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Credit risk. So much more than just putting payment due days on your invoice! lnkd.in/fBv3aeg
There are so many wonderful ways business owners are using technology every day for their digital marketing, as well as point-of-sale (POS) and bookkeeping.
Last week I met Cherie. Cherie owns a relaxed cafe in the holiday haven of Forrester’s Beach, NSW, and she let me record a short video of a customer paying for their meal using Square.
Cafes, Restaurants and Bars are Cash-Based Businesses
One of the great aspects about running any food business like a cafe, restaurant or bar is that the business owner rarely needs to worry about accounts receivable headaches! They get paid immediately and most of their accounting is cash-based accounting.
If you run a business where accounts receivable is an issue get our FREE Xero Accounts Receivable training manual.
Whose Mobile Phone Do You Use?
What soon became apparent to me is whose mobile phone would you use and does it mean that staff could have access to sensitive financial information? Stay tuned for updates (make sure you subscribe to receive them in your email).
I loved witnessing this process because it highlighted how small business owners need to work towards a budget and use whatever technology they can to get the desired results. Watch the video of a customer paying for a meal using Square, mobile phone and contactless reader card on YouTube.
The Square and PayPal contactless options are a low-cost and simple way of getting paid while also limiting your reliance on your bank and their high monthly merchant fees.
PayPal Will Lend You Money Based on Your Sales!
Besides how to save money on merchant fees, business owners often take note of advantageous cashflow lending opportunities. PayPal offers businesses cashflow lending based on your sales which we’ve covered in more detail in a previous post.
Job Tracking in Xero, MYOB & QuickBooks Online
While you’re here, have a quick read about the new training course manual we’re creating for tracking the income and expenses incurred for small building projects.
There is a strong need for this training so we’re creating it right now! And remember, it will be available to all LIFETIME students and current course students.