The ‘money can’t buy happiness’ mantra is one that gets thrown around a lot, and while money isn’t everything, financial strain can and does have a serious impact on your mental and physical health, raising anxiety levels, causing arguments and disrupting your sleep.
When your business and bank balance is healthy, it makes sense that this will have a positive effect on all aspects of your life – including your wellbeing. Here are some ways that online accounting platforms like Xero can lighten the mental workload.
Drowning in receipts and expenses? Avoiding that invoice you were meant to send out last week (if only you could find the original quote)? Think of Xero as the Marie Kondo of the accounting world, swooping in to clear away the clutter and bring digital order to the not-so-joyful parts of running a successful small business. From quick quotes to tracking expenses, Xero is all about keeping your financials smart, happy and organised. They also partner with loads of super handy third-party apps that can add extra layers of organisation, including our favourite, Receipt Bank. Trust us – it’s a game-changer.
Keep on top of things
We all like getting paid on time. But it doesn’t always happen. Chasing payments is a reality faced by many small businesses (you’re not alone!), and it affects not only your bottom line but your general wellbeing. How do you break the cycle? Start by structuring the way you do business. Establish firm payment dates from the get-go, send invoices out immediately and follow up if you don’t receive payment, preferably a day or two later. This might feel pushy at the start, but the longer you wait to chase a payment, the more likely it will drag out. In the long run you’ll feel more in control, lead by example and your customers will hopefully follow suit.
Make getting paid less awkward
Something as simple as Xero’s instant ‘Pay Now’ button, synched with Apple Pay, PayPal, GoCardless and a host of other third-party payment apps, can take the hassle (and haggling) out of asking for payment. By adding this ‘call to action’ button to your online invoice, you’re giving customers an easy, quick and secure way to pay you (as they would any other online purchase).
Build healthy relationships
Just as your customers will vet you with a Google search, it’s equally important you know who your customer is, and build steady and lasting relationships with them. Take advantage of Xero’s contact and smart list tools where you can track, rate and even offer future discounts if they consistently pay on time, which is a win-win for everyone.
Ever felt a bit out of your depth when it comes to the financial side of your business? Not everyone was born loving numbers and spreadsheets, and that’s ok. Xero’s dashboard is a great way to get a snapshot of your business at a glance (no Excel spreadsheets required). Using the same platform as your accountant (like us!) also has its advantages. If you have questions, you can ask us. Equally, we can share all the benefits and updates as Xero releases them. You can even add us as a user to your account so when tax time rolls around it’s a seamless process. Did we mention it’s a tax deduction?
Take a breath. The financial side of things can be daunting, which is exactly why online platforms like Xero exist – to do the heavy lifting and help you live a life less complicated! And isn’t that what it’s all about? Bring on the zen.
Maybe you are feeling bit stressed? Chasing invoices, and you're not really sure how your business is going? Well, reach out, we'd love to see how Illumin8 and Xero can help you get on top of everything and get that business firing!