Things are winding down for the holiday season, but do you know what hasn’t slowed? Your bills! Expenses keep rolling in even when your crew isn’t working, which can lead to some undue stress.
Here are some small things you can do in your small business to ensure you pay your bills on time and get paid on your outstanding invoices, even during the holiday rush. When the cash flow looks good, you can kick back and fully relax on your days off
Avoid the snail mail slow down
The US post has our complete respect (especially at this time of year!), but we know there are better ways to send and receive payments than sending checks in the mail.
During most of the year, you can expect domestic letters to reach their recipients in about 1-3 days. Postal timelines during the holidays have the potential to be much longer, thanks to all the additional mail volume at this time of year. Postal deadlines fall as early as December 17 to ensure mail reaches its intended destination before the 25th.
Give the postal workers a break, and process your business payments online instead.
Get paid on time
If you’re waiting for a check in the mail, each additional day that passes can add a lot of strain. Couple that with the delays caused by bank holidays that slow down the check-cashing process, and you might not be able to count on check funds to clear until after the holidays.
Skip the snail mail for your business payments. Send invoices electronically as soon as you can to avoid the holiday hold-up. Then, encourage your clients to prevent check delays by offering a payment link right on your digital invoice. Through Truss, clients can set up an electronic payment available to you immediately. Clients can even pay with their credit cards at no cost to you with Truss.
Stop worrying about when you’ll get paid – settle up immediately for more peace of mind in this harried time of year.
Give the gift of quick payment
Very few business relationships are as key to a contractor’s success as those you have with your suppliers. The speed at which you pay, particularly during this critical time of year, can directly impact how your suppliers experience your working relationship.
As we just discussed, check payments are fraught with delays that only worsen during the holidays. Forget trying to rush your AP department to get a check made up and out in the mail, and forget worrying about whether or not your supplier will be able to cash it during the December rush. Instead, make payments on your bills electronically through an online payment app. With Truss, your vendors skip the trip to the post office and the lineup at the bank – once you send the transfer, vendors can accept payments from the comfort of their home and access the funds immediately.
Make sure your payments clear
When you take a break over the holidays, you’ll want to rest assured that your business bank accounts will look healthy upon your return. While your contracting business may slow down through December, your operating expenses will likely carry on straight through the festive season.
Instead of waiting weeks for slow payments to arrive and clear at the bank, encourage your clients to submit their payments electronically. It’s fast and easy, and you can access funds as soon as they’re sent.
Likewise, treat your vendors to quick payment through Truss, so everyone’s holidays can be merry and bright.