If you own your own business, then you probably already know what an invoice is. By definition, an invoice is a piece of paper that is sent out to a customer for a bill owed for goods or services that the customer has received from your company.
It’s important to note that an invoice and receipt are two totally different things. A receipt is actually proof that the invoice was paid and the customer either owes you less money than before or the bill has been paid in full. In this blog, you can find out when an invoice should be sent and a even a few of the benefits of having a good invoicing system in place for your business.
When should you send an invoice?
Many new business owners aren’t quite sure when an invoice should be sent to a customer. The best rule of thumb to follow with this is that you should send an invoice at the beginning, middle, or even the end of the month, so that a customer knows what is still owed. Each company has their own schedule that they follow, but there should be no more than two weeks allowed to pass without sending an invoice from the time of purchase.
What are the benefits of a good invoicing system?
The best way to ensure that your invoicing goes off without a hitch is to have a stellar invoicing system in place. There are many benefits to this and to having a reputable invoice printing and mailing service to get the ball rolling and help you keep invoicing on track, as well.
You get paid faster
The biggest benefit of a good invoicing system is that your company gets paid faster. Putting cash into your bank account so that you can put it back into your business should be your top priority. A good invoicing system can help you to do just that.
Past due invoices and forgotten bills can cause major havoc in your business, meaning that you’re not getting paid. Being organized and on top of those invoices will make all the difference in your business, as well as your bank account.
It saves you time
It’s important to note that entering and sending an invoice should only take a few seconds of your time. If you’re spending hours on entering and sending your invoices, then you’re not doing something right. If you can’t pull a name from a drop-down menu and send your invoices in seconds, then you need to upgrade your system. While it may be a little time-consuming upfront to set up a different invoicing system, it is well-worth it in the long run, which will save you tons of time. Time that is better served marketing and drumming up customers for the business you’re trying so hard to make a success.
It makes it easier on your clients
If your clients have to pay invoices via a check sent through the mail, it’s time for an upgrade for sure. In today’s world, all a client should have to do is visit your site or app and pay their invoice with a few clicks. Updating your invoicing system will make the process easier for your clients, thus allowing you to get paid faster.
These are just a few benefits of a good, modern invoicing system for your business. If you find that invoices are taking away too much of your time, consider outsourcing the task to an expert. Not only will you make sure that all clients receive their invoices, but you’ll also free up your time to focus on other aspects of your business.