Although they might just be pieces of paper, invoices are one of the most important aspects of your business. Having the right process and format for your invoices is important to help streamline your workflow and to help you get paid for the work you do.
The easiest way to achieve this is to have a computer-generated invoice rather than a hand-written one. Choose an easy-to-read font. If you’re unable to provide a computer-generated invoice, be sure to write as clearly as possible to avoid any confusion and misread information.
Don’t put unnecessary information on your invoices. The simpler, the better. Give your customers the information they need to know. Some items to make sure to include are:
The layout and design of your invoice can also help keep it simple and easy for your customer to find what they’re looking for quickly. It’s a good idea to make the amount due and payment terms stand out on the invoice as these are two things customers will often refer to first.
An easy way to ensure that the payment is being sent to the correct place is to include a return envelope with your invoice.
Send your invoices out as early as possible. The longer you wait to send out the invoice, the longer you’re going to wait for payment.
Most customers take 30 days or more to pay invoices after receiving them; however, if you factor your receivables with Scale Funding, we’ll pay you same-day.
If you invoice a customer and you’ve not received payment within the terms specified, it’s important to follow-up and give them a friendly reminder. Scale Funding provides dedicated collectors to our factoring clients at no extra cost. Our team members are trained to professionally follow-up to ensure payment is collected in a way that keeps the relationship with your customer strong.
Make sure to keep track of information internally. It’s good to know when the invoice was sent out, previous payment trends and any follow-up communication that has occurred. If you use a factoring company like Scale Funding, we will keep track of these items for you. Our Credit Department watches payment trends closely. If there is any change, your relationship manager will inform you promptly.
If you answered no to either question or want other assistance with your invoicing process and collecting payments from customers, contact a financial representative at Scale Funding. We’ve helped customers since 1994 get paid same-day on their invoices, streamline their invoicing process and collect from slow-paying customers.
Scale Funding is an invoice factoring company serving businesses across the United States. For more information on factoring, call (800) 707-4845 for a free, no-obligation consultation and quote.