Busy entrepreneurs need protocols in place to handle their invoicing needs. Following a few simple tips can speed up payments to increase your cash flow. Since cash fuels business growth it makes sense to invoice clients efficiently.
Be courteous, track your invoices with a consistent numbering system, set aside time to invoice and do your due diligence on payment options to find the most cost effective ways to facilitate payments.
Use these smart tips for invoicing.
Say Thank You
Thanking customers for their business and promptness can promote timely payments in the future. Don’t overlook the power of gratitude. Although your business offered a valued service and you deserve payment thank your clients for their generosity.
This is not a small detail. A personal, authentic touch can make you stand out from other businesses. Doing whatever you can to strengthen business bonds is worth the minimal effort of thanking customers. Say “thank you” to build bonds and to grow your business.
Employing a number system streamlines the payment process. Trying to find an invoice without having a number to reference makes for a confusing experience. Cut through the confusion by using a sequence for each invoice. Keep it simple. Be consistent to create continuity.
If you are audited this is a helpful strategy to find invoices in an orderly, swift fashion. Consider using a combination of years and a numbered sequence to sift through invoices over a long period of time. Start at 1 or any number you’d like but be consistent to keep track of invoices effectively.
Make Invoicing a Business Priority
Like it or not you’ll need to invoice clients to get paid regularly. Once your small business grows you’ll have difficulties collecting payment through any different, less efficient system. You may loathe invoicing because you simply wish to create a product or service but until you can afford to hire a partner or outsource the activity you’ll be doing the invoicing.
Set aside time each month to review invoices. Crunch numbers to track payments. Which clients pay in a timely fashion? Be diligent. Invoice clients immediately after you’ve completed projects to better manage your business. Being on the ball helps you to speed up payment and it also alerts you to clients who need to be fired. Even if a client is friendly and pleasant if they don’t pay on time habitually you may have to let them go. You’re in a business and any customer should respect this fact.
Research Payment Options
Whether you accept checks, debit payments or Paypal payments, thoroughly research payment options to make it easier for money to change hands. If you’ll pay a small monthly fee to process Paypal payments it’s worth it to accept payments from clients who prefer this method for bookkeeping purposes.
Educate yourself on payment options and calculate any investments you’d make versus the payments you’d receive from clients to assess the wisest use of your capital.
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