For the first installment of our new Small Business Guides we focused on invoicing and payments. Everyone likes to get paid, right? And cash flow is really really important to small business.
Given the enthusiasm we regularly encounter for all things accounting, we should not have been surprised when the community got right in behind it. We were blown away when our request for help on the Xero Community site resulted in almost 1400 responses:
We weren’t prepared for that sort of volume. We had to scramble to work through it and bring in extra help to distill the key points by the deadline we were aiming for. Crowdsourcing and community rules!
To complement the tips and tricks that were supplied, we analysed over 12 million invoices to identify key insights into real world invoicing practice. Specifically, we identified the average time overdue that invoices are actually paid, and the invoicing terms you therefore need if you hope to reach the target payment period you want.
We also added a fun quiz to test your invoicing and payment knowledge. We’ve kept it relatively easy, so go on give it a go.
We launched the invoicing guide yesterday and it’s already proving popular. We are very humbled to bring to you useful knowledge provided by Xero customers and partners. We hope it will be the start of a very useful series targeted squarely at the things that matter in small business accounting. Please share with whoever you feel would benefit.
What topic do you think we should target next?