How to Make Invoicing More Efficient

Invoicing is one of those aspects of running a business that can feel like a chore – but without invoices, we wouldn’t get paid!

Delays in sending an invoice, keeping sloppy accounting records or, even worse, forgetting to send an invoice can result in some quite major cash-flow problems for small businesses, leaving you behind on paying bills or even employees. Let’s have a look at some easy ways to make invoicing more efficient, streamlining your business processes and saving you time.

Keep It Simple

A well-organised, simple-to-read invoice helps with clear communication and avoids misunderstandings. Limit the amount of information contained on the invoice to the need-to-knows. It simply needs to contain a clear breakdown of what is being charged, the period the invoice covers, the payment terms and the banking details.

Prompt Invoicing

Sending an invoice as soon as possible after you have carried out the work gives the impression that your business is organised, professional and reliable. It should also mean that the payment arrives sooner, of course, and this in turn will improve your business’s cash flow and make it easier to keep track of payments coming into your account.

Move to Online Accounting

There are numerous online invoicing services available, and they can be very helpful in streamlining your invoicing process. With ready-to-use invoice templates and excellent record keeping software available, they can save you a lot of work and keep your invoicing records well organised for you according to Forbes.com.

For assistance with any aspect of your business accounts, Worcester accountants https://www.randall-payne.co.uk/services/accountancy/worcester-accountants can provide professional and friendly services to businesses.

Follow Up Late Invoices Politely But Quickly

If you notice that a payment has not arrived yet, and it has gone beyond the agreed payment terms, follow up with the other party as soon as possible. Keep your language polite and professional, but don’t be afraid to let them know that the payment is overdue and ask when you can expect it.