Mika Edword
on August 21, 2019 9 views
Some businesses face a hard time to get paid, and some get paid seamlessly without waiting for weeks. In this video, we've shared some useful tips to create effective invoices that get paid fast and help you stay ahead of competitors. For More information visit: https://www.cogneesol.com/invoice-processing-services #Outsourcing #Bookkeeping #Accounting #invoiceprocessing ►Find us on Facebook: https://www.facebook.com/cogneesol.company ►Find us on Twitter: https://twitter.com/cogneesol ►Find us on LinkedIn: https://www.linkedin.com/company/cogneesol/ __________________________________________________________ Useful Tips on How to Create a Professional Invoice An invoice is a method for financial payment for products or services offered. Now that you’ve sold your products, it's time to get paid. In the business world, every small interaction with your customers is considered to be an opportunity to strengthen your relationship with them and promote your business. And a professional-quality invoice is the best way to do so. According to FreshBooks, Some industries don’t struggle to get paid on time, and those include: • the trade and IT sector that get paid within 16 days on an average, and • it takes 20 days for the legal industry, and • 21 days for creative genres We’ll now walk you through the process of creating invoices efficiently: 1. Initiate with an invoice template You can make use of invoice templates to create professional invoices, enabling your customers to understand the invoice easily. 2. Design your invoice professionally Your invoices should include brand logo, brand color, defined payment term, an itemized list of services/products, contact information, invoice number, and due date. If you’re charging tax on the sale, it is crucial to add that as well. 3. Create accurate invoices Being a business owner, it is your prime concern to ensure your invoices are complete and include all the right information. Cross-check every aspect in invoice like PO numbers, routing numbers and who the invoice should be sent to. 4. Specify Payment methods: If you’ve adopted the latest payment methods such as credit/debit card, PayPal, EFT, etc, then experts claim that you’ll be paid about seven days faster. 5. Alternative payment methods Discuss other alternatives like “pay in installments”, "required partial payments upfront" to avoid bad debts. 6. Simple Terms Use simple terms in invoice like “Please pay within 14 days” instead of "Net 14". 7. Work Details in Invoice- Limit line items to 2-5. The only time you should include more is when your customer requests a detailed breakdown of your work. Remember, detailed invoice about the work you performed provides your customers an assurance that they are getting what they paid for. 8. Late Payment Charges Mention late payment charges, it will add a feeling of urgency to your invoices. According to researchers, 94% of the invoices that mention late fees are paid faster. 9. Early Payment Rewards Many customers postpone payments until the last date, so it is advised to mention early payment rewards for invoices that are paid ahead of time. 10. Being Courteous Data says being courteous by adding terms “please” and “thank you” in your invoice help you get paid about two days faster. 11. Call to Action Don’t forget to add a call to action like “Click Here to Pay Your Bill” and be specific about what you want your customers to do as it increases the chances of getting you paid faster. When your customers know you’re someone who expects to get paid on time, you’ll be at the top of their list every time.
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