Streamlining the billing process is an important step to ensuring the future of your business. It is important to make sure your invoice reflects a billing process that is meaningful, organized, and concise. Though on-time is ideal, a late payment is better than no payment. To help employ a successful billing and payment process for your business, here are a few suggestions…
Use invoicing software.
Invoicing software (such as QuickBooks Online, FreshBooks, and Hiveage) has several benefits for your business. It portrays a professional image to your customers which means they are more likely to take your invoice more seriously. On your end, you will be able to easily keep track of how quickly or slowly customers tend to pay, run reports, and see past due invoices.
Discuss invoicing details at the start.
When you start working with a new customer, it’s never easy to bring up billing and payment options, however customers will appreciate an upfront, honest approach. They want to know what to expect from you and vice versa.
Display the details.
Customers want to know where their money is going and exactly how much time was spent on the service you provided. Once they see the investment, they are more likely to pay in a timely manner.
Learn what your customers prefer and give them a variety of payment options if possible.
Some people prefer to render payment via PayPal while others might prefer to write a check or use a credit card. While you won’t be able to appeal to everyone, you can appeal to the majority.
Keep in mind that one way to make sure you get paid before you do the work or send the product is to offer a discount for advance payment. Your customers will love the chance to save a little, and you will love the fact that you don’t have to worry about getting paid.
You also can’t be afraid to send gentle reminders. We are all guilty at some point of a delayed or forgotten payment. Your customers will appreciate the reminder and grace period that you give them.
My Annapolis Office understands that running a small business can be time consuming. Details such as billing and payment reminders can take the focus off of growing and developing your business which is why we are here to help.
My Annapolis Office is Annapolis’ premier workspace provider offering the support, office space, and location your business needs to thrive. Our fully-furnished office space and virtual office solutions, coupled with our administrative support staff and first-class amenities, set us apart from all other office space providers and provide everything your business needs for success.
Allowing us to invest in you means you have more time to invest in your clients and your business. To learn more, call 410-656-1600 or visit us on the web at MyAnnapolisOffice.com.
Source: Small Business TRENDS