Invoicing is a critical component of any business. Ensuring payments are made and cash is flowing not only helps cover your overhead expenses, but also ensures your company can continue to grow.
Below, you’ll find a list of eight best practices designed to improve your invoicing efforts:
- Set-up multiple invoicing efforts, so you can continue to remind individuals to pay. Watch the response rates per effort in order to stop sending efforts when it ceases to be cost effective.
- Tie your suspension and cancellation policies to your invoices, so you can stop serving product and create the necessary accounting adjustments automatically. You can do this by number days or invoices received.
- Invoice immediately after the order was placed, so that it is top of mind. This can help you get paid more quickly.
- Clearly mark statements or reminders differently than invoices, so subscribers only pay once.
- Consider including a URL, so credit card payments can be submitted online.
- Don’t include a place for subscribers to write-in their credit card numbers. This practice comes with a number of security risks.
- If you’re printing invoices, the return address should be printed clearly, so payments can be easily made.
- Increase the likelihood that you will be paid by three times by simply including your company’s logo.