Greg Waldorf is CEO of Invoice2go, an invoicing and payment app that gives small business owners the ability to create invoices on the spot. His position with Invoice2go gives him access to data on how small businesses work and what invoicing strategies result in faster payments. Here Waldorf offers insight into how technology has improved efficiency and cash flow and the impact mobile tools can have on the bottom line.
(Photo courtesy of Greg Waldorf)
How have advances in technology changed the way we run our businesses?
“We’re living in an age where more and more business owners are running their back office from their pockets. Gone are the days when business-driven software was only affordable for big businesses and corporations. Now, anyone who carries a smartphone is empowered with inexpensive, yet high quality tools that help them to be more productive and effective every day.”
How does the availability of apps that simplify daily tasks impact revenues?
“Whether you’re working solo or have a small team behind you, getting tangled up in a million to-dos can stall your productivity. Apps like Trello allow you keep track of tasks on the go, with checklists, labels for categorization and due dates to help you prioritize. Decluttering your mind of everything you need to do during the day can be a catalyst for getting things done faster, completing more jobs and earning more revenue.”
What are the benefits of on-the-spot invoicing?
“Getting paid in a timely manner can be a challenge for small business owners, often because they wait too long to send an invoice. Invoice2go is a simple mobile app that lets any type of small business owner track work, send professional invoices and collect payment immediately from the job while the work is fresh on the customer’s mind. Business owners who send invoices immediately with mobile invoicing have said they get paid seven days faster on average.”
“Customers have different payment preferences, and offering them more ways to pay you not only opens the doors to new opportunity, but can also help you get paid faster for your work. According to the Federal Reserve’s Cash Products Office, debit and credit card are people’s favorite ways to pay [65 percent], followed by cash [30 percent]. Only three percent of people prefer to pay by check, and two percent have a variety of other preferences. The rise in financial technology tools gives you many secure options for accepting electronic payment.”
For small businesses, cash flow is everything. While new technologies can be intimidating at first, once you’ve used them and have fully explored their possibilities, you can move faster than your competition, keep customers happy and keep income flowing.
This article was written by Gillian Burdett of Examiner.com for CBS Small Business Pulse.