When it comes to business invoices and getting paid, there are some rather frightening statistics that reveal the magnitude of problems that businesses face. For example, as many as 11% of customers don’t receive their invoice at all!
If companies want to ensure they get paid on time, it’s essential to establish an effective invoice workflow. So what are some tips for simplifying your invoicing process?
Keep reading for an overview of how to improve how your business manages its invoice system.
What Must Be Included in Your Business Invoices?
First, let’s run through a checklist of the essential items that need to be included in your invoice. There are some items such as branding that are not a legal requirement to include. However, it might help clients to recall your services and encourage them to return to you in the future.
In addition, you’ll need to clearly state the amount of money owed, and the services or products that correlate to that balance. Don’t forget to list your business name and address, as well as your unique business identifier if applicable.
Finally, it’s essential to remember the date you’ll be sending the invoice and your payment information. The clearer this is, the quicker you’ll be paid.
How to Create an Invoice
Now we can turn to how to make a business invoice. You have several choices for this, ranging from the simple word processer to a specialized invoice creator. Invoice software is a great option if your business will regularly be sending out invoices.
This way, you can design a business invoice template that you can adjust for each specific client’s need. Using software is usually an easy way to create a smart design that will help your business appear professional.
Ideally, you’ll be sending your invoices as an attachment to an email. This is the most efficient way to ensure you get paid quickly.
Tips for Efficient Invoicing
Finally, here are some tips you can use to make receiving payments as pain-free as possible. By using custom business invoices, you can use your paperwork to send the right message to clients. Whether you want to come across as quirky, formal, or family-friendly, use your invoice to set this tone.
Another piece of advice is to include the terms of payment on your business invoice template. If your clients have agreed to make their payment within a certain timeframe in your terms of service, you can include this as a reminder on the invoice.
Our last tip is not to be afraid of chasing up late payments. This gives the impression of a professional business as long as you do it in a polite manner.
Now Your Business Can Get Paid Quicker
You can use these tips and tricks to ensure that business invoices get paid as quickly and easily as possible. By using templates and business invoice software, you’ll be making the payment process easier for both your employees and your clients.
If you found this guide to managing invoices helpful, make sure you check out our other business-related articles!
