bw miller dena is the best accountants wellington, new zealand

Know the most Useful Invoicing Tips for

Businesses

www.bwmillerdean.co.nz

http://bwmillerdean.co.nz/

• It is very important for every business to make timely payments for its goods or services.

• Having an accurate and efficient invoicing system can accelerate customer payments. Also, businesses will become more consistent in realization of its revenue.

• Well known Business Accountants in Wellington can offer you prompt service which is truly very genuine and cost effective.



Now, you can check out the most important Tips for Effective

Invoicing:



1. Keep Accurate Records

• Before sending an invoice, a business must know what work has been done, and how it was done. It is recommended to track the work on an ongoing basis using time-management platforms.



2. Prompt Dispatch of Invoice

• A person is required to mail an invoice immediately after the work is completed or a product or service is delivered because prompt invoicing usually leads to prompt payments.



3. Clean and Consistent Format

• Always follow a clean and consistent format of invoice. An invoice must be simple and to-the-point, and yet effective.

• It should be understand easily. Reason being, most invoices are read quickly and immediately upon receipt. Key details like payment due date and amount should be clearly visible.



4. Relevant Information

A good invoice must include all pertinent information, like

• Order number• Details of the GST amount• Total amount• Summary of the total payment• Due date• Payment options• Details of any discounts



5. Billing Schedule

• Set up a billing schedule and stick to it. Consistent invoicing helps businesses to make payments on time.

• Also, If possible, try to bill recurring invoices on the same day each month as it can reduce the chances of an invoice being overlooked.



6. Communicate Policies

• All business policies, terms and conditions should be known to both buyer and seller otherwise it may lead to unnecessary confusion and disputes.



7. Client Knowledge

• Gaining adequate knowledge about clients and their business cycle may increase chances of being paid on time.

• Try to get details regarding preferred mode of billing and mode of payment (whether online or check or lump-sum or part payments). These details help to avoid future disputes.



8. Employ Digital Invoices

• Always insist on sending digital invoices. Send invoice by post as well as via electronic mail, as this will ensure faster delivery and also helps when customers shift their office premises.



9. Timely Reminders

• It is always appreciated when you send timely reminders regarding payment deadlines. It guarantees payment on time and relief to both parties.

• Decide what timeline works best for you and your clients.


10. Multiple Payment Options

• An effective invoice always provides details about multiple payment options to clients. For instance, a digital invoice will include a link for making payments online.

• Businesses may offer instalment payments to encourage smooth collection of receivables.


11. Human Touch

• Always use a ‘thank-you’ phrase in the invoice. • Also, try to connect with the accounts

department. Introduce yourself and inform them that you are sending an invoice for the product delivered or service rendered.


12. Charge Interest for Late Payments

• Late payments should be taken as a serious matter because it is your right to claim the outstanding dues.

• Send a digital and paper mail reminder regarding late payments. It should also include details like tracking number, amount due, and interest on late payment.


13. Invoice Tracking

• Develop a system for tracking invoices because it is necessary for updating proper financial statements and tax payments.

• Have up-to-date status of payment and client details. In this regard, invoice numbering system can help businesses a lot.


14. Good Software

• Install efficient invoicing software which can help you to create professional invoice with all the required information.

• The program will allow customization with respect to themes and colors. It should permit different level of access to multiple users and can give real-time reporting.


15. Effective Use of Blank Space

• If invoices have lot of blank spaces, then use it judiciously. You can use it to promote your new product or service, or communicate any update regarding the existing product or service.

• This cross-selling technique will remind the customer that you have more to offer and it can also help in building loyalty.


16. Consider Outsourcing

• Outsourcing the task to a professional Finance and Accounting outsourcing Service Company makes sure that the task is completed with accuracy and within the specified turnaround time.


Contact Us

BW Miller Dean LtdLevel 5, 203-209 Willis Street,

Wellington 6142, New Zealand PO Box 11-253 Wellington 6142

Phone: +64 (0)4 910 3340


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bw miller dena is the best accountants wellington, new zealand

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