When running a business, invoicing is probably not your favorite part of the job. It's easy for invoicing to become a time-consuming task. Fortunately, there are plenty of methods you can implement to make invoicing less of a pain. If you find invoicing taking too long, here are seven tips to speed up invoice processing.
1. Keep accurate track of time
An important part of streamlining the billing process is making sure you're tracking time accurately . You don't want to charge your customers only to find you don't have exact hours. Implementing a digital time tracking system can help you track time worked down to the second.
Time tracking systems can also help you track your employees' working time if you need to factor it into your invoices. It can also help you never run out of profits since all your work is saved.
2. Get rid of the paper
The first thing you need to do to speed up invoice processing is go paperless. Not only will this reduce clutter, but it will save you tons of time and printer ink. When you print paper invoices, you need to make sure you have the addresses of the companies you are sending them to. Then you have to mail them out and wait for your customers to pay those invoices.
When you go paperless, you can easily email invoices to customers. It is also the first step towards an automated invoicing system. So, first of all, you need to get your business online and go paperless with your invoicing process.
3. Get the right contacts
You don't want to waste time wondering if you're sending your invoices to the right person. When you start a project, write down the correct contact details of the person to whom you should send your invoices. Once you've gone digital, you can track all of your contacts and seamlessly implement them into your digital invoicing system.
4. Bulk billing
Instead of sending invoices to individual customers at different times, try sending your invoices in bulk. When everything is digital, you can create a set schedule to send your invoices. You can either consult with your customers or determine the best times of the month to bill them. Or you can set a specific date and let your customers know that this date is when you send your invoices. It will also make it easier to keep track of your bills, as they will all come out at the same time.
5. Be clear
To avoid any mistakes on your part and prevent your customer from misunderstanding an invoice, make sure it is clear. You can find tons of templates for clear, easy-to-read invoices online. Also, keep it simple. You want to make sure that you make it easy for your customers to pay. By having a clear and easy to read invoice, you also reduce the risk of making mistakes.
6. Set up late fees
If you tend to encounter customers who pay your bills late, you should try setting up late fees. Having a late fee that a customer will have to pay if they avoid your bill should push them to pay on time, every time.
Alternatively, you can offer incentives to customers who want to pay your bills earlier than your due dates. These incentives can be reduced rates or discounts on future projects.
7. Keep updating your systems
As new technologies come out, you'll want to keep updating your billing system. Your business can only grow if you put the right tools in place to make it happen. You should always look for ways to grow your business and assess how you can do things better. If you want to make more profit, you'll want to update your billing system so you always get the most out of your time at work.
Conclusion
Invoice processing doesn't always have to be a hassle. With these helpful tips, you should be able to streamline the billing process and get the revenue you deserve in a timely manner.