I am sure you will agree that over the last 10 months the world has changed in a way that we could never have imagined. Never before have businesses of every sizes been under threat of survival in such a way. Quite simply there has never been so much uncertainty in modern times. I reckon most people would still struggle to predict exactly what way the world will look in another 10 months. At the same time there are of course positives occurring, such as vaccinations being approved and rolled out, we must take this as a major step in the right direction out of the nightmare that has been brought on by the pandemic.
What we have seen as a result is the importance of cashflow for every business, it is the key to survival at the moment and this will not be changing anytime soon. I just want to quickly highlight a way of billing that is still happening in the majority of service businesses that really could do with being updated.
A billing approach of the past that could be easily updated
As an example, an accountancy firm- the firms does the end of year accounts for company A without fail. Once the books are completed the accountancy firm sends a bill for payment.
Take into consideration that the accountancy firm has already done all of the work and now company A has a large bill to pay. How about if the accountancy took a different approach?
- The estimate of next years bill is calculated.
- Company A starts on a subscription of 10 months at X amount.
- Once it comes time to do the books the accountancy has already been paid for the work.
- Company A has paid throughout the year in “bitesize payments” and won’t receive a large bill.
- Both companies will have a better cashflow as a result.
- The accountancy will not have to chase payment and Company A will not be chased or have awkward conversions about payment.
At payhere we are seeing many of our existing and new users at payhere use the platform to do exactly this. If you would like to find out more or have a quick chat with us about how we could help your business modernise it’s payments, drop us an email to email@example.com