5 Ways Good Invoicing Improves Your Business
As a freelancer and small business owner, getting paid is one of the most important functions of your business. After all, you’re not a charity! Getting paid quickly, easily, and showing that you are a professional can help your business in multiple ways. Here are some of the biggest benefits of a quality invoicing system.
Good Invoicing Saves Time
The first benefit of a good invoicing system is time savings. Invoicing and managing payments can be a black hole for productive business time. Every minute you spend managing invoices is a minute you can’t use for productive, money earning work. Your invoicing system should be easy enough to use that you can quickly create an invoice any time.
Your time is limited and valuable. It is worth far too much to waste hours on invoicing each month. A good invoicing system allows you to send paper or electronic invoices with ease in just a few moments.
Better Cash Flow
You need cash inflows to keep your business alive and pay your own paycheck, so having a system that can reliably bring cash in the door is key to business success. Whether you are a solo entrepreneur or the manager of a large organization, ensuing that cash comes in the door in a timely manner is vital.
Cash flow is like a lifeline. If you neglect it or let outstanding payments age without invoicing, the business loses its ability to sustain itself and grow, particularly if your business has high recurring monthly expenses.
If your filing system involves shoeboxes or your invoicing requires a pen, it may be time to make some organization upgrades in your business. A quality digital organization system is key to long-term business success.
A good invoicing system automatically handles organization. You should be able to quickly see a summary of invoices, what is outstanding, invoice history by customer, and much more with just a few clicks. Goodbye paper, hello future!
Are you delivering an invoice to a client that is hand written on blank or lined paper? If so, you are projecting that your business is unprofessional. It also shows you’re behind the times, and that you may not be the right person to work with.
Good invoicing systems allow for a professional, clean, crisp presentation. Your invoices should contain your company logo, contact and payment information, client information, and billing details for the job.
In all parts of your business, present yourself and your company professionally. That includes your invoicing and billing process.
Makes Life Easier on Customers
The customer experience is the driver behind good reviews, repeat business, referrals, and the engine that brings customers into your business. By making the payment and invoicing experience simple and easy for clients, you are creating an excellent customer experience and ensure that the final interaction of a transaction is a good one.
If you can solve problems for your customers, you will naturally see your business grow and thrive. Creating problems for customers leads to the opposite result. A good invoicing system makes your life easier, and the customer’s life easier too.