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Why itís beneficial for you to pay by monthly direct debit

Thursday, July 30, 2020
By Cheryl Sharp
Why itís beneficial for you to pay by monthly direct debit

When business owners ask us ‘how much do you charge?’ we often find there’s a secondary question that goes along with it - how do you charge?

In a way, the how do you charge question is the most important. Because even when you know the cost of our support, you still want to know the practicalities of how you’re expected to pay. You want to know you’re not going to be waiting in anticipation of one big bill at the end of the year. 

The cost of our support is tailored to each individual, but every client pays by monthly direct debit

We don’t charge the same package price for every client - because it would be entirely unfair on them to do so. Our clients are all at different stages, with different hopes, dreams, challenges and requirements. Our cost is assessed and proposed based on you. 

But every client pays by direct debit, and it’s in their best interests to do so.

Paying by direct debit is safe, seamless and better for everyone’s cash flow

To be completely transparent, paying by direct debit is mutually beneficial for you and for us. 

The tech we use is secure (and amazing!)

In case you had any qualms about the nature of a direct debit itself - please be assured it is one of the safest ways to make monthly payments to us. 

Payments are taken automatically from your bank, but it doesn’t mean we can just take payments whenever we want! We’ll agree a payment date with you, and if anything needs to change - we are required have that conversation with you first (and always would regardless) 

Because we try to use the best tech wherever possible, we use an app called GoCardless to take recurring payments. The set up is really simple for you, and it works seamlessly with Xero, which we both use in house and use with clients. 

Honestly, GoCardless is so great we will be repeatedly recommending it to you if we haven’t already! You may have come to this blog for an answer about your own payments, and leave here with a solution for your clients and customers. You’re more than welcome. 

It’s easier for you when payments are automatic 

We set up payment authorisation by direct debit right from the start when you become a client. It means you never have to worry about missing or forgetting a payment. We’ve had all kinds of situations in the past - a new employee taking over payments and missing a regular supplier, a business owner on holiday forgetting to pay. 

We’re not about to pretend you’re not human. Things go on in our lives inside and outside of your business - and sometimes we get distracted. Just like all the other bills and suppliers you pay, direct debit does the remembering for you, so you’re able to get on with your life. 

We love our clients, and we honestly don’t want to have to chase any of them. We know being chased for money can feel stressful for you, and we’re here to do the opposite - to help alleviate the stress of running a business!

It’s more beneficial for cashflow 

We’re accountants, but we’re also business owners just like you - we know what the cash flow balancing act is like. Being able to split a bill into monthly payments is a lot easier on your cash flow, because you’re paying smaller amounts, you always know your monthly budget and you know the set fee. 

It helps our cash flow situation to split these payments too. You’ll know by now we’re not year-end accountants. We’re by your side supporting you always. Covering the accounting you need not to be doing, and making sure you’re on track with your short term and long term goals. 

We care about your monthly growth and progress - which is why this is mutually beneficial. You don’t get crippled by a lump sum bill at the end of the year, and your payments are in line with our monthly support. 

You have enough to think about, let your payments be one less thing

In our experience, paying by direct debit is the best option for both our businesses. It has become a no-brainer part of our process, and it can be a no-brainer part of yours. You can feel confident your payments are getting sorted in the background, whilst you’re doing all the awesome things you do. 

Do let us know if you’ve read this and you’re now thinking about setting up your own direct debit system in your business. We can help you get it sorted and give you our best recs.