Coaches, are you overlooking this step? You might be losing money!
One of the benefits of taking extra time with your bookkeeping is ensuring your coaching programs are actually bringing in cash.
What do I mean? I’ve seen many coaches who offer “Paid in Full” and “Payment Plans” coaching programs. This is very common. Typically, you will set up your clients credit cards on automatic payments.
BUT, are you actually tracking those payments?
You might be losing money without realizing it!
Here’s an awesome SOLUTION.
This is how I handle it with my clients.
I create INVOICES in either Quickbooks Online or Xero (or any accounting software you’re using).
You DON’T need to actually send them out.
They’re for your records.
How does this work?
Basically, every sale needs its own invoice with your client’s name. Every time that you receive a payment form that person, you add that payment towards the original invoice. Simple, right?
Two huge benefits of doing this:
You can create reports that will show you who owes you and how much. Let’s say an automatic transaction failed and the payment didn’t go through. You’ll be able to stay on top of everything with the help of this feature.
The second benefit is that by creating these invoices, you can see how much you sold even though you haven’t actually received the cold cash.
Let’s say you signed 3 new clients for $5,000 each. You’ll see $15,000 of sales in your financial reports in Accounts Receivable.
Guess what? This also works for your high-ticket speaking engagement, consulting, and any other services where you get paid a portion in the beginning, and then more payments later on.
This is one of my favorite things to do as a bookkeeper. It takes off a huge burden off my clients shoulders AND I get to celebrate their sales with them.
Does this sound like something you could implement? Start today and don’t let those payments get lost.
I can help you make this process much simpler than what it sounds like. Book a call today or email me at Andrea@LiquidCentsBookkeeping.com to get started asap!
This is for informational and educational purposes only. Please seek individual legal and tax advice.