Being able to manage your invoices efficiently is a cornerstone of running a successful business, but there are some challenges to overcome and pitfalls to avoid.
Clear and accurate invoicing
Invoices have to be accurate, and clear to both the client and the admins in the company. Nothing irritates a customer more than having to sift through a complicated invoice to make sure they are being charged for the correct services.
Chasing overdue invoices
Chasing late payments can be one of the toughest and most awkward jobs for any small business owner, but it needs to be done. You should have clear rules regarding payment of invoices, even adding late payment fees for invoices older than 7/14 days. The customer expects to pay for services, often it's more to do with lazy or disorganised clients more than clients who will not pay.
Professional looking invoices
Your invoice needs to stand out as a professional document, having the company logo and address on it is a must. It means the invoice won't just be sent to the bottom of the pile, and the client will appreciate that it comes from a working business.
Sending invoices on time
Sending invoices late sends a message to the client that you don't need to be paid on time, and could slow down your cash flow. Making the invoicing process as quick as possible really helps you here.
Take payments easily
Clients like to pay in a variety of ways; the common ones being bank transfers, card payments and even checks! With card payments are becoming the norm, having risen 41% this year, companies must now be to accept this method of payment.
Using cloud software such as TutorCruncher makes this process (almost!) stress free. TutorCruncher generates your invoices automatically for your clients, and creates a clean looking invoice that you can customise with your own address and logo. You can even write your own PDF template! TutorCruncher also has an integrated card payment system, as soon as clients receive your invoice they can pay through the system and the invoice is marked as paid in the system without you lifting a finger. Click here for more information.
You can easily view all your sent invoices in TutorCruncher