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Use GoCardless and Xero To Increase Business Cash Flow

By 26/02/2022September 20th, 2023No Comments

Of the myriad issues and problems that businesses have to deal with, cashflow is high on the agenda. However poor cash flow for a small business can be an incredibly serious issue. Poor cash flow is a big reason why many small businesses fail in the early years of business. GoCardless and Xero are two tools that can help businesses.

Maintaining a consistent and reliable cash flow is a difficult talk for many small businesses throughout their lifetime. If you are struggling to get cash into your business bank account it can slow down your whole operation and affect the growth of your business. From debt to late payments, there are plenty of cash flow problems that small businesses face. So why not use GoCardless and Xero to make it easier to get payments from your customers?

Here at Direct Peak we see that one of the most common reasons for cash flow issues are delayed payments. However, by using online payment solutions and online invoicing you can take some of this pain away. We recommend GoCardless and Xero to our clients as the two platforms create a seamless way for you to invoice customers and clients, and an easy way for them to pay.

What Will Good Cash Flow Help My Business Achieve?

When you have good cash flow in your business, you are able to plan for the future. A reliable and strong cash flow allows you to make firm decisions on business growth and investment. By using GoCardless and Xero you will be able to free up time spent on chasing badly paying clients, and focus on your business success instead.

What is GoCardless?

GoCardless is an online tool that is extremely useful for business owners in managing their business and cashflow effectively. The online took makes it easier for your regular customers and clients to pay you by direct debit. This can include all regular payments such as variable business invoices, software subscriptions or instalments for example.

With GoCardless you can easily and effectively manage the entire direct debit process through one simple to use online tool.

Why Should I Use GoCardless and Xero?

By using GoCardless and Xero together you are able to collect cash quicker from your clients and customers. Payments can be automated from clients, meaning that they don’t need to worry about when to pay and you don’t need to worry about chasing outstanding payments. We can help you integrate GoCardless seamlessly with Xero to pick up payments from due invoices with ease. Our team will offer support with the integration and help you every step of the way.

GoCardless and Xero Case Study

This is one example of how we have helped a client;

Jonathan, the Financial Director of a publishing business came to us with some major cashflow issues. With hundreds of advertising bookings a month, the business should have been in a healthy condition. However, cashflow was a real issue due to overly long credit terms for advertisers. Also, the onus was on the advertisers to set up payments or pay by cheque, slowing down the payment process even further. 

We could see that by implementing automated invoicing and setting up fast payment options would give no excuse for Jonathan’s clients to drag their heels. By using GoCardless and Xero together we reduced Jonathan’s average payment delay by 45% and his same-day invoice payments increased by 30%. This increase in reliable cashflow enabled Jonathan to plan securely for future growth.

Here at Direct Peak we believe that getting paid shouldn’t be painful. With GoCardless and Xero you are in control of when you collect payment. It’s a great solution for recurring payments. We can help you set it up in a matter of minutes, and you’ll go on to save hours in chasing outstanding payments.

Contact our team now to see how we can help you increase your business cash flow with GoCardless and Xero.

Looking for business accountancy services

Steve Marshall
Steve Marshall
The whole team at Direct Peak have been amazing to work with. Everything we have been looking for from an accountant. Thank you from Acoustic Associates
Luke Tyler
Luke Tyler
The Direct Peak team are exceptional in all they do. They demystify my questions on accounting, offer clear, sound advice, and help me to make informed decisions about my business.
Don Wiid
Don Wiid
Karl Newman and his team help us with our Xero accounts system, making sure it is accurate and up to date. The real value though, is Karl's experience as a management accountant, providing indispensable advice on a monthly basis to ensure we keep growing.
Craig Sawyer
Craig Sawyer
Direct Peak are the perfect accountants for me. Always helpful and friendly. They take away any of my accountancy headaches which allows me the time to focus on my business. Would highly recommend them and do to any business owners I can. Thank you all !
Kelsey Brace
Kelsey Brace
I've worked with Karl & Direct Peak for years. They have always provided great service and advice. Highly recommeded!
Sana Hanassi-Savari
Sana Hanassi-Savari
Great service, I would highly recommend them. The team are friendly, always around to help and very knowledgable.
Simply Antivirus
Simply Antivirus
Direct Peak was the right choice for us. Outstanding friendly service. The team are highly knowledgeable regarding tax and financial matters, and they have been an asset to the running of our business. Very approachable and have an answer to all my questions. Highly recommend them! Very well done guys!
catherine Johnson
catherine Johnson
I recently changed my Accounting to Direct Peak, mainly due to Karls brilliant support with advice regarding making Tax Digital and around my business growth intentions. Having run my own small business and being with my previous accountant for 13 years, I have been SUPER impressed with every aspect of the move - the advice, the support, and mostly the friendliness of the team and their willingness to want to help. Eve has been so amazing at supporting me to make the transition to Digital VAT returns - I cannot recommend Karl and his team at Direct Peak highly enough - Thanks Guys!
Peter Baker
Peter Baker
Karl has been outstandingly patient and generous with his time. I cannot recommended Karl enough. He has helped massively in starting up my own company.
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Dedicated Contact

Direct Peak provides a dedicated business tax accountant, who will prepare your annual accounts and tax returns. They will be on hand to answer any tax queries you have.

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Tax Efficient

Your business tax accountant will ensure that the company is set up in the most tax-efficient way and that you are claiming for all the correct expenses to maximise your earnings.

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Quick Turnaround

We aim to turn around the annual accounts and tax returns quickly to give you visibility of your tax bill well in advance of it being due.

Xero is a cloud-based accounting software platform designed for small and medium-sized enterprises (SMEs). It provides businesses with a range of tools and features to manage their financial activities efficiently. Here are some reasons why Xero is considered a good accountancy package for SMEs:

  1. Ease of use: Xero offers a user-friendly interface with intuitive navigation, making it accessible for users without extensive accounting knowledge. It simplifies financial tasks, enabling business owners to manage their books easily.
  2. Cloud-based platform: Being cloud-based, Xero allows users to access their financial data anytime, anywhere, as long as they have an internet connection. This flexibility is particularly useful for SMEs that may have multiple locations or remote teams.
  3. Real-time collaboration: Xero enables seamless collaboration between business owners, accountants, and other stakeholders. Multiple users can work on the same data simultaneously, facilitating better communication and enhancing efficiency.
  4. Bank feeds and automatic reconciliation: Xero integrates with banks and financial institutions, automatically importing transactions and bank statements. This feature saves time and reduces errors by streamlining the bank reconciliation process.
  5. Extensive integrations: Xero integrates with numerous third-party applications, such as payment gateways, point-of-sale systems, e-commerce platforms, and customer relationship management (CRM) software. This integration capability allows businesses to customise and expand their accounting system as per their specific needs.
  6. Reporting and analytics: Xero provides a range of customisable reports and financial dashboards, offering insights into business performance. Users can monitor key metrics, track cash flow, generate financial statements, and make data-driven decisions to support business growth.
  7. Scalability: Xero caters to businesses of varying sizes, from startups to larger SMEs. As a business grows, Xero can accommodate increased transaction volumes and offer additional features through its various subscription plans.
  8. Security and data backup: Xero prioritises the security of user data. It employs bank-level encryption, regular data backups, and other security measures to protect sensitive financial information.
  9. Collaboration with accountants: Xero facilitates collaboration between businesses and their accountants or bookkeepers. Accountants can access real-time financial data, provide advice, and assist in financial management, enhancing the overall accounting process.

Overall, Xero’s user-friendly interface, cloud-based accessibility, extensive integrations, real-time collaboration features, and robust financial management tools make it a popular choice for SMEs seeking an efficient and scalable accountancy package.