One of the most frustrating aspects of starting your own business or service is the hassle of arranging payment for services rendered. Even if you discuss your fees, meet every deadline, and provide clear instructions for payment, there's no guarantee that you'll be paid in full as expected. Rather than dishing it out with a client every time a payment date slips by, consider implementing these invoicing tips to better streamline your payment process:
Make Your Invoice Stand Out
Accountants and bookkeepers are used to seeing the same standard 8.5" by 11" invoice document come across their desk, making it important that yours stand out and appear professional at the same time. Showing a little design flair can also show dedication to your brand's professionalism and style by remaining detail-oriented all the way to the bank.
Automate, Automate, Automate
Making your invoice processing all-digital won't just cut down on paperwork - it can dramatically reduce the amount of time you spend on tracking down invoices. By implementing a digital workflow, it allows you to process invoices end-to-end without manual acceptance, approval, and review processes. It also provides real-time reporting and notifications, keeping you in the loop every step along the way.
Make It Easy to Get Paid
Your customers and clients want a variety of payment options. Thanks to an ever-increasing selection of payment processing services and techniques, it can be hard to keep up. While your business doesn't exactly need to accept Bitcoin, it's important that credit cards, PayPal, and direct transfers are available options for your valued customers. Going a step further and offering online payment portals and links to those systems directly within your invoicing email can encourage your clients to tackle your invoice right away.
Offer Incentives for Early Payment
One of the oldest invoicing tricks in the book is to offer incentivized pricing for your clients who pay early or upfront. Knocking off a certain percentage for clients who pay within 7 days may be incentive enough to settle the bill on time, but it's important to also stay firm on those offers. If a client asks for an exception, it may erode their understanding of the relationship for the future.
Reference the Original Terms
If your project has taken more than a few months to complete, the terms of the original agreement may be fuzzy to both you and the client. Including the original written contract or service agreement with the invoice along with highlights of the relevant payment information will help refresh their memory and help you avoid having to answer questions once they receive the bill.
If you're struggling to streamline your billing processes in order to get positive, reliable cash flow coming in, it may be time to bring in an expert. As a leading accounts receivable firm, Client's A.R.M. provides cutting-edge software and service to partner with your company remotely. We handle every aspect of the accounts receivable process, leveraging our experience in the industry to ensure on-time payments approaching a 100% collection rate. Contact us today to learn more about our services or to schedule a consultation.
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