By On Jul 04, 2018 Invoice Templates
Once you’ve delivered your side of the agreement, it’s time to send your customers an invoice. Invoicing them as quickly as possible helps to encourage them to pay faster. After all, if you’ve delivered your products on Monday, why wait until Friday to send your customers an invoice? If you’re billing your clients for services rendered, sending invoices upon the completion of a project serves another purpose: it encourages them to pay while the value of your work is still fresh in their minds.
Some business owners spend up to 10% of their work time on invoices. If you feel like you’re spending too much time on invoicing clients and chasing them for payment, it could be time to start looking into cloud accounting software like Xero and QuickBooks, especially if you’re using other cloud software like Shopify (and TradeGecko!). In addition to enabling you to prepare and send invoices quickly, cloud accounting software helps you to manage overdue invoices by automating reminders. Also, instead of needing to return to your office to send an invoice, you’ll be able to send invoices anywhere.
If you’ve noticed your customers are putting off payment until the last possible date, it might be time to start incentivizing early payments by offering a small discount for invoices that are paid in advance. To do this, you need to decide on a specific early time frame. Make sure you feature these incentives in your invoice to motivate the customer to react to the offer you’re putting in front of them. By rewarding your customers for their business, you’ll be able to encourage loyalty while ensuring they pay you promptly.
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