Accountancy for tradespeoplePosted by Alex Robinson on 26 Oct, 2011 in StressFree Bookkeeping | 1 comment
The online nature of our accountancy system makes it ideal for any tradesperson. With our online system, tradespeople can easily deal with payments from clients by emailing invoices at the end of a job rather than dealing with cumbersome paper invoices and receipts.
The current situation for the average tradesperson after completing a job is to get paid in cash, take credit card details or leave an invoice to be paid later. So when do all these “pay later” payments get processed? On a Friday evening? A Sunday afternoon? That is the tradesperson’s free time, the time they deserve after spending the week working hard. It should not be spent bookkeeping. In this situation, how easy is it to put all these payments through? I’m sure such tradespeople have heard all the excuses in the book for clients delaying payment: lost the invoice, do not have my card to hand, did not receive an invoice, to name but a few. Also, what about situations where the tradesperson misplaces the card details or has forgotten how much the payment should be? Do they go back and ask the customer? How much money does the average tradesperson lose in this way?
Let’s explain our more modern and far simpler solution: using our online bookkeeping system. How does it work? The tradesperson finishes the job, picks up their mobile phone, logs into our online system and emails an invoice for the work to the client. This is useful for many reasons. It ensures the clients receives the invoice; the invoice can be easily resent at a later date if necessary; it saves paper; and additionally it gives the tradesperson another means of communication to chase payment or maybe for marketing. Simple! The invoicing is complete. Now the customer pays in cash or gives card details and, when these are paid into the bank, then it is simple to reconcile the payment to the invoice – the system searches and finds the correct invoice for you! Now the best bit: using the online system, payments can easily be taken through PayPal meaning the customer can pay straight into a PayPal account and the tradesperson does not have to do anything. This also means that the tradesperson has a full set of books reconciled to the bank making the accountancy fees plummet.
Contact us now if you are a tradesperson looking to update your payment system.