Many small businesses struggle with sending invoices to their clients and invoice management process. But this is an important aspect that affects the business’ cash flow. For small businesses, it’s important to deliver invoices at the lowest cost and they should stimulate their buyers to make the payment earlier before the due date.
Every business wants to be paid on time but minor acts of negligence can cause problems and lead to poor cash flow. To manage your invoices properly you should adopt a strategy to generate, send, and control ur invoices. This will save you time and energy.
To help you manage your invoices here are some invoice management tips.
Know the payment schedule
Depending on the type of project you’re working on, you must have a clear payment schedule. You should decide when is the payment due date. When you have small projects, you must send an invoice for the services you provide. For more about this read this article.
Create a checklist
It is recommended to create a checklist to avoid any mistakes. Include thee information in the checklist:
- Name of account
- Telephone number
- Address of businesses, invoice, and receipts
- Contact information
This is a basic list and you can include more information
Make your payment terms clear
You should make sure the payment terms are understood by the buyer by mentioning them well in advance. This will help you avoid any conflict in the future. These terms include the payment interval, the project budget, and any other important detail. Also, make sure your client has signed the agreement, to avoid any issue.
Contact the right person
When you work with a client you have to make sure who pays the bills or who is the decision-makers. If you don’t know you’ll waste much of your time contacting a person who can’t complete the payment process. So you must send the invoice to the authorized person, to avoid unnecessary delays.
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