As we approach 2024, it's important to make sure we're prepared for the year ahead, no matter what industry we work in. As the saying goes ‘Fail to prepare, prepare to fail’. But what does preparing mean in the world of accounting?
Our team at Paycada have sat down and thought about how we can help our friends in the accounting world prepare for the year ahead, and we have put together a checklist outlining how we can help alleviate some of your stress points.
Review outstanding invoices
Making sure you have your debtors in hand is essential to business success and growth, the funds owed to you can make the difference between taking on new ventures in 2024 or being held back by financial issues.
How can Paycada help? Utilise Paycada's intuitive dashboard to easily pinpoint outstanding invoices. Once you have identified your priority invoices, you can benefit from automated payment reminders to prioritise follow-ups for overdue invoices.
Or you can join some of our happy clients who turn Paycada on for all their customers, helping them streamline their credit control! This leads us to our second point.
Implement automation tools
Automation is definitely our friend in business these days, lightening the load of some mundane tasks if you leverage the right tools. Paycada enables you to reclaim time and effort by managing repetitive manual tasks, allowing your team to focus on other priority tasks.
Paycada’s solution: Paycada handles your invoice communications for you through automated follow-ups and invoice status tracking capabilities, empowering your team to excel in strategic initiatives.
Perform invoice reconciliation
Keeping your payments up-to-date in Xero is essential when it comes to knowing your debtors' status and seeing the health of your accounts. Reconciliation can be a tiresome job, especially if you use software that charges additional fees.
How Paycada adds value: Our custom Xero integration completely handles reconciliations for you, taking the burden off your shoulders by settling all fees in real-time, so you can be sure your accounting software never misses a beat.
Evaluate AR processes
Regular reviews ensure your accounts receivable process is always the best it can be and puts your business in the strongest position possible! Part of that review process is making sure your toolbox is full of solutions to best help your business.
Optimise with Paycada: Why not try Paycada to help you automate your account receivable process, and reduce your debtor days in 2024.
For more information about how Paycada can optimise your AR process, contact us at hello@paycada.com or book a free demo now!
