6 secrets to getting prompt payment

Late payments continue to be one of the biggest challenges for small businesses. 

In 2025, reports show businesses are still experiencing delays that impact cash flow and create unnecessary stress. If this sounds familiar, the good news is there are simple, practical steps you can take to improve how quickly you get paid.

At First Class Accounts Ovens & Murray, we know that healthy cash flow is the backbone of a successful business. Here are six secrets you can put into action right now to help get paid faster.

1. Invoice without delay

Your customer can’t pay until they receive your invoice, so don’t put it off. Send invoices as soon as work is complete or goods are delivered. Customers are most open to paying while the job is fresh in their mind, and it shows you’re organised and professional.

In 2025, many accounting systems, such as Xero, allow you to set up automated invoicing. That means invoices are created and sent without delay, removing the risk of human error or forgetfulness.

Pro tip: Automating your invoicing through the right software not only saves time but also improves cash flow consistency. Talk to us about which option best suits your business.

2. Include all the information

An invoice missing key details is one of the most common reasons payments are delayed. Always include:

• a clear description of the work or product

• the date it was delivered

• the agreed price and tax details

• purchase order numbers (if required)

• your payment terms and methods

• the due date, clearly displayed

Some clients, especially larger organisations, have very strict invoicing requirements. If your invoice doesn’t meet them, payment can be held up for weeks. By checking in advance what information they need, you reduce unnecessary delays.

Pro tip: Using bookkeeping software can help you create invoice templates that meet your customers’ requirements every time. First Class Accounts Ovens & Murray can set these up for you so you’re confident every invoice is correct.

3. Ask for prompt payment

Long payment terms are no longer the norm. Many businesses now set 7–14 day payment terms, and some industries even expect payment within 48 hours. By clearly setting your terms up front, you set the standard for how quickly clients should pay.

In 2025, with faster payment technology available, there’s little reason to offer 30-day terms unless your industry requires it. Shorter terms not only speed up cash flow but also reduce the need for chasing overdue invoices.

Pro tip: Review your payment terms today. Even shifting from 30 days to 14 days can make a big difference to your cash flow over the year.

4. Be easy to pay

Customers pay faster when the process is simple. The more payment options you offer, the easier it is for them to clear your invoice quickly. In 2025, this includes:

• credit card payments

• direct debit or bank transfer

• PayPal, Stripe, or similar payment gateways

• instant pay links embedded in invoices

When your invoice lands in their inbox with a clickable “Pay Now” button, there’s no excuse for delay.

Pro tip: Many modern accounting platforms integrate payment options directly into invoices. First Class Accounts Ovens & Murray can help set this up so your clients can pay you with one click.

5. Chase payments

Sending an invoice is just the first step. Following up is essential. Most businesses don’t mean to pay late, invoices often simply get lost or forgotten in busy workflows.

In 2025, automated reminders can help reduce the awkwardness of chasing payments. You can set polite reminder emails to go out before the due date, on the due date, and if payment is overdue. If the invoice still isn’t paid, a personal phone call is often the fastest way to resolve it.

Pro tip: First Class Accounts Ovens & Murray can set up reminder systems tailored to your clients and industry so chasing payments becomes part of your process, not an afterthought.

6. Talk to us about your invoicing system

Managing invoices and cash flow doesn’t need to be stressful or time-consuming. At First Class Accounts Ovens & Murray, we specialise in helping businesses streamline their bookkeeping processes, set up automated invoicing systems, and stay on top of payments.

If late payments are keeping you up at night, let’s fix it. 

Contact First Class Accounts Ovens & Murray today and find out how we can help you get paid faster and keep your cash flow healthy.

FAQs about getting paid faster

Q: What is the fastest way to get paid by clients?
The fastest way to get paid is to send invoices immediately, make it easy for clients to pay with multiple payment options, and set shorter payment terms such as 7–14 days.

Q: How can I reduce late payments in my business?
You can reduce late payments by automating invoicing, including all required details on invoices, sending payment reminders, and following up quickly when invoices become overdue.

Q: What payment terms should small businesses use in 2025?
Many small businesses are now using 7–14 day payment terms instead of the traditional 30 days. Shorter terms encourage prompt payment and improve cash flow.

Q: How do bookkeeping systems help with getting paid faster?
Modern bookkeeping systems like Xero, MYOB, or QuickBooks can automate invoicing, add “Pay Now” buttons to invoices, and send automatic payment reminders, making it easier for clients to pay on time.

Yes. First Class Accounts Ovens & Murray can help you set up automated invoicing and reminders tailored to your business so you get paid faster and improve your cash flow.

Establishing document systems and processes

With growth comes growing pains. Those pains can affect team morale and your margins. And often, they’re caused by inconsistent or non-existent processes.

To avoid these issues, it's essential to preempt potential friction and put systems in place that allow your business to scale smoothly. Having clearly documented processes not only boosts efficiency and consistency, but also makes it easier to delegate and onboard new team members.

At First Class Accounts Ovens & Murray, we regularly support business owners with setting up and refining their internal systems, especially those related to payroll, bookkeeping, and compliance. 

Here’s a guide to help establish practical, scalable systems in your business.

Nine steps to establish great systems

1. Identify your key systems

Start with your most critical processes. These are usually the ones that are customer-facing, rely on a single team member’s knowledge, cause repeated confusion or delay, or directly impact cash flow (like invoicing or payment follow-ups).

If there’s a task that slows everything else down or holds up your ability to get paid, document that first.

2. Develop a standardised approach to documenting your systems

Consistency is key. Processes should be documented in a way that’s clear and easy to follow. Flowcharts or diagrams are a good place to start, followed by text that explains each step in more detail.

Include checklists, templates (like welcome emails or standard replies), and simple ‘how-to’ guides for tools your team uses regularly. This ensures tasks are done the same way every time, regardless of who’s doing them.

3. Break each process down into bite-sized steps

Make sure each process is clear about:

• Who does what

• When it needs to be done

• How different team members hand tasks over to each other

Clarity prevents tasks from falling through the cracks and makes your team more confident in handling responsibilities.

4. Clearly label and store your documents

Procedures are only useful if they can be found and followed. Online storage (such as Google Drive, Microsoft SharePoint or your project management system) makes access easy and supports version control.

Make sure everything is logically named, and consider creating a shared ‘Systems’ folder where all team members can access what they need quickly.

5. Identify the best person to write each process

The person who actually performs the task should write the first version of the process, they know it best.

This doesn’t need to be a time-consuming job. Start small, with dot points or a screen recording. The business owner or manager can then review and make sure it aligns with overall expectations.

This is where external support can also be helpful. If you need help documenting financial processes, like payroll, BAS lodgements, or expense management, First Class Accounts Ovens & Murray can help you get it done properly, and fast.

6. Test the process

A new team member should be able to follow the documented steps and complete the task with minimal help.

If they can’t, then the instructions aren’t clear enough. Go back and refine it. Use plain language. Remove jargon. Think like someone who has never seen it before.

7. Train your team to follow the process

Introduce relevant procedures during team onboarding and reinforce the importance of following them.

When mistakes happen, treat them as system failures not personal ones. This approach builds trust and encourages everyone to look for better ways to do things.

8. Review and update processes regularly

Don’t set and forget. As your business evolves, so will your systems. Regular reviews, say every 6–12 months, help keep everything up to date and relevant.

Encourage your team to ‘own’ their processes and suggest improvements. They’re usually the first to notice when something’s not working. Avoid the urge to dictate, collaboration leads to better, more practical systems.

If you’re unsure how to start these reviews or want to prioritise finance-related systems, we’re here to help.

9. Look for ways to automate or streamline

Software and automation tools are more accessible than ever in 2025. The right tools can save you serious time and reduce the risk of manual error.

Whether it’s scheduling recurring invoices, automating payroll, or integrating apps with Xero, there’s often a smarter way to do things.

Need help reviewing your finance-related systems or identifying apps that will save you time and money? At First Class Accounts Ovens & Murray, we help business owners streamline, simplify, and automate the processes that matter most.

Making systems work for your business

Documented systems aren’t just for big businesses. They’re what help small businesses grow without the wheels falling off.

The good news? You don’t need to overhaul everything at once. Just start with one process, preferably one that’s causing the most pain, and build from there.

And if you need help getting your financial systems in order, First Class Accounts Ovens & Murray can work with you to review your current processes, recommend improvements, and even implement them alongside your team.

“Speed is useful only if you are running in the right direction.” - Joel Barker

We can help you review and improve your critical business processes. Get in touch!

The true cost of a new employee in 2025

Bringing on another pair of hands?

It can be a big decision to commit to having a new member on the team, but the right person will bring in the skills you need to grow the business and give you more time to achieve your goals, even if that’s to spend more time with your family.

In 2025, hiring someone new is about more than just paying a wage. With rising superannuation rates, more complex compliance requirements, and tight labour market conditions, it’s important to understand the true cost of employing someone before you make the leap.

Before you advertise the role

Spend some time to understand what skills you need in your business to move forward or to strengthen your position in the market. Think about whether your needs are short-term or long-term. Will this person be taking work off your plate so you can focus elsewhere? Or are they bringing in skills that currently don’t exist in the business?

You may decide that the skill gap could be met by training existing staff who have capacity or would be open to a change in job description. Promoting from within can sometimes be more cost-effective and improve staff retention, especially if your existing team already understands how your business runs.

If you're confident you need to hire externally, that’s when it’s time to define the role more clearly.

If the role is new

Decide whether you need a full-time or part-time employee, and what sort of experience or qualifications the ideal candidate would have. Be realistic about your budget, but also think about what’s non-negotiable for the role.

If they need training when they start, consider who will run this and how that will impact timings. Will a team member need to step back from their usual workload to get the new person up to speed? Will it affect productivity in the short term? These are practical questions to answer before you bring someone on board.

A structured onboarding and training plan will help the new hire settle in quickly, and help you get the most value from them in the long run.

Create a job description

This will help you when it’s time to assess candidates. A good job description should cover the key responsibilities, reporting structure, necessary qualifications, and the type of person who would succeed in the role.

Try to avoid too many acronyms and internal jargon that won’t make sense to people outside your company. You want the right people to understand the opportunity and see themselves in it. Being clear about your expectations also helps reduce the chance of misunderstandings down the track.

Your job description is also a great tool for performance reviews and staff development once the person is in the role.

Understand the true cost

Finally, you’ll want to understand the true cost of adding another staff member. This is often where business owners get caught out. It’s not just about salary.

Start with average industry salary rates, and then work out the fixed and discretionary costs involved. These include:

• Superannuation: As of July 2025, the super rate is 12%. This is on top of base salary.
• Leave entitlements: Annual leave, sick leave, and potentially long service leave depending on the employment arrangement.
• Payroll tax: You may need to register for payroll tax depending on your total wage bill and location.
• Workers compensation insurance: A legal requirement in every state and territory.
• Fringe Benefit Tax (FBT): If you offer benefits like car parking or gym memberships, this could apply.
• Recruitment costs: Include the time spent writing ads, reviewing applications, interviewing, and any fees for recruitment agencies.
• Training and onboarding: Whether internal or external, training takes time and resources.
• Equipment and overheads: Don’t forget software licenses, desks, phones, uniforms, or tools of trade.

All of this contributes to the real cost of hiring. Having a clear picture helps you budget properly and avoid cash flow issues later on.

At First Class Accounts Ovens & Murray, we regularly help clients work through these numbers to see whether a hire is viable. We can also forecast the cash flow impact over the next 6 to 12 months, so you can hire with confidence.

Getting payroll and compliance right

Once you’ve made the decision to hire, getting the back-end admin right is just as important. You’ll need to:

• Set up Single Touch Payroll (STP) correctly
• Make timely super payments
• Record leave accruals accurately
• Report PAYG withholding
• Keep your payroll records compliant

Payroll is one of the most sensitive parts of your business. Getting it wrong damages trust and can lead to fines and penalties. Our payroll service gives you peace of mind. We make sure your team gets paid on time, correctly, and in line with the rules.

Bringing it all together

Employing someone new to help take your business forward is an exciting step. But it’s one that should be taken with all the facts in hand.

If you're about to hire your first team member or growing your existing team, talk to us at First Class Accounts Ovens & Murray.

We’ll help make sure your finances, systems, and paperwork are in order before you hire, and that you understand the true cost of bringing someone new into the business.

Get in touch to see how we can help.

What’s in the forecast?

When you’re heading out for a fishing trip or a hike, you check the weather forecast first. It’s common sense. You want to know what’s coming so you’re prepared.

It’s the same with running your business.

Cashflow is your weather. And your business forecast tells you what’s ahead, sunshine or storms, based on the direction you’re heading.

But unlike the weather, if your business forecast is looking grim, you can change it. You can adjust the sails, shift course, or even rework your entire route. That’s the real value of forecasting. It gives you time to act.

What your business forecast will tell you

A good forecast isn’t just a guess. It’s a tool that pulls together your sales pipeline, expenses, planned investments, and obligations to give you a clear picture of what’s coming.

It can help you:

1. Know if you’ve got enough sales in the pipeline to hit your profit targets

Your sales forecast is more than just a list of potential deals. It’s about tracking what’s likely to convert, when, and how that stacks up against your goals. If you’re falling short, your forecast gives you time to ramp up marketing, re-engage leads, or rethink your offer.

2. Check if your margins are where they need to be

It’s not just about what you sell, it’s what you keep. Are your costs creeping up? Is pricing aligned with the value you’re delivering? Your forecast helps you assess whether your margin supports your profitability targets.

3. Spot if you need to review pricing or production processes

Are you undercharging? Is it taking too long to deliver your service or produce your goods? Forecasting highlights gaps in revenue versus effort, helping you make data-driven decisions about pricing or process improvements.

4. See if your business is running efficiently

Forecasting isn't just about revenue. It can help you assess how much you’re spending to earn that revenue. Are admin or overhead costs blowing out? Is it time to automate or outsource? Forecasting helps pinpoint where efficiency gains could be made.

5. Identify opportunities to reduce costs

Looking at your forecasted outgoings across the year helps you identify recurring expenses that can be reduced, renegotiated, or removed altogether. You’ll see where you’re overspending and where smarter choices can be made.

6. Decide if you should invest more to get a better return

Sometimes spending more is the right move. Whether it's hiring staff, upgrading tools, or investing in marketing, your forecast shows whether that investment is likely to pay off, and how soon. It helps take the guesswork out of big decisions.

7. Know how much to set aside for tax

Surprise tax bills can crush your cash flow. Your forecast should include projected tax liabilities, so you’re not caught off guard. Planning ahead means avoiding panic when it comes time to pay the ATO.

8. Understand how much you can draw from the business

It’s tempting to pull more from the business when sales are high, but will that leave you short next month? A cashflow forecast helps you make informed decisions about your drawings so you’re not undermining your business’s financial health.

9. Plan your debt repayments

Whether it’s loans, credit cards, or equipment finance, your forecast helps you plan repayments without hurting cashflow. You’ll know what you can afford, when you can afford it, and how to manage it without stress.

10. Make sure you’re meeting bank and lender requirements

If you’ve got finance in place, your lender may have covenants or minimum financial thresholds you need to meet. A forecast helps ensure you stay compliant and avoid breaching any conditions – which could impact your funding.

Forecasting helps you take control

The biggest difference between a business forecast and a weather forecast is control.

You can’t stop a storm, but if your business is heading for a rough patch, you can take action. You can boost your sales efforts, reduce expenses, adjust staffing levels, delay non-essential spending, or seek funding in advance.

Your forecast doesn’t just tell you what’s coming. It gives you the power to prepare, adjust and keep things steady.

That’s why a forecast should never be a one-off document that sits in a drawer. It should be a living tool, reviewed regularly (ideally monthly) alongside your actual performance, to make sure you're still on track.

Don’t wait to get soaked – check your forecast now

Running a business without a forecast is like heading out on the water without checking the radar.

At First Class Accounts Ovens & Murray, we build easy-to-understand cashflow forecasts tailored to your business. We help you break it down, so you know what to expect, and what to do if things change.

Need help forecasting? We can set up your budget, map out expected income and expenses, and even run ‘what if’ scenarios so you’re better prepared for anything that comes your way.

We’ll also help you interpret the numbers, spot risks, and identify opportunities, all in plain language, with support when you need it.

Talk to First Class Accounts Ovens & Murray about getting your forecast sorted for 2025-26.

We’ll help you take control of your cashflow, reduce stress, and make confident decisions for the year ahead.

“Planning is bringing the future into the present so that you can do something about it now.” – Alan Lakein

We’re here to help you every step of the way. Get in touch. Let’s make 2025-26 your most prepared year yet.

The Fundamentals of a Business Budget

If you want to take control of your business finances and set your sights on growth, you need a budget. It’s one of the most useful tools for staying on track and making smart, informed decisions.

Put simply, your business budget shows what you plan to do with your cash over the next 12 months. It helps you stay clear on where the money is coming from, where it’s going, and what you want the future to look like.

At First Class Accounts Ovens & Murray, we help business owners turn their budgets into practical tools using real-time data and industry-leading apps like Calxa, Futrli and Spotlight. 

So, you’re not just making plans, you’re actively managing your business with clarity and confidence.

What a budget tells you

Your budget is just one part of your financial toolkit. When you look at it alongside your profit and loss statement, balance sheet and cashflow forecast, you get a complete view of your business health. Together, these reports help you plan, monitor performance, and adjust as needed.

A budget gives you a forward-looking lens. It helps you forecast income and expenses, spot seasonal trends, and set targets that are grounded in data—not guesswork.

By comparing your actual results to your budget, you can quickly see where things are going to plan and where they’re not. That gives you time to act—before small issues become major problems.

Why budgeting makes a difference

Creating and using a budget gives you more than just a spreadsheet of numbers. It helps you:

• Understand how your income and expenses change throughout the year

• Set realistic financial goals and track your progress

• Spot cash shortfalls or unexpected costs early

• Stay motivated and focused on what matters most

• Make confident, informed decisions at the right time

And once your budget is in place, it becomes a reference point for everything else. From managing day-to-day operations to planning for bigger moves like hiring staff or investing in new equipment.

We regularly support clients to build and refine budgets in platforms like Calxa, Futrli and Spotlight. These tools are powerful, visual, and designed to work with your accounting software. They help bring your numbers to life, so you can see what’s possible and take action faster.

Where to begin

Every budget starts with what you know: your regular income and expenses. From there, we work with you to add in assumptions about timing, growth, pricing, and planned costs.

Most businesses start with a single budget, but over time, you might develop a few different versions. For example, you might have:

• A business-as-usual version, based on past results with minor adjustments

• A worst-case version, to plan for lower-than-expected sales or higher costs

• A best-case version, where you aim higher and prepare for growth

These versions can help you stress-test your business model and prepare for different outcomes, without the panic. First Class Accounts Ovens & Murray can guide you through each stage, setting up your budgets and tracking them monthly against your actual results.

And if you want to project out beyond the next 12 months, we can build multi-year budgets that support longer-term planning and investment.

Keeping it useful

A budget isn’t something you set and forget. It should evolve with your business.

We run monthly financial reports for our clients and compare them against their budgets. That way, they can make timely, informed decisions and adjust their plans based on what’s really happening, not what they hoped would happen.

Apps like Calxa, Futrli and Spotlight make it easy to track and visualise this performance over time. Whether you prefer a dashboard view, a simple graph, or a detailed breakdown, we help you get the insights in the format that works best for you.

Ready to start?

It’s never too late to build a budget that works. Whether you’re brand new to budgeting or looking to improve what you’ve already got, we can help you create a plan that’s relevant, practical, and aligned with your business goals.

Book a time with First Class Accounts Ovens & Murray and let’s set up a budget in your accounting software that gives you more control, more insight, and a clearer path forward.

Understanding Your Cashflow Statement

When it comes to knowing how your business is really performing, understanding your cashflow statement is a must. It shows exactly how your business has generated and used cash (and cash equivalents) over a specific period. And that gives you valuable insight into what’s going on behind the scenes.

Alongside your profit and loss statement and balance sheet, the cashflow statement rounds out the full picture of your financial position. And once you understand how to read and use it, you’ll feel more confident in your day-to-day decisions.

At First Class Accounts Ovens & Murray, we prepare clear, easy-to-follow reports for our clients, so you’re not left guessing where the cash is coming from or where it’s going.

What your cashflow statement actually shows

The cashflow statement takes information from your other reports, specifically your profit and loss statement and balance sheet, and pulls it into one place to reflect your current cash position.

The difference is that this report is presented on a cash basis, not accrual. That means it focuses on actual money in and out of the bank during the reporting period, rather than invoices issued or received. It adjusts for movements in asset and liability accounts so you can see your real-world financial activity.

If your financial reports are managed by First Class Accounts Ovens & Murray, you’ll know your cashflow data is accurate, up to date, and explained in a way that actually makes sense. We make sure you know how much cash you have available to spend, not just what’s on paper.

Breaking it down: where the money flows

Your cashflow statement is usually divided into three areas:

Operating activities cover everyday business operations. This includes income from customers, supplier payments, wages, tax, super, and regular expenses like rent and software. It’s the day-to-day engine room of your business. 

At First Class Accounts Ovens & Murray, we manage these processes for many clients, such as payroll, so your operations keep running smoothly.

Investing activities reflect money spent or earned from buying and selling things like vehicles, equipment, or other long-term assets. Security deposits and dividends received also sit here. If you’re making big investments or planning asset purchases, your cashflow report will show how they impact your bank balance.

Financing activities include things like loans, equity contributions, and repayments. If your business has borrowed money, repaid debt, or paid out dividends, those transactions are recorded in this section. 

Extra information that matters

Formal financial reports sometimes include “notes to the financial statements.” These explain unusual or significant events that affected your business but didn’t involve cash changing hands, things like asset revaluations, depreciation, or stock adjustments.

We ensure these are clearly documented if needed, especially when working alongside your accountant to prepare reports for lenders or investors.

Why it’s worth understanding

When you look at your cashflow statement, you're not just seeing a number. You’re seeing how well your business can meet its obligations, whether your operations are sustainable, and what’s possible in the short and long term.

It helps you answer questions like:

• Can I cover my bills this month?

• How strong is my overall cash position?

• Are my operations generating enough cash to grow?

• How do my income and actual cash movements compare?

Where your profit and loss shows performance over time and your balance sheet shows position at a point in time, your cashflow statement reveals the story of your financial movements and whether they’re moving in the right direction.

And if they’re not? That’s where we come in. First Class Accounts Ovens & Murray helps identify the gaps, streamline your processes, and put cashflow planning strategies in place. We also help you prepare for seasonal dips, avoid unnecessary cash crunches, and keep your team and suppliers paid on time.

Want to feel more in control of your cash?

You’re not alone. Most business owners we work with know their business is doing OK, but they’re not always sure where the money’s going, or what’s coming next.

Understanding your cashflow statement gives you back that clarity.

If you’re ready to feel more confident about your financial position and future outlook, let’s talk. First Class Accounts Ovens & Murray offers practical support that helps you get clear on your numbers, stay in control of your operations, and plan with confidence.

Dealing with uncertainty – tips for business owners

Whether you’re facing changing market conditions, supply chain disruptions, or other challenges, there’s still real uncertainty for business owners. We’re trading in challenging times at present. 

And knowing what step to take next is a key worry. We know that you invest more than simply time and money into your business. It is more than a job but part of your identity.

So, how do you get more clarity around your future plans? And how do you work on the short-term future of the business, when sales, income and cash are in short supply?

Focusing your efforts in the right places

Planning the next business move is difficult at the best of times, but it’s doubly problematic when we have so little clear idea of what a post-COVID19 business world will look like.

It's difficult to plan when we don't know what will be possible. What regulations will be in place once you can begin trading? Will the market have changed dramatically? Will you be able to trade over borders and continue to be an international operation? Will you have enough cash to actually operate?

As a business owner, you’ll be continually thinking of new business-critical issues to add to this list – but the reality is that you CAN’T control all these elements. This sense of mounting uncertainty is likely to raise your stress levels and make you more anxious.

So, how do you overcome these worries and find a practical solution?

Try to focus on the things you can control:

• Identify the things that matter to the short and long-term success of the business

• Find the things you can control and over which you have some influence.

It's too overwhelming to try and work on everything at the same time. Instead, try to focus on the one thing you can achieve each day.

At First Class Accounts Ovens & Murray, we can help you identify and prioritize these elements through detailed management accounting and cashflow forecasting. These tools empower you to make informed, confident decisions, even when navigating uncertain times.

Review your overheads and costs

One way to reduce your cashflow worries is to reduce your spending. Look at your controllable overheads and see if there are ways to negotiate better terms with suppliers, cut down on expenses or pause any subscriptions.

Our team can assist by reviewing your financial data and providing insights into where savings can be made without sacrificing operational efficiency. With First Class Accounts Ovens & Murray managing your accounts, you’ll save time and gain clarity.

Talk to debtors and creditors

If you can bring down your aged debt, that will help your overall financial health. Set up automatic reminders for any overdue payments. Also, talk to any late-paying customers and agree when these debts will be paid. And talk to suppliers about extending payment terms, if possible.

First Class Accounts Ovens & Murray can streamline your debtor management process by setting up automated payment reminders using integrated apps like Xero. These tools ensure your customers receive consistent, professional reminders about outstanding invoices, helping you reduce late payments and improve cashflow.

Our expertise extends to configuring these apps to suit your business, saving you time and ensuring payments are followed up efficiently. We can also assist with tracking your accounts payable, giving you better visibility and helping you negotiate extended payment terms with suppliers when needed.

Consider alternative revenue streams 

If your current business model doesn’t work well in lockdown, are there other online services that you could diversify into? Any new revenue streams will help to bolster your income and cash position.

Update your website and marketing

Having a great online presence is vital during this crisis, when most goods and services will be purchased online. Give your website a refresh and make it easy for potential customers to find and buy your services.

Catch up with your team

Maintaining contact with your employees is vital if you’re going to nurture team spirit. The more engaged your team is, the easier it will be to embrace change together.

Reach out for tailored support

First Class Accounts Ovens & Murray offers flexible, 100% contract-based bookkeeping services. This means no interruptions due to staffing gaps—your accounts will always be managed on time, accurately, and with efficiency. By partnering with us, you can focus on growing your business while we handle the financial details.

Take control of what you can today by seeking expert advice and support. With First Class Accounts Ovens & Murray, you’ll gain access to expert bookkeeping, process improvement, and cashflow solutions to help you stay ahead, no matter the challenges.

Direct Debits and Online Payments

Do You Have Direct Debits and Online Payments Set Up for Your Business?

Making it easy for your customers to pay you is vital to business success. Getting direct debits and alternative payment methods linked to your business is so easy these days there's no excuse not to give your customers multiple ways of making payment.

Many service-based businesses choose direct debit arrangements with their clients to avoid late payment. If you’re often chasing overdue payments, consider implementing direct debit arrangements to reduce your administration time.

If you’re already using online accounting software, check the add-on solutions and choose one that integrates with your accounts. This means that the payment platform information feeds directly into your accounting software to be easily matched to customer transactions.

Need help integrating your systems? First Class Accounts Ovens & Murray can review your accounting software and implement the direct debit or online payment solutions to suit your business.

Make it Easy

You probably already have bank transfer information set up, but adding several other methods such as PayPal, debit cards, and credit cards allows customers to choose the method most convenient for them at the time. Many customers appreciate the automation and simplicity of direct debits.

Make sure your payment terms and conditions are clear on your website and invoices and don't forget to include all your chosen payment methods for customers!

Unsure about setting this up? First Class Accounts Ovens & Murray can help ensure your payment terms are communicated clearly and that all payment methods are displayed on your invoices.

Worried About Costly Fees?

You have the option to choose whether you will absorb the cost of the payment gateway processing fees or whether you will add the cost to your invoice and charge the clients extra. Your accounting software will then allocate the funds accordingly to invoice payment and fees received.

Looking for guidance on managing fees? We can help you decide the best approach for your business and set up your accounting software to handle these charges automatically, saving you time and avoiding errors.

Better Transaction Recording

When you integrate direct debits and online payment methods with your accounting system, you dramatically reduce errors in recording customer payments – which means less time spent on your accounts!

Not Sure Where to Start?

If you’d like to make it easier for customers to pay you, talk to us about which solutions are best for your business. We can discuss which platforms have the best and most secure integrations with the accounting software you use.

Streamline Your Systems with Expert Support

Improving your payment systems doesn’t have to be complicated. With support from First Class Accounts Ovens & Murray, you can implement direct debits and online payments that save time, reduce admin errors, and improve cash flow. Contact us today to get started.