Is your money falling between the cracks?

I believe it’s imperative to be invoicing and reviewing A/R & A/P reports on a weekly basis with your team. Too often I speak with business owners who have installed a lot of work but haven’t invoiced or collected on that work they have completed and are quickly becoming stuck for cash.

When you are reviewing the following weekly you will always have a clear understanding of where you sit financially and it’s a great reminder to follow up on outstanding invoices. Waiting too long to invoice, or follow-up often results in the final payment never being collected because business owners feel like it’s been too long since the job to go collect. Too many of these result in a huge amount of lost revenue and can very quickly lead to the becoming noncollectable revenue for the business.

Weekly Accounts Payable/ Receivable Checklist

• Create invoices for work completed in the last 7 days
• Create files for work to completed next week 
• Track incoming receipts per job 
• Follow up on outstanding invoices from the last couple of weeks
• Review incoming payables.
• What needs to be paid this week
• What gets paid at the end of the month

I’m curious - how often do you review AP/ AR? Do you avoid it since you got into business because you're an incredible technician, not because you're good at numbers? It may not be the fun part of business but it is essential. Needing help is not a bad thing - it’s what I’m here for.

Click HERE and let’s schedule a call to walk through the basics.