Finance Best Practice for flexible workspace providers
As part of the Meeting Hub Operation Resilience series, we’re exploring the topic of “FInance best practice” and our Top tips. In this edition we’ll provide insights into how Business Centres, Co-working spaces and Government smart work hubs are sending their invoices on time, accurately and with flexible payment options included. With these simple methods we’ve helped customers around the world win the war on cashflow & bad debt.
Tip #1: Sales Hand-over
As part of our Sales & Marketing edition we’ll explore some of the CRM technology available to help support the general sales process & customer hand-over. For now, let’s focus on the people & process.
As the saying goes, “The show ain’t over until the fat lady sings” and in our world, “The salesperson’s job ain’t over until the first invoice goes out the door”. To read the full article click read more….
Tip #2: Automated repeat invoicing
Most modern-day accounts receivable systems on the market today such as Xero, MYOB, Sage etc have out of the box features that allow you to create a repeat, recurring invoice. It’s surprising how many people don’t use these features and instead, run billing manually each month which is prone to error, or not being run on time due to operational or staff absence. To read the full article click read more….
Tip #3: Managing Cashflow
Following on from automated invoicing, we look further at how as a business you can better manage your cashflow. We take a look at split invoicing and its benefits as well as taking payment via credit card. Click read more….
In most scenarios, you’ll be wanting to invoice your customers for 2 different types of services:
• Contractual (Repeat) billed in advance using repeat invoicing described above; and
• Services (Adhoc) billed in arrears where you’re importing transactions from external systems like Meeting Hub described below;
We consistently see those Centres which have adopted this split invoicing strategy benefit from reduced bad debt as well as less errors and manual rekeying when billing.
Payment via credit card
There are many different ways to take payments via credit card today. In the past, you had to apply to your bank for a merchant facility which would take a month or two to be completed. Back then, you could only process payments in a single currency and you needed your own internal development team to integrate the banks API with your back-end systems. The whole game has changed since then.
Tip #4: Importing Meeting Hub transactions
If you’re a Meeting Hub customer and you’re not already doing so, you should be importing your billing transactions directly from Meeting Hub into your accounts system. The process is simple & easy to setup and configure. To read the full article click read more….
Want to know more about how Meeting Hub can improve revenue and reduce costs? Book a Demo today!