Invoicing has always been an integral part of any business. That's why it's essential for any business, large or small, to manage its invoices properly. As we all know, every enterprise wants to get paid on time, but a small oversight in invoicing can cause a myriad of problems that lead to poor cash flow. The invoicing process can be laborious as it involves dealing with countless customer records, transactions, historical data, credit information, etc.
The best way to manage invoices is to implement a strategy that allows you to create, send and track your company's invoices. There are several invoicing tools on the market that you can choose from depending on your needs. You will save not only time but also the mental and physical effort of creating invoices. It is also wise to seek expert advice or guidance on buying the best custom invoicing software for small businesses when you are unsure.
Invoicera has proven to be the most reliable invoicing software for small businesses. It helps you manage your business invoices systematically and straightforwardly. It has many features that facilitate your business invoice management process, making it practical and efficient.
Invoicera has over 3 million users and is proud to have provided its unparalleled services to over 60 business clients since 2004.
Here are the top five ways to manage your invoices conveniently and efficiently:
1. Know your payment schedule
Establish a clear payment schedule based on the type of project you are working on. It would be best if you decided how much you will be paid and when. When you have small projects, you should send an invoice for the services you provide. To help you understand, we have three billing schedules you can set up:
Often, clients with limited financial capacity don't want to pay all at once and look for ways to save money when setting up a business. They request that payments must break down into smaller installments at certain billing intervals. These payments are usually based on time spent or the completion of certain parts of the project. At the end of a project, clients often request a final invoice that summarizes all previous billing information.
To show all the work on a project, you can send a final invoice at the end of a completed project, ensuring that you have also sent interim invoices. You should indicate whether these interim invoices have been paid and provide a list of the final outstanding balance. Even if everything has been paid, it is good to send a final invoice to clear all debts.
All of this is handled conveniently and systematically when you choose the best small business billing software.
Recurring invoicing is an ideal strategy as it ensures a healthy cash flow. Suppose you have been working with the same clients for a long time. In that case, you can automatically create a recurring invoice with the best small business billing software, and it will automatically bill the scheduled payment schedule.
Once it's done, you and your client agree on a billing frequency (weekly or monthly), and the invoice is automatically generated at the set interval. It becomes part of your customers' routine, allowing them to pay on time and faster.
2. Using a digital payment system
The Small business invoicing software allows for online invoicing and payment collection, a must for any business today. This allows invoices to be sent by mail and payments readily accepted through the various payment gateways available in Invoicera.
Ultimately, this saves time and money when it comes to invoicing customers. Plus, everything is stored securely on a single platform, without the need for files.
3. Do not use paper for invoicing.
Online invoicing software is the ideal way to ensure the security of invoices. It is advisable to opt for the best small business invoicing software to get this done quickly. This invoice management software will help you manage your entire business and have a healthy cash flow. There are countless well-known invoicing tools like Invoicera that can help you manage your business invoices. You need to choose a solution that suits your specific business needs and budget after thorough research.
Moreover, paper invoices are a hassle not only for you but also for your customers. While using paper invoices, it becomes impossible to keep track of all details, whether the invoice is paid or not. Therefore, you should opt for paperless billing.
4. Ignore delays
Since the manual process is prone to human error, avoiding inevitable mistakes can help you get paid faster. The two most common mistakes are listed below:
You need to be clear about the terms.
It is ethical to set your terms upfront to avoid future disputes. This includes payment intervals, projected budget, and any other clauses that protect it. You need to make sure your clients sign the agreement, so they have a physical copy to avoid problems.
Always contact the right person.
When you are working for a client, you need to make sure you know who will be paying your bills. Often, the person you are in contact with does not have access to the company's funds. In such cases, problems arise. Therefore, you should send the invoice to the authorized person to avoid unnecessary delays or confusion.
5. Processing of sent invoices
Sometimes you need to make changes to the invoices that have already been sent. For this, Invoicera, known as the best invoicing software for small businesses, can very well help you manage the invoices that have already been sent. And you can make the required changes in real-time using the software.
The billing and invoicing process should be simple. It is well known that some customers will always have more problems than others, but you need to use a problem-solving strategy that hits the right target. With that said, we recommend using the above approach to manage your small business invoices.
The best way to manage is to rely on modern small business invoice software like Invoicera. This robust invoice management software helps its users to shorten the payment cycle time and get paid quickly.
Moreover, this software keeps track of every invoice and penny outstanding on the customer's side and analyzes detailed financial reports at lightning speed. Thus, you will have a clear picture of your customers' payment status and build a solid and pleasant relationship with them using an efficient small business billing system.