tips for effective invoicing

Any business establishment, big or small, has to ensure timely payments for prompt delivery of its product or service.

The success of an organization is largely dependent upon how they streamline invoicing.

An efficient and accurate invoicing system can accelerate customer payments and consequently streamline revenue realization for businesses.

The following tips will help make invoicing process seamless…

1. Keep Accurate Records

Time management platforms must be used to track business activities and correlate with invoice data to maintain accuracy.

2. Prompt Dispatch of Invoice

Invoice should be generated by the organization as soon as a product or service is delivered.

3. Clean and Consistent Format

Invoices must be simple to understand with important details clearly highlighted.

4. Relevant Information

A good invoice should include all pertinent information, such as: Description of product or service Order number Total amount Summary of the total payment Due date Payment options Details of any discounts Outstanding payment details Delivery charges if any Late payment charges Details of the GST amount Contact number for any queries

5. Billing Schedule

Billing recurring invoices on the same day every month can reduce the chances of invoices being overlooked.

6. Communicate Policies

Both buyer and seller must be aware of the terms and conditions of the deal to prevent unnecessary confusions and disputes.

7. Client Knowledge

Knowledge about client’s billing preference and payment mode can be helpful in avoiding future disputes and increases chances of being paid on time.

8. Employ Digital Invoices

Digital invoices as well as printed ones are efficient methods of ensuring accurate billing records.

9. Timely Reminders

Reminders of payment deadlines are always appreciated as it ensures timely payment.

10. Multiple Payment Options

Details regarding multiple payment options to clients should be mentioned in the invoice.

11. Human Touch

A ‘Thank You’ note or a call to the accounts department before sending invoice can help in faster payments.

12. Charge Interest for Late Payments

Send paper and digital mail reminding late payments which details amount due, interest rate and tracking number.

13. Invoice Tracking

Proper updating of tax and financial payments requires a foolproof system for tracking invoices.

14. Good Software

Efficient invoicing software must be used to create professional invoices containing all information.

15. Effective Use of Blank Space

Blank spaces on invoices can be leveraged for advertisements, updates or to communicate any offers to customers.

16. Consider Outsourcing

Outsourcing invoice data entry to a professional can ensure accuracy in task completion within the specified turnaround time.

Organizations can collect payments in a timely manner by establishing an efficient and effective invoicing process.

Organizations will not only improve business but also increase their professional reputation.

Invensis provides seamless sales invoice and purchase order data entry outsourcing services for different business requirements

Invensis Provides Invoice/ Purchase Order Data Entry Services for: • Scanned Invoices / Purchase Orders • Structured and Unstructured Documents • Email Attachments • Faxes • Images • Web Forms • Credit and Debit Memos • Data Capture, Indexing / Extraction, Validation and Archiving And Many More....

Invensis is an ISO 9001 and 27001 certified company and has served 200+ clients around the world.

To find out more about the services offered and benefits of partnering with Invensis, please contact us at sales@invensis.net