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The Ins And Outs Of Simple Invoicing

27 November 2017 No Comment

There’s a lot to consider when you start out in business. The world may be your oyster, but only for as long as you take care of the technicalities. You’ll need to consider hiring staff, improving your product, and getting your name out there.

But, many business owners focus so much on the above that they forget something equally important. In case you hadn’t realized, it’s also crucial you develop a method for collecting payment. For some businesses, this involves nothing more than setting up a Paypal account. It’s fast, easy, and free to manage. For others, payment processes include invoices, which outline costs and payment dates. And, these are what we’re going to focus on here.

There’s no getting around the fact that invoices are one of the trickiest payment methods to manage. Instead of setting up an account and leaving it be, you need to make sure information is correct, send out on set dates, and chase up payments. Lucky for you, we’re going to look at a few ways to make the process easier.

Use a template

An obvious and easy way to make invoicing simpler is to use a template for each customer. You can develop this for free using programs like docs.google.com. Online options like these also have the benefit of being accessible from anywhere. Or, you may want to use a program like Microsoft Office to do the job. Either way, a template can provide your general invoice outline. All you’ll need to do is change relevant information for each client. This method ensures a professional finish while saving you time.

Automate the process

When you leave invoicing procedures to staff, you open the way for human error. Failure to send, or simple mistakes made within, can cause real setbacks. To ensure that doesn’t happen, you could automate the process with help from programs like the Q2C package you can find when you go to DataServ.com or other sites like them. This way, you’ll be able to rest easy that everything is progressing as it should with your invoicing process. Not to mention that this frees up much-needed team members. And, you’ll be alerted to defaulted payments the moment they happen,

Stick to one payment day

As all your invoices are going out at different times, it’s tempting to scatter payments for each job. But, this can be incredibly confusing. Not only will you struggle to keep on top of missed payments, but you’ll also find it trickier to keep track of money coming in. And, proper money regulation is essential to ensure your business is above board. All earnings need to be declared, after all.

So, it’s worth asking for all payments on one day each month. That way, you’ll be able to see straight away who has defaulted on payments. You’ll also be much more in control of your finances when they arrive in one lump sum. You can plan your business spending around that date, and ensure you can stay afloat.

 

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