By On Jul 13, 2019 Free Templates
Typically each kind of invoice follows a similar format. Your business may call for unique specifics like clauses, return policies, or disclaimers. Make sure to adapt the invoices you create to fit your distinct business needs. Because every business is different, you will likely need to customize your invoices. One of the most important modifications you can make is adding an electronic payment method. Luckily, there are many tools out there that make this super easy. The most common example is PayPal, but we’ll talk a little about this later. Unfortunately, simply administering an invoice is not a guarantee that you will get paid. To ensure payment, you need to be aware of some invoicing best practices.
Accurate billing is extremely important for anyone running a business. It can be the difference between building trust and doing more business with your customer, and leaving them with a bad impression because a small detail was left out, or misrepresented. Business owners who provide detailed, prompt invoices straight to the customer’s inbox come out way ahead in the credibility stakes. Invoice terms depend on common practices of your industry, your relationship with the customer, and your cash flow needs. For example, “Net 30” means that the invoice is due 30 days after the Invoice Date. Be mindful some businesses may pay later than the stated due date, so you may want to include a buffer to keep your business free from a cash flow gap.
The simple truth of the matter is that your customer may just forget to pay your invoice. To plan ahead, we suggest developing a tactful follow-up plan to get paid before things go awry. Some businesses offer a discount to customers who pay early or on time to help steer them towards payment. Others set up an automated email response to let their customers know as the due date for an invoice approaches or reminds them to pay when the outstanding balance becomes past due. You have to put some thought into your invoicing routine. Simple cobbling together a bill of sale is not the best idea – sure it’s easy enough considering everyone has a word processor on their computer. But making smart use of invoicing practices and implementing a few of the latest cloud-based tools will help you get paid on-time, every time.
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