Nothing relieves you more than to see that your invoice got paid in time. If such is the case, then it wouldn’t harm to learn a few tips that would help you get paid faster.
Especially, for a small business owner or a startup entrepreneur, it is important to pre-define the method of payment to be collected from customers and in which way to pay to the wholesalers. Accepting cash payment might create a problem as then you’ll need to maintain the records of the same. If you are not getting paid at the time of sale of goods or products then you need to send invoices/bill and have to make sure that those get paid quicker. An important factor to keep in mind is that the longer these bills remain outstanding, the less likely you are supposed to get paid. In such a scenario, you can take help of a small business billing app to get you through the late payments from the customers.
Below listed are the few ways to get you paid faster for your invoices. Let’s check them out:
1) Eliminate New Customer From Credit
Just like medium or large enterprises, even small businesses need to have their credit policies in place to offer to clients or customers. A credit policy that clearly outlines which customers and on what terms they are supposed to be given an extended credit can set your invoicing system in place and helps you to maintain cash flow for your business. Procedural guidelines that will explain them to either fill out a credit application form or to do a credit check for the same.
2) Ask For Partial Pay In Advance
If you wish to not leave it till the end then you can approach your customers with partial payment in advance or kind of an upfront deposit for the inventory cost for the task. It is now becoming a regular business practice in the invoicing industry and moreover, the move is usually welcomed by all the reasonable customers. This step will at least ensure of you receiving some payment rather than not getting paid at all.
3) Invoice Promptly
Not sending invoices upon completion of work or rather waiting to prepare professional invoices after the service is rendered, shows unprofessional business attitude and implies a careless approach to get paid faster. This could add as many as 30 to 60 days for you to get paid for the work already done. Small business accounting software will not only help you in not only creating professional invoices for payment but such online invoicing apps can act as an online expense tracker.
4) Mention Clear Payment Terms
If you would like to maintain optimum cash flow for your business then do not leave it up to your clients or customers to decide when your invoices should be paid. Send payment reminders via emails regularly to inform them about the payment and to get paid on time. Make sure to include to the due date in the invoice as it will trigger them to respond quicker.
5) Drop Any Errors
Mistakes in your invoices can cause a delay in the payment. If the error is regarding payment amount or any other major issue, it could harm the business reputation as well. Using a free invoice generator will ensure to take all the information automatically such as noted billable time, estimates, quotes, and any other pertaining details to create accurate invoices from the available information.
6) Selecting The Right Billing App
Moon Invoice has come up with the comprehensive online accounting & billing solution that connects small businesses to their accountants, Bookkeepers, banks and other online business software. Over the years, Moon Invoice is successfully able to pave the way for our customers to directly connect with their customers and suppliers or vendors so as to carry all the invoicing related business operations seamlessly.
Following are few of the handy advantages of Moon Invoice:
- Manage Invoices & Credit Notes effortlessly
- Administer seamlessly Estimates & Purchase Order
- Smart Filter option with 22 Professional PDF templates
- Save time with auto invoicing numbering and avoid any critical financial data entry error with iCloud Sync feature.
- Manage Separate Customers & Vendors list
- Track expense and payments
- Add unlimited companies
- Smart Quarter and Summary view
- Create custom invoices with the option to add 2 different signatures, name, title, and date
- One touch Backup & restore option with TouchID Protection
- Customize PDF layouts, alignments, image, color and format