Almost half of Australian small to medium enterprises (SMEs) were cash flow negative over March, according to Xero’s Small Business Insights data. Seeing as cash flow shortages are often cited as the most common reason for small business failure, this statistic paints a worrying picture.
Luckily, when cash is tight at your recruitment agency, there’s an easy solution – a smarter and more efficient billing system.
When your current system isn’t completely optimised, you may send invoices late, the process may be time-consuming and often inaccuracies can pop up. Improve your cash flow by invoicing efficiently and accurately with FastTrack360’s state of the art time, pay and bill system.
Every business needs cash to operate and invoicing or billing is the primary means by which you receive it when it’s due. That’s why the system you use to bill your clients is such an essential part of your business – if it fails, you could too.
The right software will roll all your bills, pay and time recording functions into one, so that you can easily generate invoices from within a single platform, instead of flicking back and forth to fill in gaps. Because all your data’s in one system it’s easier to invoice on time, then send reminders if they’re paid late.
The right software will roll all your time, pay and bill recording functions into one.
If used well such a system has the potential to boost your cashflow and strengthen your business.
Reduce administrative burden
Billing takes time and time costs money. Plus if your accounting team is taking longer to invoice clients, that means they’re spending less time performing high value tasks like forecasting or assessing your business’s vulnerabilities.
Free up their time by using a smart billing system that does the work for them. FastTrack’s software automatically groups timesheet data into your invoice cycles, allowing you to easily create bills using that data. It can be customised from the ground up to suit your business and it’s available anywhere thanks to cloud technology.
When asked what they would invest in if money weren’t a factor, the majority of Australian recruitment companies surveyed by LinkedIn said ‘branding’. That’s no surprise, as a strong brand is essential to stand out from the crowd in the crowded recruitment sector.
Brand your invoices
FastTrack’s billing software allows you to develop customised and branded invoices. This helps ensure that every contact clients have with you is branded so that you create a positive impression, even when you’re sending out hefty invoices.
To find out more about the advantages of smarter billing software, get in touch with FastTrack to request a demo today.