Direct Debit Blog

Debtors and creditors are central to how every business’ financial system operates.

They influence the amount of money flowing into and out of an account and the speed at which it arrives.

Understanding them and how they work in conjunction with each other is essential for businesses large and small. But the difference between the two can easily become confused.

So what is a debtor and what is a creditor?

Whether you run a small start-up or a multi-million-pound corporation, understanding the importance of invoice best practice is essential.

The success of your business relies on an efficient system that issues invoices and collects payments smoothly and reliably. A system that secures predictable cash flow and minimises the number of late and non-payments.

Industry approaches to invoicing differ depending on the business model and type of work performed or product supplied. The invoice could be for a one-off payment, a recurring set fee or a variable amount depending on usage.

The invoice document itself could have different information detailed in it depending on what’s required. And small business invoicing could vary significantly from that of huge multi-national corporations.

Here we detail some of the different kinds of invoicing to help you identify what is the best route for your business.

Running a digital agency has its fair share of challenges: attracting clients, producing quality work to retain those clients and, of course, getting paid by them reliably.

Invoicing can easily become a major headache. Who wants to spend time on dull spreadsheet management, manual invoice processing and the awkward chasing of late payees?

Whose heart doesn’t sink when a promising project grinds to a halt before the first payment has hit their account? And who’d choose to deal with the everyday uncertainty of unpredictable income?

You’ve done the hard work. You’ve set up a new business and worked tirelessly to chase down leads, secure custom and build your client base. But the dedicated effort doesn’t end there, in fact it’s only just begun.

Now comes a focus on client management to establish strong customer relationships and retain that hard-won custom.

Regular, reliable transfers from your customers’ bank accounts to yours are the lifeblood of your business.

Issuing invoices, keeping track of payments and monitoring cash flow are integral to operations and essential to long-term survival.

But if client payments are proving to be anything but regular and reliable, recurring invoices could be your saviour.

Here we explore how adopting them within your business model can help to unlock growth-fuelling efficiency and cash savings.

Invoices play an integral role in all businesses. They ensure that money changes hands: a fair exchange for services rendered or products supplied.

But exactly what is an invoice and how can they best be used in your business?

Here we’ll introduce you to the important world of invoices, a basic guide to what they are and how to use them.

Enter the world of Direct Debit and you’ll come across some unfamiliar terminology: acronyms and phrases that haven’t figured in your business vocabulary before.

From bureaux to Bacs and SUNs to ADDACS, the lingo might leave you baffled. Getting to grips with their definitions is wise if you want an informed overview of the system and how it works.

If you’re thinking: “How to set up Direct Debit for my customers?” then this FAQ and guide is for you.

The Direct Debit setup process can feel overwhelming, however it’s relatively straightforward with some clear steps to follow.

Every business owner knows that time is money. Getting all the essential tasks ticked off as efficiently and accurately as possible is what keeps your enterprise profitable and prosperous.

And as tech-savvy consumers’ demands grow, it’s your job to inspire loyalty by providing them with slick service that also protects their precious time.

When it comes to accepting fees and charges, a straightforward solution for all is to adopt an automated payments system. Streamlining and integrating, it will save time, money and hassle.