Today, we can see that it is taking longer and longer for small businesses to have their invoices paid. Late invoice payments are already a huge problem for small business owners. In fact, 87% of invoices issued by small businesses in New Zealand are overdue. And this seems to be a mounting issue. In the past year, the number of invoices which were more than a month overdue grew from 24% to 40%.
With the latest iOS release, we’re making it easier to get a quick handle on how much money is owed to your business, who your biggest debtors are and the total value of those unsent and overdue invoices.
From your dashboard just tap on unpaid invoices to get a summary list of who has outstanding invoices.
When you’re looking at you unpaid invoices you can quickly see how much your business is owed. If this number is too high you could quickly run into a cash flow problem.
But if you’re consistently getting paid late, it may be time to enlist some help. Chasing money isn’t fun for any business owner, and some actively avoid it altogether. With Invoice Reminders Xero automatically sends out emails to your contacts based on the rule – or rules you set. Send reminders a few days before an invoice is due, on the due date and if payment isn’t received, set up late payment reminders.
Rather than watching your account and waiting for the money to hit, turn your app notification on and we’ll let you know as soon as you’ve been paid. Tapping on that notification will take you straight to the account. You can then immediately review and reconcile the new statement lines!
We welcome your feedback on what we’ve done with the app, good or bad. If you’ve got a minute or two, please consider rating our app in iTunes to let us know what you think! We read all your reviews and, along with feature requests in Xero Community, they help us decide what we should be focusing on next.
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