There are many important things to keep track of when running a business – invoicing being one of the most critical. Receiving correct and timely payment, and keeping good payment relations with your customers can go a very long way.
Here are a few invoicing “dos and don’ts” to keep your invoicing process fast, easy and effective.
DO have a backup system.
After all – a single computer crash, virus or theft can wipe out your records in an instant if you haven’t used a secondary host as well. When it comes to invoicing your customers, especially sensitive data is in question and it’s always better to be safe than sorry.
Best way to back up your data? I would say in the cloud of course. With an online accounting solution like e-conomic, you don’t need to worry about loss of data because you’ve left your security in the hands of professionals. (You can read more about the security of data in the cloud here if you wish.)
DON’T send an invoice to the wrong customer.
It can happen to anyone (and it probably has), but sending an invoice to the wrong customer or contact can be embarrassing – and downright damaging. Customer confidentiality and vendor negotiations can be comprised, making you look unprofessional and unprepared.
Online accounting software can help you avoid experiencing this mistake by saving your customer’s detailed information. This way, all you have to do when invoicing is choose the correct customer and the system will fill in the rest of the blanks for you. Automated invoicing ensures that the right customer gets the right invoice each and every time.
DO put your logo on your invoices.
Take a few moments to personalize and brand your invoices, and the effort will go a long way. By placing your logo on your invoices, you let the recipient know where the invoice is coming from right away as well as reinforce your brand and name in their mind.
Not to mention, having your logo on your invoices makes them look more professional, personal and interesting. In the e-conomic accounting system, you can personalize your invoices in our comprehensive Design and Layout section. Add your logo, change colors, fonts, and more. Learn how to design your invoices in e-conomic.
DO state your late payment terms.
Having clear and concise late payment terms laid out on your invoice can help your customers prioritize paying your invoice in a timely manner. After all, even the best of customers sometimes make their payments after the deadline. Having a late payment policy in place can encourage customers to pay you when you ask them to.
Late payment terms should be clearly laid out on the invoice – thus guaranteeing that your customers can see your conditions upfront and won’t be surprised if you do need to activate a late charge.
DO send your invoices electronically whenever possible.
Now quaintly dubbed “snail mail”, the traditional post system is no longer fast or effective enough for you to trust it with your invoices. One lost invoice in the mail can cause payment to be delayed and slow down your business.
Online electronic invoicing enables you to have receipt confirmation as well as faster payments from your customers. Just think about this – how often do you use online means to pay your own bills? Your business can be just as effective online – if not far, far more so.
e-conomic: here to help
Invoicing with the e-conomic accounting software is definitely a DO. Learn more about the invoicing capabilities in e-conomic, and find out how you could run your business even faster and more effectively.