Invoice Payment Terms: 5 Top Tips

As a small business owner, you are well aware that your company’s success depends on receiving prompt payments from your clients. As such, the BizXpert team is always looking to help professionals like yourself get better at what you do, while also minimizing your headaches. We polled active users of the BizXpert Invoicing App, and are pleased to showcase some of the feedback and advice they provided as it relates to running an effective invoicing process.

Communication is Key

One of the most prominent feedback items we received was that of ensuring communication lines with a client are always open. “It’s one thing to send out a reminder email,” says Bryan S., “but it’s another to pick up the phone and call. Hearing a person’s voice and having a conversation about a past-due invoice is always going to be more persuasive.”

Keep Payment Terms Short

If you are serious about the work you do, are deadline driven, and always provide services according to what your client expects, then make sure the expectation is the same when you need to get paid. “Why have a 30 day net when you can get paid in 10 days?” asks Amanda C. “Create terms that work with your schedule—especially if you do your best to make sure your customer’s schedules are always honored. State your expectations up front and explain why you require these types of terms.”

Account for Administration Costs When Invoicing

It can be really easy to say, “This service costs $X,” and leave it at that. However, the question must be asked, “Is that your true cost?” Kevin S. advises, “You should account for administration expenses. Remember, invoicing alone can take time when you have to create, send, and chase invoices. This can create a drag when doing other admin work—and your time is valuable! Make sure you charge for it!”

Get a System in Place that Allows Invoicing-on-the-Go

Business owners are the breed of people who are always on-the-go—they are networking, finding their next sale, connecting with prospects. So why use an invoicing solution that is sedentary? Courtney K. says, “I don’t spend tons of time in my office—so I was realizing that invoicing was that one thing that was holding me back from being out in the field, pounding the pavement, making more sales. Then I found BizXpert. This cloud-based app could come with me and it made my days so much more productive because I didn’t have to carve out a special ‘time’ for invoicing. I could do it while I was in my customer’s office, right from my Windows Phone.”

Invoice the Right Person

Just because your customer contact is the one who orders your company’s services doesn’t mean they are the ones with access to the company bank account. Always ensure that you are invoicing the right person. “Whenever I begin a new relationship with a client, I always get all of the billing details on day one,” says Josh H. “I might be doing work for one person at a company, but the billing contact is totally different. Making sure I do this right from the get-go ensures that my invoices get sent to the right person. It creates fewer headaches in the long run, that’s for sure.”

The team at BizXpert is always looking to make sure you have the tips and advice you need to run your business effectively. If there is a pressing question on your mind, contact us today! We would love to cover your concerns in a future article.

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