As an Australian small business, getting paid on time is essential to the success of your business. Invoicing correctly and efficiently can help ensure you get paid promptly and keep your customers happy. But what are some other tips?
- Make sure all information is accurate – If you rely on invoices for communication with customers and payment, it’s important to make sure all of the information is accurate. This includes spelling a customer’s name correctly, writing out the right invoice number and due date, and making sure all of the line items are accurate. If any information is wrong, it could cause confusion and delays in payment. With products and tools like Zeller invoicing, you’ll have everything you need to send accurate invoices and stay on top of payments.
- Be clear and concise – Don’t over-complicate an invoice with too much detail, but make sure you include all essential information. This means being clear about payment terms and due dates, your accepted payment methods, and any applicable taxes. It’s also a good idea to include your contact information and company logo.
- Stay organised – An invoice should be easy to read, so you’ll want to keep it organised. Make sure you have a filing system in place (physical or digital) so that you can quickly and easily access past invoices if needed.
- Automate the process – Use an invoicing software or app to make the process easier and more efficient. You’ll be able to save time by automating tasks like sending invoice reminders, setting up payment plans, and tracking payments. Suddenly, you won’t need to spend half your day managing invoices.
- Send invoices promptly – You should always send invoices as soon as you can after providing a service or product. This will ensure that your customers pay on time and that you get the money that you are owed quickly. Sadly, many small businesses still rely on manual methods to send invoices, which can be unreliable and time-consuming. Fortunately, with modern invoicing software, you can send invoices almost instantly.
- Follow up with late payments – If customers don’t pay on time, then you should follow up with them. Make sure that you do this politely and professionally, as this will help to maintain the relationship between you and your customer and ensure that they pay you promptly the next time around. Here are some tips for following up with people who don’t pay:
- Send a reminder email – A simple but effective way to remind customers of their outstanding balance is to send them an email. Make sure that you include the invoice number and any other relevant information in the message.
- Make a phone call – If you don’t get any response from your emails, then it’s worth calling the customer to ask if they plan to pay the invoice. When you do make the call, be polite as this can help to maintain a good relationship with them. After all, you don’t want to lose their business in the process of getting paid as this will hurt your long-term prospects.
- Ask for payment in advance – If you’re working with a new customer or have had trouble getting payment before, then it’s worth asking for payment in advance. This will ensure you’re not left out of pocket if they don’t pay the invoice on time.
- Offer payment plans – If a customer is having difficulty paying an invoice, then it’s often helpful to offer them a payment plan. This can help to break up the balance into more manageable chunks and makes it easier for customers to pay.
- Automate payment reminders – Setting up automated payment reminders is a great way to ensure customers are kept up-to-date with their invoice payments; this also helps to guarantee that your invoices don’t get forgotten or lost in the shuffle of other emails.
With these tips, your small business can manage invoices with ease even as your business grows!
