Last updated on Aug 13, 2024
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- Virtual Assistance
Powered by AI and the LinkedIn community
1
Choose a billing platform
2
Set up your billing preferences
3
Automate your invoicing
4
Automate your payments
5
Automate your accounting
As a virtual assistant, you want to get paid on time and with minimal hassle. But manually sending invoices, tracking payments, and following up with clients can be time-consuming and tedious. That's why you need to automate your billing and payment process as much as possible. In this article, you'll learn how to use some tools and best practices to streamline your invoicing, payment, and accounting tasks.
Key takeaways from this article
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Select a billing platform:
Picking the right tool to handle your invoicing and payments can be a game-changer. Look for one with automation features like recurring billing and payment reminders to streamline your process.
-
Use free software:
There's no need to overspend on fancy tools when free options like Wave Accounting exist. They offer comprehensive features without the price tag, leaving more cash in your pocket for other business needs.
This summary is powered by AI and these experts
- Yvonne Tate Business Operations CSI (Consulting /…
- Lacey Almond-North Billing Analyst, Executive Assistant…
1 Choose a billing platform
The first step to automate your billing and payments is to choose a platform that suits your needs and preferences. There are many options available, such as PayPal, Stripe, FreshBooks, QuickBooks, or Zoho Invoice. These platforms allow you to create, send, and track invoices, accept online payments, and sync with your bank accounts. Some of them also offer features like recurring billing, reminders, late fees, reports, and integrations with other apps. Compare the pricing, functionality, and user-friendliness of different platforms and pick the one that works best for you and your clients.
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- Yvonne Tate Business Operations CSI (Consulting / Strategy / Implementation) providing fractional project-based services for six-figure plus Black Womenpreneurs.
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I'm stateside and use Dubsado; other similar platforms are HoneyBook, 17Hats, etc. While they provide a source of truth regarding your client, at a bare minimum, you can set up a Stripe invoice and / or payment link to get the job done fast and dirty.
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Like Celebrate Support Love Insightful Funny 7 - Lacey Almond-North Billing Analyst, Executive Assistant, and Event Planner
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One option that I don't see mentioned very often is Wave Accounting. This is a free program that offers all of the capabilities available in other paid platforms. I have been using Wave for 3 years and absolutely love it.
Like Like Celebrate Support Love Insightful Funny 5 - Benjamin Dimowo Founder at VA-Africa LTD - Support for Busy Business People | Founder at AquaChen Enterprises
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Some other payment platforms I have found useful and non-discriminatory include Paystack, Flutterwave, Interswitch, VoguePay, Payoneer, GeegPay and Grey.
Like Like Celebrate Support Love Insightful Funny 9 - Jane Fawkes VA helping busy women get their sleep back by supporting them with their admin | Owner of Papillon Perth
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I use stripe and the great thing is they are decreasing their fee! It has worked well for me so far. Even having international clients
Like Like Celebrate Support Love Insightful Funny 1 - Heather Pore Delivering customized support services to empower entrepreneurs and small businesses in the outdoor and wellness spaces🚀| Virtual Assistant | Content Writer | Photographer
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I'm currently using Indy and like it for my needs. You can add your branding to the invoices. The invoices are easy to create, send and track. You can setup recurring billing. They do not charge an additional processing fee.
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2 Set up your billing preferences
The next step is to set up your billing preferences on your chosen platform. This includes defining your rates, payment terms, currency, taxes, and discounts. You should also create a standard invoice template that includes your logo, contact details, payment methods, and terms and conditions. You can also customize your invoices with different colors, fonts, and layouts. Having a consistent and professional invoice design will help you build trust and credibility with your clients.
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- Benjamin Dimowo Founder at VA-Africa LTD - Support for Busy Business People | Founder at AquaChen Enterprises
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Adding your company logo and brand colours could also help add a layer of trust and exhibit professionalism to your internal and external customers. By internal customers, I mean your staff and by external, I mean those that pay for your business products and services.
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3 Automate your invoicing
Once you have your billing preferences set up, you can start automating your invoicing process. Depending on your billing model, you can choose to send invoices automatically at regular intervals, such as weekly, monthly, or quarterly, or based on specific triggers, such as project milestones, hours worked, or deliverables completed. You can also use features like recurring invoices, auto-billing, and time-tracking to simplify your invoicing workflow. Additionally, you can automate your invoice reminders and follow-ups to ensure timely payments and reduce the risk of late or missed payments.
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Take advantage of the automation features offered by your billing platform to streamline your invoicing process. Create repeating invoices for clients with ongoing projects or services to avoid having to manually create invoices for each billing cycle. Schedule invoices to be sent automatically at regular intervals, whether monthly, bi-weekly, or weekly, ensuring consistency and timely delivery. With automated invoicing, you can save valuable time and reduce the risk of oversights or delays in billing your clients.
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4 Automate your payments
Another way to automate your billing and payments is to enable online payment options on your invoices. This will allow your clients to pay you quickly and conveniently with their credit cards, debit cards, or e-wallets. You can also integrate your billing platform with your payment gateway, such as PayPal or Stripe, to process and record your payments automatically. This will save you time and hassle from manually checking your bank statements, updating your invoices, and sending receipts. Furthermore, you can automate your payment confirmations and thank-you messages to show your appreciation and professionalism to your clients.
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- Benjamin Dimowo Founder at VA-Africa LTD - Support for Busy Business People | Founder at AquaChen Enterprises
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This is very true. We live in a world in which one could be easily tied to a bunch of unproductive non-essential but must-do tasks. Automation is the way to save resources such as time, energy and cost. I am looking to a day making payments could be as easy as you using your voice to tell an app on your phone to send money to someone instantly and even specify the routine of payment whether one-off or periodically. This is absolutely doable but will require a lot of backend developer work, integrations and set-up.
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Simplify the payment process for your clients by enabling automated payment options. Encourage clients to set up automated payments or recurring billing arrangements to ensure prompt and hassle-free payment processing. Additionally, set up automated reminders for late payments to remind clients to pay their invoices on time, reducing the risk of delays and improving your business's cash flow.
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5 Automate your accounting
The final step to automate your billing and payments is to automate your accounting tasks. This means keeping track of your income, expenses, taxes, and profits in an organized and accurate manner. You can use your billing platform or a separate accounting software to generate and export reports, statements, and summaries of your financial data. You can also link your billing platform with your accounting software to sync your transactions and records automatically. This will help you monitor your cash flow, budget, and performance, as well as prepare for tax season and audits.
By automating your billing and payments, you can save time, money, and energy that you can use to grow your virtual assistant business. You can also improve your client satisfaction, retention, and referrals by providing a smooth and hassle-free payment experience. So don't wait any longer and start automating your billing and payments today.
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- Benjamin Dimowo Founder at VA-Africa LTD - Support for Busy Business People | Founder at AquaChen Enterprises
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I absolutely recommend the automation of billings and payments that are regular and fixed. It saves you the hassle and you avoid mistakes.
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