Invoicing tips every Small Business Owner should know
POSTED ON: 25 May, 2018
Troubles in the payment area can seriously hurt your business. A healthy cashflow is crucial, but if you’re a freelancer or a small business owner chances are you’ve been paid late before. However, there are some ways for you to help yourself get paid faster and easier. Read our tips so you don’t have to learn it the hard way.
1. Set your terms in advance
Be clear about your terms in the very beginning. Your client should be well aware of due date, management of late payments, instructions on how the payments should be made and what will be the consequences in cases where agreed conditions are not met. If you clearly specified your terms and the client ignored them, you’re completely entitled to charge late payment fees.
2. Have clear records
Be specific in your job management records. Do not estimate, always have detailed proof and be ready to explain the reasons in case the invoice ends up to be unexpectedly high. Overtime or going over budget can happen but make sure you have all the information to back it up.
3. Invoice ASAP
Make sure your client receives an invoice when the value of the work you’ve done is still fresh in his head. Don’t wait for the end of the month, don’t even wait until you get back to the office. Send an invoice straight from your phone as soon as the project is done.
4. Send a reminder
Don’t be afraid to follow up overdue invoices. There’re so many reasons your payment can get delayed. Sometimes the invoice gets misplaced or lost in mail, stays unopened or ends up in spam folder. Other times a client simply forgets to pay it. Don’t ever feel awkward to send a reminder.
5. Make it easy for yourself
Don’t spend much time collecting what you’ve already earned. Unique e-invoicing Satchelpay is offering allows you to have your invoice ready in only 1 minute. It can be delivered instantly by email, SMS, or via direct link which you can use on social networks. It does not require a website, you can automate the process of billing and accept both credit card payments and bank transfers. Getting paid should be the fun part of your job. Make invoicing easy and let it improve your cashflow.