It is considered to be the least favourite part of the job when you are asked to handle invoice management. It is important too when you are carrying out a small business, you need to track down your cash flow as well. It is suggested to use a successful invoice sample and work on identifying the smart strategies that can actually help to generate the invoice, send them to the customers and keep a fine record of the business operations.
It is also believed in the business that if you are good at managing your invoices, this will lead to encouraging the regular cash flow, gives you enough time to focus on growing your business, and eases the woes of accounting issues as well. In this article, we have gathered the best tips for you to streamline your process of accounts payable. We will learn about how to choose the right type of invoicing app, how to manage your invoices online, get your hands on the invoicing app, and how can you customise your invoicing process.
Improve Your Invoice Management – Choose the Right Type
The idea of fitting the same size to fit all the invoice templates is not ideal. However, if you use one suitable invoice template according to your business requirements will help you to improve your management of invoicing.
As mentioned above different projects require a different plan for payment. Before you decide to choose the right type according to your needs, get in touch with your client about the payment schedule and agree upon what is the best suitable option for both parties. Some suitable options to manage your accounts receivable are listed below for you:
- Multi instalment Invoices can help your customers to pay in instalments rather than a lump sum amount. This can be scheduled as the initial deposit and then the rest of the amount can be paid in three instalments during the life of the project.
- Recurring invoices can be another idea where your client is required to make ongoing payments that could be on a weekly or monthly basis.
- It is required to send a final invoice that has the details of all the payments of the project and an outline of completed work during the project life.
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Online Management of Invoices
Online management of invoices is an instant solution to streamline your invoice management without any hassle. The best part is that you don’t have to deal with the paperwork anymore. As the clients and you will be bombarded with piles of paper when you are managing without an online invoicing system. Another disadvantage is the fear of losing the records to check whether the invoice is sent and the payment is received or not.
On the other hand, an online programme for managing invoices will help to keep the track as handy as in a mobile device.
Handle Delayed Invoices
The issue of common delays in the payment is still an issue even if you are using online invoice management. To avoid these common delays in payments, it is suggested to send the invoice right away and have an agreed payment schedule for your customer. Some other issues that become the reason for slowing down the payments include the following:
- The invoicing mistakes like sending them to the wrong customer.
- You are unsure of the terms and conditions. As you consider the payment must be received within the time duration of a month, however, the customer thinks he will avail instalments option.
- Consider the right timings to send the invoice for a quick response like during working hours. If you will send them at the midnight, you will face a delay in payments.
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Learn How To Manage Your Invoice App
Human error is quite possible in the invoice that you have already sent to the customers. Some invoice apps give you the option of editing your old invoices. In such a case you can do the following suggested amendments to the invoice you have sent with a mistake:
- You can either edit or resend the invoice.
- You have the option to cancel the invoice in the invoice app as well.
Furthermore, if the payment has been made with the incorrect invoice details, there is no option to cancel or delete anymore. However, you can manage for a refund to compensate within 60 days.
Customise Your Receipts and Invoices
You can customise your invoices to ensure that the customer is aware of the particular invoice received from your business. As there can be plenty of invoices that a customer might receive. This will further help you to stand with your unique customised style of invoice and it will give you recognition.
It is possible that the customers can choose to pay the invoice online, in person, or through a credit card.
The Bottom Line
Finally, the discussion of invoice management is coming towards wrapping up. We can sum up by saying that it is important to manage the invoices for a seamless process of working with the cash flow record. Where it saves your time and makes it possible to speed up the payments, on the other hand, if the invoices are not sent right away, there are more chances of errors. You might send them to the wrong customer or the details added are not according to the agreed terms with your client.
However, we hope the tips for managing invoices will help you and save you from delayed payments.
Disclaimer: The information about invoice management provided in this article, including text, graphics, and images is general in nature. It does not intend to disregard any of the professional advice.