Do you love to make money, but when it comes to collecting it, you procrastinate? Here are some simple techniques I use with my clients to automate their invoicing process.
1. Use an invoicing tool
When I work with my clients to get their money systems streamlined and organized, I start with this question: Do you use an invoicing tool? If the answer is no, we start looking for one, asap.
2. Hire a bookkeeper
Delegate your invoicing (and other bookkeeping tasks) to someone who l.o.v.e.s. to do it!
3. Set up an invoice template
Create a Master Invoice to use for all your invoices. This will ensure a consistent layout, with complete and accurate information.
4. Establish a numbering system
The simplest way to organize your invoice numbering system is to use sequential numbering. This makes the invoices easier to track and manage.
5. Determine a Payment Due Date
Figure out a payment plan that fits your cashflow situation and make it consistent with all clients. A 30-day timeframe is standard, but use one that works for your business.
6. Make it easy to get paid
The secret to getting paid faster is to make doing so easy for your clients. Weigh the pros of accepting credit card or Paypal payments.
7. Clarify your service description
Make the description of your service crystal clear. Load your pre-written service description and the associated cost into your invoicing software and you’re done.
8. Figure out your Terms and Conditions
Your Terms and Conditions include any additional information such as your return policy, late fees, discounts etc. Again, these can all be set up in advance if you are use invoicing software.
9. Set Auto Reminders
Reminding clients that their payment is overdue is essential, yet unpleasant, so have your computer do it! Set your invoicing software to send out reminders for all invoices that are past due.
10. Deliver on time
Sending out late invoices impacts your professional image and is a pain for your clients. An invoice received late never gets paid promptly. Tweet that!
If you are motivated to streamline your invoicing system, click here and let’s chat. I’d love to help you shave hours off your invoicing process and help find you an online tool so you can get paid faster!