Invoicing: An Ideal Route to Better Cash Flow
There is a saying that it really does not matter how much you sell, it comes to nothing if you don’t get paid for it. There have been several discussions before over bettering the cash flow of a business. Business owners often tend to get so much engrossed in positioning their brands that they forget to make sure, if cash flow is being properly managed. It’s also a total blunder when businesses focus only on the quantity of sales and not on the amount of money that they are supposed to receive.
While invoicing could be one effective method to keep a check on the cash flow, there are many that forget to invoice or fail to follow-up on the unpaid ones. And then, there are those that are less organized and lack the services of a quality automated system to create, send, and track their invoices. Quite clearly, cash flow management starts with the basics. There are three ingredients to it –
- Keeping track of money
- Following up
(picture by kipcurry)
To keep a good track of money, you need to put your best foot forward, obviously with the latest techniques used in invoicing. Though, there are other ways to get paid, but online invoicing outperforms being the quickest of them all.
That’s where you can get your hands on online invoicing to keep your cash flow in good shape and analyze your financials in a better manner. Let’s see how online invoicing stands out:
- Invoicing with an invoicing software is as simple as it should be. It definitely encourages you not to use paper and do it all online without having the need to bother manual ways of doing it.
- Invoicing not only helps you keep a track of your payments, but also enables you send recurring invoices, charge late fees, and do a lot of other stuff automatically.
(picture by johnridley)
There are some other aspects of invoicing as well that can help you paid quickly. Have a look –
Mere invoicing does not fetch you all the money. It’s about being prompt for the money that your clients owe. You must present invoices upon delivery of your services or products immediately. Now, if you don’t do so, you might be looked upon as careless or unprofessional. No business would like to wear that label. So, you don’t have to think twice about sending invoices across.
Another one would be to accept partial advance payments, i.e. before completion of your services. This usually keeps the cash flow in good state. For example – you may ask your client to deposit a fraction of the total amount to keep uniformity in your financials and to keep your business moving. What it does is that it gets you paid something even if the client defaults on the rest of the payment.
Send Invoices to the Appropriate Person
Choose the client carefully while invoicing. Sometimes, you may select the wrong one and end up sending the invoice to someone else.Make sure you send your invoices across to the the right person or to someone you actually intended to. Do a thorough look at your invoice before sending it.
Specify services and charges
Now, as you send invoices, you must make sure that your invoices specify the services, charges that have performed for the client. This helps elaborate the terms and maintain transparency in operation both for you and the client. Further, this would help when multiple projects demand multiple invoices being sent.
Be clear while stating your payment mode to the client. List all payment methods that you accept. This usually helps any further disturbance in the smooth payment process.
Many-a-times, you may encounter clients that don’t pay on time or forget to pay. You may practice following up with such clients. If you see the due date nearing, you may send them a reminder about the due payment or probably schedule a reminder using an invoicing application.
Written by Joshua Gallows: Joshua Gallows, a Social Media Enthusiast has been consulting and helping his clients excel in establishing Internet marketing strategies. He is an avid reader, learner, and loves to write about online invoicing software and other similar stuff.
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