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2018-10-01 22:48:38Tradie FinanceEnglishTradies work involves long hours and physically demanding tasks. However, the work isn't over once you've downed tools for the day. There...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/10/iStock-603297688-1.jpghttps://quickbooks.intuit.com/au/resources/tradie-finance/4-invoicing-tips-for-tradies/4 Invoicing Tips For Tradies | QuickBooks Australia

4 invoicing tips for tradies

1 min read

Tradies work involves long hours and physically demanding tasks. However, the work isn’t over once you’ve downed tools for the day. There are still those piles of receipts and scribbled invoice notes to wade through to turn that hard work into revenue. Here are four proven ways to ensure your cash keeps coming.

1. Set payment terms

Statistics show that one in three businesses fail in the first three years as a result of poor financial management. Agreeing on payment terms upfront with each client ensures you know when to expect cash in the door. It’s fine to set different terms for different clients. The key is to communicate them upfront.

2. Automate the invoicing process

You could be the best tradie around, but if you fall behind in your invoicing and don’t know when payments are due, you will almost certainly go out of business. An automated invoicing system, like QuickBooks Online, can send invoices for you at the click of a button. More benefits of using a digital invoicing application are:

  • Knowing exactly who was invoiced for what
  • Tracking when payments are due · A more efficient process
  • Automatic payment reminders · A straightforward EOFY process
  • Easily tracked income and expenses
  • No nasty surprises
  • Less scope for human error

3. Send invoices as soon as the job is complete

Aim to send out invoices on the same day jobs are finished. Issuing the invoice on completion encourages faster payment by clients. The longer you leave it, the longer it could take a client to pay. Better still, produce the invoice before you leave the work site and be ready to take the payment via a mobile app.

4. Make them as detailed as possible

If a customer isn’t sure what an invoice is for, it’s bound to delay the process. The process of resolving the issue may result in an endless back-and-forth with the client while the job remains unpaid. In the meantime, your bank balance suffers as your suppliers still need to be paid. Being as detailed as possible from the very beginning can save you and your client a big headache.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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