Accounting software – Dealing with Unpaid Invoices
Accounting Software – What to do with Unpaid Invoices
Accounting Software is a growing utility within the UK, especially within the Small Business community. It is also widely used by Sole Traders, Freelancers and self employed looking to streamline their invoicing to their customers.
For any product sold or service provided, an invoice is made. Usually, this invoice will get paid without delay. Invoice software makes the whole process much faster in most cases due to the rapid growth of digital payment methods such as electronic bank transfers and online card payments.
What is invoicing software and what does it do?
Most Small Businesses do not have a dedicated accounts team to handle accounts payable. With invoicing software, it minimises the manpower needed to perform daily accountancy tasks and adds a professional touch to your Small Business.
Typically invoicing software can:
- Create customised invoices to send to customers
- Incorporate bills and due payments
- Generate financial snap shop reports of income and expenditure.
The benefits of accounting software are that it should provide a streamlined solution for all invoicing tasks. It is designed to minimise late payments and flag any missed payments when a customer has not paid their invoice within the agreed terms. This alerts you to the fact that an unpaid invoice is outstanding allowing you to hopefully remedy the situation.
Examples of Accounting software Apps and solutions
There are many examples of Invoice software solutions being used currently in the UK by Small Businesses, Freelancers and Sole Traders. Here is our list of a select few that can be considered as the market leaders although they are not listed in any particular order.
- Quickbooks – One of the more widely known invoice accounting applications. This solution has a wide spectrum of capabilities that can help Small Businesses keep their accounts well organised. Their invoices offer a ‘Pay Now’ link to promote speedy payment.
- Freshbooks – It allows its users to customise their invoices and track all invoices due for payment. A basic plan is used by many sole traders or tradesmen as it allows them to invoice up to 50 customers at any time.
- Zoho invoice – This is a favourite for a lot of Small Businesses and is deemed as ideal by many more. It is a fully-fledged accounting software solution and the invoicing app is available across most platforms including phones.
- Invoicely – An unlimited invoicing provider that allows you to add features as your business grows.
- InvoiceBerry – This accounting solution is said to be specifically for micro-businesses more so. It is said that it is very simple to use and will send unpaid invoice reminders to customers.
- Kashflow – One of the few UK based invoicing software solutions. This means that it has features that are specifically for UK based businesses such as the option to create VAT returns and such like.
We have mentioned most of the best ones here in the United Kingdom but there are others. Other names such as Xero, chargify, Zervant, Tradify, YourTradebase and Wave. All these offer solid solutions for managing invoices for your small business.
What can I do when a customer has not paid?
It is always advisable to send a reminder if the terms of your invoice have not been met. If they fail to respond then a more direct tactic is required. Pick up the phone and call them. It could be they have not seen your invoice arrive or they may have some other perfectly good reasons why it has not been paid.
It is essential you communicate with them to try to resolve the matter. If amicable means of trying to resolve the situation do not bear fruit, you may have to consider sending a ‘Letter before Action‘.
Read some of our top tips on dealing with an unpaid invoice due from a customer.
Unpaid Invoice still outstanding – What can I do now?
If you have followed the above advice and the invoice is still showing as outstanding on your invoice software app then it is important to act. At Federal Management, we have helped thousands of small businesses get their invoices paid.
Our professional and considerate approach to Debt Collection is what makes us the nation’s favourite. Many of our thousands of clients use invoicing software such as Quickbooks, Xero and Freshbooks. If they get outstanding invoices giving them problems, they call us straight away for advice on the issue.
We can assess the situation for you and assess the situation. We can also run financial checks on the customer if they are a registered Business to ensure there is no pending liquidation.
Whatever the scenario, we are here to help. Using invoicing software is a great way to streamline your accounts so why not streamline your Business Debt Collection too! Call us now and speak to our friendly expert team today, you will be glad you did.
Common scenarios we deal with from Accounting software:
- Unpaid Invoices on Quickbooks
- Unpaid Invoices on Xero
- Unpaid Invoices on Freshbooks
- Unpaid invoices on Netsuite
- Unpaid invoices on Sage
- Unpaid invoices on Kashflow
- Unpaid invoices on Zoho
Dealing with Unpaid Invoices on Accounting software can be a straight forward task. Minimise your cash flow headaches by speaking to one of our team today.