End of Financial Year is fast approaching – it is always the right time to be chasing up those outstanding invoices but now, especially important if there is any chance you need to write any invoices off. These need to be done before 31 March 19 (assuming your EOFY is March).
Did you know Xero has a great function that will help you achieve this? Simply click on ‘Contacts” from the main menu:
Select customers and then choose your contact.
The example below is an awesome example of a customer that you should look at as to whether you continue to do any further work for. As you can see, they have had 4 invoices sent to them of which 3 are overdue:
There is a lot of interesting information in this screen. If you look at the graph you will see that even though they have had 4 jobs and were first invoiced in December, they have never paid a cent.
The part of this section in Xero that is super valuable is the notes section – There was credit control call made to this customer in Jan and again in Feb but still nothing paid. Really valuable information when making those follow up calls. Better still if you put in the contact details of the person that you spoke to. You can access this section by clicking on the ‘Notes’ option.
If you’re wanting further help on Outstanding Debtors, contact us at 3rd Arm Admin today to schedule a consultation.