This is the third in the series of insight articles focused on optimising your cashflow. You can read our previous articles on our insights page or here
https://www.bromheadco.co.uk/i...
https://www.bromheadco.co.uk/i...
Our finance team have been very busy improving some of our internal processes. We have used Xero for our own bookkeeping for some time but had yet to raise sales invoices through it. In May this year, we advised our clients who use our payroll service that we would be collecting our invoices monthly via GoCardless. We created monthly repeating sales templates on Xero which are customisable. The invoice then sends itself on a chosen date and collects itself via GoCardless at a later date.
GoCardless is a platform that makes it easy to collect Direct Debit payments. It links smoothly with Xero via the Directli add on and is perfect for invoice payments of variable amounts, subscriptions and fees. It is simple to use and customisable to your brand.
By using the GoCardless for Xero add on 'Directli', the sales invoice is shown as received in Xero and it even clears itself from the customer ledger! What’s more impressive is we have linked our clients who use Xero themselves to our customer area allowing us to use the 'Xero to Xero' invoicing feature. This clever feature pushes the invoice directly into the clients own Xero bookkeeping ledgers for them to approve.
Putting in this system has saved us a considerable amount of time. It has improved our debtor days and freed up our finance department to carry out other tasks. It has also improved our clients experience by saving them the time of manually entering the invoice into their system and arranging payment.
A big thumbs up from us at Bromhead for GoCardless and Directli!
If you are interested in further details of how this could work for you, do not hesitate to get in touch. Our Xero Platinum Champions can review your systems so you also benefit from similar time savings.