Want to Streamline Your Invoicing Process? Learn How to Do It Quickly!
Your invoicing process is efficient only when you are sending invoices on time and your clients are paying before the deadline.
If there is any gap in your invoicing process, it means you need to streamline it now!
Here learn the simple steps to create a perfect and streamlined process of invoicing for your business.
1. Mention Important Payment Terms
Your invoice must clearly delineate the important payment terms including different modes of payment, payment terms, date of sending invoice, last date to make payments without penalties, and more.
It ensures there is no confusion regarding the due date, and hence, no delay in payments.
2. Send Invoices on a Fixed Time
To ensure your business runs efficiently, you must follow a consistent process for sending invoices. It means sending invoices on a fixed date to let your customers learn the pattern.
This way, your customers will know when to receive invoices and when to make payments.
3. Learn About Your Prospects
Every client is different. Hence, the best way to deal with them is to learn about them. You can ask them to fill a questionnaire or can interview them on the phone to learn about their finances, ability to pay, preferred modes of payment, and more.
If there is a need, negotiate your issues and stick to their preferred payment terms like weekly, bi-monthly, or monthly payments to avoid delays.
4. Mention Important Details
Your invoice must include key details about your business such as your business address, phone number, name, logo, and other aspects. It is a great way to let your clients immediately know about your business.
You must also include the name of the service or product, a brief description, rate, and total payment to be made at the bottom.
5. Invoice More Frequently
It is alright to be flexible with your clients but to maintain a consistent flow of cash, you must invoice frequently. Clearly mention if your business is unable to run on a 30-days or monthly basis payment terms.
To maintain a regular flow of cash it is best to invoice more frequently like a weekly or bi-weekly basis. It will also help you deal with late payers and ensure the smooth running of your business.
6. Send Payment Reminders
Your customers are people and they may forget about the invoice. In order to deal with such clients, it is best to send out regular payment reminders.
For this, you must stick to an online invoicing platform like Bills99 that can help you establish payment reminders. This software automates the process of invoicing and makes sure your client does not forget to make payments. Also, you can keep a track of invoices, which are paid and ones that are pending.
7. Accept Multiple Forms of Payments
Most modern businesses make payments using debit and credit cards or payment portals such as PayPal, GooglePay, and more. To ensure your company successfully deals with such businesses, you must accept various forms of payments.
Make sure you accept online payment, which can be easily managed using online invoicing software. When you accept multiple forms of payments, you can expect more timely payments.
8. Send Emails
There are times when your client does not know how to make online payments. In this situation, he may put your invoice to the side for paying later. This can lead to too much delay.
Hence, you must send them an email a few days later after sending an invoice. Email reminders can be sent along with automated payment reminders.
9. Give Penalties for Late Payments and Incentives for Early Payments
You must mention penalties for late-payments and incentives for early payments in your invoice. For example, you can offer a discount on the next purchase to early payers and a late fee for paying after the due date.
It can be a one-time charge or a percentage accumulation. Just remember to keep the penalty reasonable and fair.
10. Choose a Professional Invoicing Platform
An invoicing tool is a great way to design and send professional invoices. One reliable and professional invoicing platform is Bills99. There are various pre-made templates and customization features, which you can select to create a professional-grade invoice for your business.
A professional invoice can help you run your business smoothly and develop a perfect invoicing process. Just follow these steps and plan an efficient invoicing process for your business.