When you first began your business you probably found yourself doing everything yourself.
… but as you slowly begin to grow you have to ensure that you have a system in place to record your cash collection.
Why is it crucial to keep records?
As well as keeping accounts and your annual return records organised, you’ll be able to keep your Customer details in a central database, making it easier to keep track of them.
Basic account keeping is key for sustainability
Rather than your usual spreadsheet, there are so many add-on accounting software packages available to use now:
What details should your system include?
- Up to date contact details for your Customers
- An Invoice numbering system
- The date Invoice(s) were issued
- The date Invoices are due
- and perhaps some notes
There are advanced categories available too, such as ‘current status’ and ‘follow up date’.
Having a basic credit control system allows you to have a steer on your Invoices at all times and closely monitor the amount of cash that is coming into the company.
What’s your go-to accounting software?