5 top tips to improve cash flow in electrical contracting businesses

Manual invoicing blocks cash flow. By going digital you get paid faster, save back-office time, and improve the experience for customers. These quick wins show how electrical contracting businesses can grow stronger by managing invoices and payments through their field service management software.

  1. Send invoices without hassle or delay
    The faster you invoice, the sooner you get paid. Send the invoice on sign-off with a field service management platform. At the touch of a button your engineers build the invoice, automatically incorporating job costs and accurate customer information.By freeing up back-office, you can also take on more jobs without having to employ more admin staff. For electrical contracting company Medlec, it helped to boost productivity by 40 per cent.
  2. Cut out queries or settle them faster
    Queries on invoices burn through back-office time. A field service management platform makes invoicing errors much less likely because customer and job details are automatically filled. Costs are automatically matched with quotes.Any remaining disputes can be sorted faster because you have better information such as automated time-tracking, photos, and customer signatures.
  3. Put an end to chasing payments
    Automated invoice processing streamlines a slow and sometimes chaotic workflow.On average it takes a business 11 hours to fully process a receivable invoice. That can be slashed by cutting out the hours spent chasing customers. Automated invoice processing sends payment reminders and resolves payments with accounting systems and bank accounts – so you know you’ve been paid for the job.
  4. Offer convenient 21st-century payment options
    30% of businesses say they’ve lost customers and contracts because of clunky payment processes.With an integrated payment solution, you offer your customers a wide range of payment options, from cards to Apple and Google Pay. More convenience leads to faster payment and happier customers.
  5. Forecast cash flow accurately
    37% of organisations say they struggle to forecast cash flow accurately. Digitising the process lets you see the bigger picture in real time.Bringing payments into your field service management system makes it easy to visualise cash flows. See where money is being spent and how much you’re owed in real time, simply and instantly.

BigChange is the complete Job Management Platform that’s helping electrical contracting businesses across the UK to win more work, take control of their operations and deliver winning customer experiences.

Discover how field service management software like BigChange’s Job Management Platform can provide digital invoices and modern payment processes to help your electrical contracting business grow stronger. Click here to learn more.

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