Bookkeeping Bootcamp: Getting Paid 💸
Congratulations, financial champions! We've reached the grand finale of our Bookkeeping Bootcamp, and today's agenda is one that hits close to every business owner's heart – getting you paid! So, tighten those financial belts because we're diving into the essential art of managing your Accounts Receivable (A/R). Let's turn those outstanding invoices into cash in your pocket!
The Power of the A/R Aging Report 📊
As we embark on the last leg of our bootcamp journey, we're shining a spotlight on the often-neglected but supremely vital Accounts Receivable Aging Summary report. This nifty report not only tells you who owes you but also provides insights into how overdue their payments are.
Step One: Pull the report
In QuickBooks Online, click Reports in the sidebar menu on the left side of your screen. The A/R Aging Summary report is usually saved in your favorites - you can also use the Find report by name search bar to find it.
This report will show you a breakdown of overdue accounts based on the number of days outstanding. You can adjust the report to cover different periods on time, based on what you’d like to see. Use the Days per aging period and Number of periods boxes to make changes and then click the Run report button to refresh the data.
Step Two: Send Out Payment Reminders 📬
Armed with the knowledge from your A/R Aging report, it's time to put on your firm but fair collections hat. Send out payment reminders to those clients who are lagging behind and gently nudge them to settle their accounts. A well-crafted reminder not only keeps the lines of communication open but also encourages your clients to prioritize your payment!
Crafting the Perfect Reminder:
Be Polite and Professional: Maintain a courteous tone in your reminders, emphasizing the importance of timely payments for both parties.
Clearly Outline Outstanding Invoices: Specify the overdue invoices, including the amounts and due dates, to eliminate any confusion.
Provide Easy Payment Instructions: Make the payment process seamless by including clear instructions on how clients can settle their outstanding balances.
The Bootcamp Grand Finale: You Getting Paid! 🎉
So, are you ready to transform those overdue invoices into dollars in your pocket? Dive into your A/R Aging report, don your collection superhero cape, and send out those friendly payment reminders. Those hard-earned dollars are just an email away.
That’s a wrap!
You’ve officially completed Boomtown’s Bookkeeping Bootcamp! Remember, you've not only gained valuable insights into your financial landscape but also acquired the tools to navigate and conquer your bookkeeping challenges. If you feel like you need more help, remember that I’m always here for you!
Your dedication to financial fitness is truly commendable. Until our paths cross again, keep those books balanced and those payments flowing! 💪💰