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Getting into the habit of invoicing promptly and comprehensively will help ensure you get paid faster. Here are five tips for building invoicing into your business workflow.
1. Invoice for everything as you go along
Be thorough and invoice for all your costs. Don't miss out anything. Everything you fail to include is lost revenue, which you can't afford to lose. It's important to have the right mindset about this, because you deserve to be paid for your work. Morally and legally, you've earned the money.
2. Let your accounting software do the hard work
Good accounting/invoicing software will generate invoices for you quickly and easily, based on your chosen templates. It can also process all the expenses you incurred when working for a particular client, so you'll always recoup your costs when you invoice.
3. Send your invoices as soon as the work has been completed
If it’s more than 10 days, again, Direct Debit could be for you. Because money is collected whenever it’s due, you’re in control.
4. Integrate invoicing with your office applications
Modern online accounting software can be tied in with project management tools, inventory solutions and POS (Point of Sale) services. All of this helps you improve your invoicing workflow by ensuring all costs and work done are accounted for automatically and included in client invoices.
5. Consider outsourcing invoice management
If you don't have time to manage invoicing yourself, this can be a good option. With online accounting software you can give secure access to your bookkeeper or accountant. They can take over this part of your workflow. Alternatively you could 'sell' your debts to an invoice factoring company, but they will take a percentage of the total as their fee.