We all love getting paid quickly and to accomplish this it’s important to manage your invoices. Invoicing for small businesses can be tedious, but implementing the following best practices will make the process smoother and improve client relations.
Start as you mean to go on
Outline what your invoice and payment processes are when you first get the client, be clear on details like your payment terms and how you’ll send the invoice. Your clients will appreciate the transparency and it will avoid any confusion later on.
Send Invoices As Soon As Possible
Sending invoices at the right time can help you to get them paid quickly. Sending out an invoice late demonstrates a lax attitude to your clients, who are then less likely to take your payment deadlines seriously. Lead by example and be careful to send your invoices on time.
Software can be used to automatically send out invoices on the right date and remind clients to pay them, reducing the workload on yourself and improving the client experience. Set up an automated payment process and increase the likelihood of your invoices being paid promptly.
Offer Multiple Payment Options
Giving your clients multiple ways to pay is likely to encourage them to do so in a more timely fashion. Online payment with providers like Stripe & Paypal are convenient and allow you to add a “pay now” button to digital invoices to speed up the process.
Offer Direct Debit
If you have regular customers, direct debit services like Gocardless.com make it easy to automatically collect payments. This works great for repeat invoices even when the amounts vary, making invoicing for small businesses a doddle.
Invoicing For Small Businesses Summary
Improving your invoicing process by using accounting software to automate your invoices and keep track of your clients. It will help you to get paid faster, save time, and ultimately improve your cash flow.