5 Smart Invoicing Practices For Small Business

Whatever type of small business you run, there’s a good chance that a lot of your business comes through invoices that you send out to request payment for your services. Unfortunately, many new business owners are not exactly adept when it comes to setting up smart invoicing policies, and they often have to have a few bad experiences with non-paying clients before they implement superior procedures. If you’re new to running a business and are not sure how to go about the invoice process in the most secure way, you might want to keep these tips in mind.

1. Lay out your policies in advance: When you enter into an agreement with a client, have them sign a contract that covers your policies with regard to invoicing. In the contract you can outline a number of facets of your process, including:

· How much will be paid up front and how much upon delivery?
· How long do clients have to pay?
· When do late fees apply, and how much will they be?
· What types of payment can you take?

While it’s a good intent to have a standard contract that you often return to, you’ll probably want to accommodate it for apiece of your clients.

2. Make your policies clear: Even if you include all of these points in your contract, be sure to make the most important points explicit. After all, it’s no secret that many contracts never get read, so protect yourself by double checking that your client is aware of the important points in your contract.

3. Make all contact information clear: On each invoice that you send out, make sure you include your name, address, email address, and phone number in a very prominent position. Some of your clients might be massive companies with separate record-keeping apartments to handle invoices, so you want to make sure that whoever is processing your invoice can reach you with any questions.

4. Follow up politely: When you reach the due date for an invoice that has not been paid, follow up politely with the client to find out the position of payment. This is one area where good people skills are a must, as being too rude or forceful might discourage that client from working with you in the future. When you contact them, mention that the invoice is due, and ask if there is anything you can do to assist their payment before the late fee kicks in.

5. Number your invoices: Especially if you’re dealing with a massive company that probably processes many invoices in a regular basis, make sure your invoice is numbered in such a way that makes it simple to file. This grants your clients to easily statement for your invoice, and it also helps you to keep close tabs on how long your invoices have been out and whether they have been paid. As your business grows, this system of numbering will become even more vital for orderly functioning.

Caterina Christakos is a published author and small business coach. Learn about her favorite small business strategy system and what she thinks about an easy world wide web business

5 Smart Invoicing Practices For Small Business

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