As a business owner, when you are already tucked up between hundreds of other tasks, following up your clients for payments is not easy. However, it is of utmost importance to follow up your clients on regular basis for payments. In order to cut down some extra tasks from your list, you can always opt for an online invoice software.
An invoice software will also help you keep a track of all your account receivables and due invoices. An invoice system will enable your clients pay online and make payment hassle-free and make invoicing painless for both you and your clients.
But, how can you create a highly productive invoice system? Follow these 7 tips while setting up an invoice software.
1. Pick an invoicing system.
Ditch that paper and space you have created for saving piles. Shift to the all-new world of an online invoice and save yourself from the extra pressure. By the means of online invoice system, you can send invoices via mail and even save it in PDF. Sending bills electronically and providing your clients the convenience to pay online makes sure you get paid 3 times faster and no more waiting for days to get a cheque.
This also lets you save a lot of money since you no longer have to pay for postage, paper, and ink, but that’s just a start.
An online invoice software lets you create, manage and review invoices even while on the go with a mobile app. By this it lets you take your office wherever you go. You can also automate your invoices for all your subscription billing clients to avoid the hassle of creating recurring invoices each month. Additionally, you can set up automatic follow up reminders for your clients to remind them for their due payments.
An invoice software lets you manage your expense and other financial reports in a single dashboard making it easier for you to generate each report for analysis.
2. Input customer information and standard billing amounts/items.
Once you’re settled on an online invoice software, it is now time to decide on the template you will be using and start invoicing your clients immediately. Prior to sending them invoices online, inform them well in advance about your shift to the world of an online invoice and its convenience to them. An online invoice software like Invoicera is a complete benefit to both you and your customers across the globe as it lets you send invoices any language you like. And, receive payments in any currency via 30+ online payment gateways.
The very first step to creating an invoice for your customer residing in any part of the globe is by putting their basic information and address(E-mail and residential) and saving it for future usage. Having this information stored, you’ll be able to create invoices in a matter of minutes in future.
3. Establish payment terms and policies.
Your payment terms and policies will let your clients know how and when you like to get paid, mention them clearly in all the invoices that you create. Even before stating your policies on invoices, make sure you let your clients know about it while finalizing your deal. It should not come to them as a surprise. A well-defined term is a key to a healthy client relationship.
Also, help your client by knowing your preferred mode of payment and duration in which they need to clear the dues. Remember, by letting your clients pay online, you tend to get paid 3 times faster.
It is always beneficial for you to keep your payment policies short term as it will avoid any financial crisis that you might face because of delayed payments.
Also Read: How To Avoid Late Payments Issue For A Healthy Cash Flow?
4. Always approach a professional looking invoice for your business.
Trust me or not, the design of your invoice highly matters. It is the official communication that you’re conducting with your clients. Therefore, it should be highly professional and avoid any kind of glitches or typos. Make sure you always mention every detail in the invoice of the products purchased or the service used. It is always said to get your invoices approved by your client servicing personnel before sending it to the client in order to cross-check the mentioned prices and details.
Invoicera, in order to, make sure that your invoice approval process is smooth and hassle-free has introduced the latest feature of invoice approval process. It then lets you get your invoice reviewed and corrected by the concerned persons via mail. Reducing major steps has helped in making the process of online invoice super easy.
Your invoice should always include:
– Your logo.
– Brand’s colors.
– Clearly defined payment terms.
– Itemized list of services/products.
– Contact information.
– Invoice number.
– Due date.
– A personalized message that thanks to your client for the payment.
5. Use the carrot and the stick.
No matter how good your invoicing practices are, there will be times when it will get tough for you to get paid from your clients on time. The world is a very big place and every realistic business (the perfect smooth business only exists in the head) faces some issues with their client when getting paid in time or even getting paid at times seems impossible. But, don’t lose your cool. It is your job to proactively create a strategy for such situations to avoid last minute fuss. A well-built strategy helps you deal with such clients without much chaos.
For example: Offering early payment discounts or penalizing delay payments will help your clients be more consistent with either making early payments to avail some discounts or at least paying in time to avoid penalties. Money is the biggest motivator after all!
6. Always keep it professional and polite.
Leave no string light here. A little bit of mistake will not only hamper your relationship with your present clients but also create a negative brand impact. Professionalism in any business industry you’re is of utmost importance. There has never been any substitute for it and even future holds no substitute for it. The evolving business industry is becoming rather more professional. Make sure you’re running with the fast-paced industry and never lacking behind.
An invoice is a reflection you send to your client. Make sure the online invoice that you send in professional yet polite at the same time. Adding a simple “please” or “thank you” note will help you reflect your mannerism and ethics.
7. Don’t necessarily invest in outsourcing!
Invoicing is one of the crucial parts of any business, but not many know how to effectively create an invoice. The lack of knowledge and experience in technicalities might force you to hire someone more professional. But wait and think, you don’t need to invest in a new employee altogether. You can also handle your task of an online invoice with an invoice software. It is a more effortless and cost-effective option for businesses to opt for. An online invoice software is a package you can invest in and enjoy benefits for long. It is a complete package that offers you a solution for expense management, employee management, time tracking and accounts receivable management. IT does not require any extra personnel for the task, rather you can handle it all alone while even on the go.
A quick dip into the world of an online invoice with Invoicera
Invoicera is an online invoice software empowering businesses worldwide since last 13 years. Invoicera, helps to automate and simplify your business processes and communication with online invoicing and payments, expense management, recurring/subscription billing, client/vendor panels, time tracking, workflows, multi companies, multilingual & multi-currency support, staff permissions, financial reporting & analysis, purchase order management, subcontractor billing and time management, comprehensive reporting and APIs for 3rd party integration.
