Successful invoicing means that you get paid quickly, accurately and stress-free. These steps will help you create and send invoices easily.
5 steps to successful invoicing
Provide quotes in writing
Avoid miscommunication and misunderstanding by providing quotes in writing for your customer to accept before you start work.
Set payment expectations
If your customer knows how and when they are going to receive an invoice the process is a lot simpler. They are likely to be looking out for it, they know how they’ll receive it and they will be expecting to pay you.
Make an invoice that is taken seriously
Invoices should be simple, concise and limited to a single page if possible.
Always provide a description of the goods or services supplied so the customer knows what theyâre paying for. If you provided a quote, use the same language in your invoice so the customer can see youâre delivering on your promise.
You want your invoices to be concise, but provide enough detail that your customer doesnât need to come back with questions. Branding your invoice with a logo makes it more trustworthy too. Invoicing software like Xero can help.
Successful invoicing is supported by making payments easy to receive
The easier you make it for customers, the faster youâll get paid.
Receiving payments via internet banking (BACs)
If you provide your bank account details, customers can make a one-off or regular payment using their bankâs internet banking software. This can be convenient for customers and allows you to track their payment into your account.
Online payment services
If you send online invoices that link to payment services like Stripe or PayPal, itâs easy for your customers to pay immediately on any device. When they open the invoice, they simply click on the âPay nowâ button. It makes life easier for your customers, and youâre more likely to get paid faster.
Invoice financing
If you need the cash and you canât wait for customers to pay you, you could consider invoice financing. Itâs faster and more flexible than taking out a loan.
Invoice financing is offered by some finance companies. Theyâll typically advance 80 or 90 percent of your unpaid invoices, so you get most of whatâs owed to you then and there, instead of waiting for your customer to pay. And you only repay the amounts financed as and when the customer payments come in.
Chase unpaid invoices
Following up on late payments is critical to business health.
The least daunting way to chase payment is to send an email. Be polite, quote the invoice number, say when it was due, and ask when you can expect payment. Itâs a good idea to send the invoice again with your message.
Accounting software can be such an essential part to invoicing successfully. Invoice templating can ensure accuracy, automatic reminders save you time and automatic payment options create efficiency.
