The InvoiceSherpa Blog

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Outsourced Accounts Receivable

If you've spent any time doing it you'll quickly realize accounts receivable is one of the hardest jobs to do. It doesn't matter if you're the business owner making it part of your weekly chore list or if it's your full time job as part of the accounts receivable department. When considering how to focus back on your core business one of the best ways is to outsource this component of your business.

What Is Days Sales Outstanding

Have you ever heard of days sales outstanding? If you run a business you need to! Think of it like the pulse of your business. It's a way to measure how quickly you're getting paid when you bill or invoice a customer. It's critical because every business runs on cash and if you run out of it, you're business can quickly go from stellar performer to broken down on the side of the road. So lets look at why it's so important.

How to calculate your days sales outstanding in Quickbooks

Calculating your days sales outstanding can be a difficult chore in itself, but after you've heard the theory it still requires you be able to put it into practice in your accounting package to make it actionable. Today we'll quickly cover the basics of calculating DSO or days sales outstanding and then we'll move on to a practical example inside Quickbooks online. So let's get started:

Why Outstanding Invoices Hurt Your Cash Flow

As a business it's important to always watch your cash flow. It's the way you not only pay your bills, it's also the way you grow and sustain your enterprise. Get too low on cash and you can't pay your bills, danger Will Robinson, danger! Have too much of it around (not likely I know) and you could simply be underfunding your business and holding back on growth for your business.

How to Get Invoices Paid On Time

So what are some of the way you can get your invoices paid faster and on time. One of the first ways is to create a contract, nothing fancy, just a document that outlines what you're going to do for your customer and how you expect to get paid for it. It should outline what signifies completion of the word and how soon after that you expect to get paid. This usually is called the 'terms' of the invoice.

New Feature: Individual Reminder Review

Well hazaa! Today is your day. We have this feature live and in the wild. Let's talk about what it does and how it can help you manage your accounts receivable better.