Get Paid Faster With These Three Invoice Tips
For most small businesses, few things are more important than getting paid on time, as payment delays can seriously disrupt cash flow. When searching for ways to speed payment, keep in mind that the most effective solutions are often the most simple. The invoice you send your customer is, hands down, the most important communication in regards to getting paid. With a few simple adjustments and additions to your invoices, you can actually speed payment from customers and increase your chances of getting paid.
1. Email your invoices – do away with snail-mail
Almost everyone’s on email these days. Gone are the days when a formal piece of paper is the norm for invoices. Posting your invoices only delays payment — firstly there’s the time they take to reach your customers, second, there’s a high chance your customers will put your invoices in a drawer and forget about them.
2. Attach files to your invoices – don’t give your customers a reason to query your invoices
Give your customers all the information they need as soon as you invoice them. Otherwise, your customers might use lack of documentation as an excuse to delay payment.
3. Get your due date right
For the line of business you’re in, find out what’s common practice for due dates. If all your competitors ask for payment in 14 days, don’t be the business where it’s OK for your customers to pay you by the end of the following month.