Managing your invoices isn’t exactly the most exciting task in the world. Whether you’re sending them to clients or receiving them from your employees, keeping all your invoices in order can be tiresome work – but it’s nevertheless important. After all, without invoices, it would be near impossible to get paid efficiently and on time.
You might have a small business, or you might run a large business. Either way, it really doesn’t matter. What truly matters is your invoice management strategy. If you feel that your invoice management is a little messy and could need some help, look no further than this article. Read ahead if you want to learn some top tips that will transform the way you handle your invoices and will ultimately make day-to-day business life a lot easier for you.
1. Use electronic signatures
A lot of invoices require signatures, usually on behalf of the party that is processing the payment. This is much easier to do digitally than it is in person – and here’s why.
Let’s say you’re a business owner or entrepreneur that provides services to customers. Rather than having to send out invoices in paper form, you’ll instead be able to send invoices digitally (over email), which customers can then sign and send back to you quickly. This means you can get paid faster and not have to worry about delays or any other complications. Sending invoices out with electronic signatures is made easier when using one of several DocuSign competitors, so make sure to check them out.
2. Clearly include the relevant details
Naturally, you should want your invoices to be high-quality. The first step is to make sure all the relevant details are included in your invoices, from your contact details to bank account information, so that payments can be received. By including these details, it improves your professional image and ensures there’s no confusion.
3. Refresh your invoice template
Next, the template of your invoice is very important. If everything is a mess, then it’s going to leave a bad impression on your clients and ultimately make receiving payments more difficult. Therefore, it’s a good idea to refresh your existing invoice template if you feel that it is necessary to do so. Here are some tips for crafting the perfect template:
- Include concise tables and headers (for a clear breakdown of your completed services)
- Make sure that your services can be listed in order with the costs next to them
- Add space at the top of your invoice for your contact details and billing address
- Give each invoice a unique name
- Add a block that details your payment terms
Once your invoice template is looking nice and presentable, it will massively benefit your business.
4. Send and receive your invoices on time
Invoice management is all about time. If you’re always late when it comes to sending invoices, then you’ll experience a range of problems, from unpaid invoices to frustrated clients. The same applies to when you receive invoices (for example, if you hire a freelance entrepreneur, they will have to send you monthly invoices).
So, it’s essential that your time management is up to the task. You can set reminders for when you need to send invoices, and can also do the same for receiving invoices.
5. Hire an accountant
If you aren’t a financial expert and are dealing with a lot of invoices every week, it’s worth hiring an accountant to handle some of the workload for you. They will be able to thoroughly check that invoices are correct and paid on time, which will help to lift a weight off your shoulders.