to its full potential.

I’ve worked with many businesses that are using software that aren’t using it properly, and it causes all sorts of problems for their business.   

But don’t just stick to one way of doing things because it’s the way you’ve always done it. 

Often Xero works better. It’s always going to be my go-to for financial software because I’m a certified partner. 

However, Xero isn’t going to work for every type of business. 

For some businesses, spreadsheets do work better than software. 

There are many businesses that Xero can’t work for. 

And in those circumstances, we’ve made their existing systems work even better for them. 

It’s all about the process. 

For example, we’re working with a locksmith who invoices one address and carries out work at a site address. He was using an existing invoicing system software to invoice from the site he carried the work out at. But his accountant wanted to move him to Xero to be tax digital. We’ve done that by getting his invoicing system to talk to Xero. It was crucial that he maintained the ability to invoice on-site when he was there before he gets on to his next job. Otherwise, he’d be spending all his evenings and weekend invoicing.

So we made it work for him. There was no change to him, but a lot of paddling below the surface by us –  like the swan analogy – to make it work for him. 

Don’t be fooled into believing that anyone method or software is better for your business. 

Consult with someone who has experience with different types of systems, software, and processes, and especially someone who takes the time to understand your business thoroughly.

If you want some free advice on how to choose the right software for your business, with a little superstar treatment thrown in, contact us on:

Email: info@jaxstarsolutions.co.uk

Telephone: 020 3362 4436

Mobile: 07811 393520

Website: https://www.jaxstarsolutions.co.uk/

If you find yourself questioning your decisions when it comes to your process, or you just need to remind yourself exactly what it is about you and your work that sets you aside from the rest, check in with yourself by asking these questions:

• What do my customers get in return for working with/buying from me?
• How does my work improve their lives?
• What specific outcomes can my clients expect from our work together?
• What is my USP that influenced them to buy from me in the first place?
• What do I do to continually improve myself and my brand?
• What do I have/ do that my competitors do not?

We all know that people buy from people, if your potential client trusts you and what you can deliver, your prices can be justified no matter its range. Getting these messages across in your branding is just as important as getting them into your pitch to customers, it needs to be a reflection of yourself. Your brand is often someone’s first impression, and it can validate or influence their decision to work with you.

When you are charging based on your worth, you’re also setting a high standard for the type of people you are looking to work with. The audience that perceives you as valuable are the same people who would benefit most from working with you, being able to resonate with your values is crucial.

Knowing Your Worth Will Allow You to Grow as A Business

When you understand your worth and are enthusiastic about how you can help others, the sky’s the limit. There are endless opportunities and connections to be made with the right people, especially through networking. When you believe in yourself, the universe shows up for you!

Whether it is a power pose or saying, it is always a good idea to have something that reminds you to stay true to what you are worth and attract those clients who recognise that.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

But no need to panic just yet! There are several ways to manage an overdue invoice without compromising your professional relationship with your client.

10 step action plan for chasing late invoices:

It’s not Rude To Chase Your Invoices

In the early days, it can feel rude to contact a client to ask for payment on various occasions, and you might let small payments slip to avoid the risk of losing them as a client. As you become more experienced in business, you come to understand that chasing invoices is all part of running a business, you’ve delivered a service and they need to pay for it.

Set Payment Terms Expectations Early

No one likes to talk about money but setting the client’s expectations by discussing your payment terms early on can prevent problems further down the line.

Explain when you will invoice the client and what the payment terms will be. Most small companies tend to opt for a 30-day payment term, while larger companies might be happy with 60.

Warn your Clients About Interest Charges on Late Invoice Payments

Government legislation has been introduced that allows small businesses to charge up to 8 per cent interest plus the Bank of England base rate on late payments. They can also pass any debt recovery costs onto the client.

However, you should warn your clients from the off that interest will be charged if your invoices are not paid on time.

Don’t Work Yourself Up

When a payment is not made on time, the temptation is to think the worst and assume the client is trying to get away without paying. This is rarely the case. In most instances, the client will have simply forgotten to pay or have a prescheduled date when their payments are made.

Instead, we advise you to wait a couple of days after the payment was due before sending a polite reminder.

Send Them a Late Invoice Letter or Reminder

Your initial payment reminder should be polite and written in the right way. Simply stating that the payment is now overdue is often enough to prompt payment.

Send a Statement of Outstanding Cost

If no payment is forthcoming and you do not receive a response from the client asking for an extension, you should then send another email. This time explain that the invoice is now overdue and include a statement of the outstanding cost.

Give them a Polite call to Chase Payment

It’s a lot easier to ignore an email than it is to dismiss a request for payment made over the phone. If you have followed the advice above and still haven’t received the money, you need to speak to the client to ask if there’s an issue with the payment.

It may be that the client is experiencing cash flow problems of their own and wants additional time to pay. However, putting the client on the spot in this way should give you a clearer idea of their intentions, and help you decide what course of action to take next.

What if They Still don’t pay the Invoice?

If the client still doesn’t pay, then you need to continue to chase. Don’t let it consume your life or take too much time out of your working day, but make sure the client knows you are not willing to let it lie.

If payment is promised, ask for the date it will be made by. You should also cease all work for the client until the invoice has been paid.

Hire someone else to chase for you

Having someone else that doesn’t have a relationship with the clients makes the demand more formal. This person can also hold the client accountable and keep in contact with them when they say they are going to pay.

Should I Consider Legal Action for Unpaid Invoices?

If they still haven’t made the payment you may need to consider more drastic action like taking County Court action. A County Court Judgement against a company can adversely affect the credit rating of a company for six years. Often the threat of a CCJ will get the desired response within the processes 28 day period.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Have a clearly written payment policy to prevent problems. Have customers sign the agreement, which states when payment is due and what consequences there will be for late payment.

Include specific due dates on your invoices. Adding the phrase “payable in 30 days” is less firm than “due on 30^th”. So remember to include a specific date.

Set up company procedures for collections. Define whose job it is to follow up with custom

So, here are my top 10 tips to improve your credit control process:ers and exactly when statements and reminder letters should be sent and phone calls made. If you can give someone else the job of chasing invoices it can ensure your relationship with the client is not affected.

Email invoices instead of mailing them to shorten the collection cycle. Discuss with your client during the onboarding process of how they would like to receive their invoice, but I would always recommend pushing to do it online.

When a payment date has passed, follow up by phone and email and agree timescales.

Emails and paperwork can easily be forgotten or lost. Phone calls and face-to-face meetings are more effective and ensure you get a response from your client and hold them accountable to their promises.

Remain calm and professional. This is a business transaction -You delivered a product or service, and the client owes you money. Do not let your emotions get the better of you, ensure you stick to your process no matter what your relationship is with the client.

Be precise. Do not let a client end the conversation by saying, “I’ll send something soon.” Get a commitment to a specific amount by a set date. Then summarise the conversation to the client so there is no misunderstanding and send a follow-up email.

Document every point of contact with clients.

This can include emails, letters, phone calls, etc. It can make it easier to track how many times they have been contacted, what they have promised and when the process began to monitor when more serious action needs to be taken.

Follow up each time a customer does not honour a payment commitment.

If for some reason you haven’t been paid and there is an acceptable reason, explain that you must be notified in advance when a payment will be late and then ask when you can expect to receive it.

Hire an external member of staff to do the chasing

Outsource the job can get this done without letting it affect the day-to-day running on your business. Its that simple!

If you are struggling to chase your invoices or maybe you have had relationships ruined with your customers over late payment, please give me a call at 07811393520 and I can help you to implement a process that ensures your business gets paid without any hassle.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Before the pandemic when I met a new client we would talk over the phone to set up a meeting, have a meeting where we discussed what they needed support with I would be on my way. I would go back to my office, complete my tasks and regularly catch up with the client to let them know when tasks were completed.

Do not get me wrong, all of my clients were extremely happy with my work but working through Zoom has opened a new door.

Now, I meet with my client via Zoom where we discuss what needs doing and do it then and there. We simply share screens and work through the problems together and come up with a solution. By showing how I operate and solve these problems not only allows my clients to recognise where they went wrong, but also learn new skills that can help them to run their business.

By showing people how I solve their problems highlights how easy some processes can be when you take the right steps, so although people say I am an ‘expert’ when it comes to things like Xero, physically showing people how to build the foundations helps them to understand how easy it really can be and encourages them to practice these new found skills.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

So, as a small business owner what can help you stay calm and help yourself and your staff?

1. Recognise what is going well

This is one of the first things I will point out to clients — it is just as important to recognise what’s going well (if not more so) as it is to recognise where things aren’t going so well. When you consider what is going right with your business, that instantly puts you in a positive mindset, which makes it much easier to combat stress. Being able to also identify where things are working or are not makes you feel like you have control over what is happening, in what can feel like the chaos of running a business.

2. Identify your stressors

Identifying your stressors is vital to being able to tackle them, stress usually comes from a problem you have not even looked at yet or are having trouble solving. I think the best way to identify stressors is to take a step back and look at the bigger picture. Then once you’ve identified what is causing you stress, you are much more able to work out how to deal with it and even just identifying what is causing you stress can help alleviate some of it

3. Learn to say no

When you’re starting out, you may not have the luxury of opportunities flying at you, so you say yes to everything but eventually you focus on your mission and ask yourself, ‘Will this help me get there?’ before deciding yes or no.

Of course, saying no can be tough however it’s important to remember your value and that you have limited time. Instead of thinking you may offend the other person, it’s an opportunity to show them that when you decide to do something, you really value what you’re doing and you’re doing it on your terms.

4. Unplug during your time off

You are not a robot. You cannot work all the time and expect to maintain the same level of productivity and efficiency. You need to replenish your energy levels, and not just physically but mentally, emotionally, and spiritually. When you’re working on your business, you want to be present and in the moment which becomes difficult if you’re unable to unplug in your off time and feel a conflict between your work life and your personal life.

5. Delegate or outsource your tasks

When you are used to being the boss, it can be hard to let go and give up control, but as any small business owner knows, you cannot do it all. If you are trying to, then you are probably not doing the best job at everything. That is why learning how to delegate or outsource certain parts of the business tasks is a foundation for being successful.

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Not only does marketing build brand awareness but it can also increase sales, grow businesses and engage customers. Which is what we all want right?

Here are some of the key benefits of marketing and how it can help your business to grow:

Informs- On a base level, marketing is useful for customer education. Sure, you know the ins-and-outs of your product but do your consumers? In order to buy into a product, your audience needs to have a solid understanding of what it does and how it works. If consumer education is on your priority list then marketing should be too.

Free promotion- Modern marketing is also a less expensive game than ever before. Social media platforms and email campaigns have made reaching out to consumers a much more finance-friendly possibility.

Engages your audience- Customer engagement is the heart of any successful business – this is especially true for SMBs. Marketing solves the question of how to keep a conversation going once your customer has walked out the door. In the past, you walk in the pizza shop, talk to the hostess, laugh with the waiter, wave hello to the owner etc. While that in-person engagement is still alive and well, it’s no longer enough. Instead, consumers want to be engaged outside the store. This is where marketing comes in, and you can send your customers content to keep them engaged beyond store hours.

Marketing is an important strategy to ensure the growth of your business. While your current customers should always be your main priority, marketing efforts can help you expand this base. Little efforts like social media posts and email campaigns can not only engage existing consumers but spread the word to new potential customers.

#JaxstarSolutions #business #virtualassistant #businessmanager #businesssupport #businessowner #bookkeeper #marketing #onlinepresence

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Just like a personal Direct Debit for monthly bills, a small business Direct Debit set up works in much the same way, ensuring that payment will be made on a set date. Direct Debit removes the need for customers to view, approve, and action any invoices you send, so you don’t need to wait around for clients to authorise payment upon receipt of a new bill – the payment is made automatically. 

Direct Debit doesn’t just benefit your business, it brings a whole host of benefits to your customers too – benefits that add to the value and quality of service you’re already delivering. 

Here are a few things you can tell your customers about the benefits of paying by Direct Debit through GoCardless. 

• You only need to set up payment once – Complete an online form and, unlike with a bank transfer, cash, cheque or card payment, you won’t have to remember to pay next time. Which means no accidental disruptions to your service, subscription or membership. 
• You won’t ever need to update payment details – Unless you change bank accounts, you won’t have to worry about updating your payment details either (unlike, if your debit card expires, or is lost or stolen). 
• Paying through GoCardless gives you certainty – You’ll know exactly how much you’re paying and when it will come out, which can help with budgeting. 

The best news about setting up direct debit, if you use platforms like GoCardless, they can be synced with Xero so all the invoices are handled online and don’t need a lot of attention from you. If you don’t know how to sync GoCardless and Xero, please send me a message and I’d be more than happy to set you up and explain the process.  

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

Keep An Eye on Your Competitors 

A smart business owner will always keep a close eye on competitors. This is because what moves your competition make will have a direct impact on the success of your brand. Researching your competitors can help you to identify areas where you can improve your own business and utilise any gaps in the market. 

Seek Customer Feedback 

For businesses in all industries, it is important that you provide a quality product or service to your target customer. It can be hard to know what you are doing well and where you could make improvements without interacting with your target audience. It is for this reason why you should always seek customer feedback and then look for trends and changes that you could make to give you an edge over the competition. 

Meet With Your Team 

Similarly, you need to work closely with all members of your team at all times. When everyone can communicate effectively it can create a positive working environment and enable you to work together to bring about positive change to the business operation. You can do this through regular meetings, staff surveys and informal meetings. Make communication a priority in the workplace and it will help the entire operation to be more proactive in all areas of business. 

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.

As much as you find it hard to understand accounts, Xero will make it easy for you. One of the greatest strengths of Xero accounting is the simplicity and user-friendliness of the software. Many of the web-based bundles offered by Xero are made for non-accountants, making all the difficult tasks easy for the average person, such as creating sales invoices and logging purchase invoices. The bundles are focused around the key tasks that users need to perform.    

Xero is essentially a relatively easy software to use, and no one has to spend days to understand it. However, if you still have some issues or want to start perfect, Xero has a training portal as well where you can take courses or choose learning programs to understand the software to ensure it runs smoothly for you and your business.  

I honestly can’t recommend Xero enough to all business owners, no matter how big or small you are, it is a complete game changer! 

Jackie Forster

Jaxstar Solutions is a valuable resource used by Small Businesses and Corporate organisations to help in the day to day running and operational side of their business, enabling them to get back out there and do what they do best…sell their products and services to make money.