When you’re a small business, every dollar counts. Expenses should be efficiently managed, and receivables that come in need to be collected timely.
Because income can often be so close to expenses as they get started, a lot of small business owners stick to strict cash-only methods. But many clients prefer to work with companies that invoice them or offer flexible payment options. You could be missing a large target market by limiting your payment terms.
What you need is a solid billing strategy, not a limited way to collect money.
You don’t have to pay big bucks for a fancy software program to get the job done, though. If you use these tips to create your billing processes, you can effectively and easily streamline your income and expenses!
1. Decide on Your Payment Terms
You are ultimately in charge of your business. If you decide it’s best to go
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