Taking care of invoices and billing payments can often be demanding for many small businesses. However, very few things are more important in the business industry than getting paid on time since delays in payments can seriously disrupt a business’s cash flow. Let’s talk about unpaid invoices.
In these times, interruptions to cash flow could be significantly detrimental to your business’s operations.
Business owners looking for best practice tips to get paid on time should remember that the most effective solutions are often the most simple. Owners should make sure that their invoices are accurate, easy to read and include information such as:
– How to pay the invoice
– A clear description of goods or services provided
– The details of any discounts
– Information about any outstanding payments
– Delivery charges if applicable
If any queries arise about the unpaid invoices or payment, owners should handle them fairly and quickly.
Making only a few simple adjustments to invoices can speed payment from customers so owners can focus more of their time on their business than on their bills. Some techniques to speed up payments include:
– Confirming the correct location and contact details, so the invoices reach the right person.
– Clearly stating on your invoice that you reserve the right to charge a set late fee for overdue invoices.
– Contacting customers to tell them what corrections or adjustments are happening to their invoice before sending the amended invoice
– Quoting any relevant customer reference number customers have provided.
– Including a credit card or online payment option.
Business owners may also wish to look into e-invoicing methods (if applicable to their situation) to determine if this may be of use or interest to their business. To set up e-invoicing, you can speak with us and learn about your eligibility, requirements and further information.
