It goes without saying that maintaining a robust cash flow is critical for the ongoing success and profitability of your service-based franchise. Working capital allows your company to respond to business opportunities and client emergencies quickly and efficiently. Furthermore, a higher cash-to-receivables ratio gives you much stronger negotiating positions when borrowing funds to replace equipment or expand your franchise.
With this in mind, the FranchiseSoft team has outlined 3 ways that field service management software allows you to collect as quickly as possible, stretch your payables to the limit, and increase your agility without having to alter your balance sheet.
Optimize The Customer Payment Cycle
One way to improve your service-based franchise’s cash flow is to prioritize converting invoices to cash as soon as possible. While traditionally this involved a lot of frantic trips to the bank, FranchiseSoft field service management software allows franchise owners to streamline the conversion process – in fact, you will often get it done before your service trucks return at the end of the day!
Single-visit work orders should be handled using on-site payment options. Ideally, you want to make sure that you are able to process both debit and credit card payments, as some people prefer one over the other. Our field service management software allows employees to invoice at the customer site and collect payment on the spot. Furthermore, our software seamlessly integrates on-site payments with your Quickbooks so that balancing the books is made simple.
For jobs where on-site payment is not the answers, you can still streamline the payment cycle with job-site invoicing. Use our software to upload pictures of the job, get sign-off from the client, and email itemized invoices to the customers before you leave the job-site. The payment can then be handled through the office at a later date. When it’s time to invoice, field service management software can help you create compelling emails in a fraction of the time with our beautiful templates.
Identify Payment Procrastinators At A Glance And Adjust Accordingly
Though invoicing clients is made easy with field service management software, we still rely on our clients actually confirming their payments on-time; as the old saying goes, you can lead a horse to water, but you can’t make them drink.
A number of service-based franchises are forced to deal with habitual problem payers, though they often aren’t even aware of the problematic trend. This is where field service management software truly shines. FranchiseSoft provides a comprehensive dashboard to analyze leads and referral sources, detailed reports to track and analyze sales cycles, and easy-to-access documentation of all communication shared with leads and current clients.
Service-based franchise owners can use these metrics to identify which clients need relentless but gentle reminders, and to track progress to monitor whether accounts improve month-by-month. If not, it is up to the individual franchise owner to determine whether they would like to continue working with this client, or redirect their effort on securing new business that would improve cashflow.
Pounce On High-Performance Promotions
FranchiseSoft’s comprehensive reporting metrics allow franchise owners to pinpoint high-performance services and promotions at a glance. This means you can direct more energy into meeting demand with supply, and generate higher cashflow as a result!
Schedule Your Free Demo With Franchisesoft
You can learn more about how our field service management software can improve your franchise systems by visiting https://franchisesoft.com/franchise-solutions/field-service-management/ and requesting a demo to discuss how this software can help your franchise increase cashflow.