One of my favorite productivity tips is O.H.I.O, meaning “Only Handle It Once.” Every time you handle (and rehandle) paperwork without resolving it, you’re wasting time. And in business, that means you’re wasting money, too. This doesn’t just go for you, it goes for all your employees and how your organization works together. If a dispatcher, technician, office person and bookkeeper, and YOU, all have to handle the same piece of paperwork multiple times, you’re killing your efficiency.
Of course there are good reasons why you may need to revisit an invoice, or have multiple people view it. The goal is to minimize the reasons, while minimizing mistakes at the same time. So let’s remove one of those touch points: Collect payment on every single service call.
Think about a crazy busy restaurant on a Friday night. What would it look like if the owner had to track down all those customers and ask for payment later? Regardless of the hassle, and the amount of people that simply wouldn’t pay at all, they’d have to hire at least one more person to do all that legwork. Instead, the servers deliver the bill and collect the payment immediately. In fact, consumers expect to pay for services when they’re rendered. Another good example is a haircut or an oil change.
Okay, so how do we actually accomplish this without creating more issues? Simple: Payment processing or merchant services. But what if we don’t trust our service guys and gals to do it right? Make it easy and goof proof. Using a paperless or electronic invoicing app (hint: Coolfront Mobile!) that integrates with your payment processing will send that dollar amount directly to accounts receivable. No misplaced decimal points or incorrect credit card numbers… or hieroglyphic handwriting...
If this sounds good to you, but you don’t know how to pull it off, reach out to us. We have helped tens of thousands of contractors get more organized, and make more profit in the process.