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2018-08-08 01:13:36Finance and Accounting: InvoicingEnglishX Tips For Getting Invoices Paid Quickly: Invoicing, which allows customers to pay after they've received their purchases, is a great way... Tips For Getting Invoices Paid Quickly

X Tips For Getting Invoices Paid Quickly

2 min read

Invoicing, which allows customers to pay after they’ve received their purchases, is a great way to encourage sales, especially during the slow startup period. The drawback of invoicing is that some customers may take a long time to pay, which may cause your operating cash to run low. The good news is that online invoicing provides options that make it easier to get your customers to pay their invoices on time, even before the due date in some cases.

Use Online Invoicing Software

Manually creating invoices can be time consuming. Instead, use online accounting software like QuickBooks to create professional invoices with a few clicks. You access the secure software online with a username and password.

Online accounting software makes it possible for you to store data about your sales transactions in one place, including:

  • Customer name and contact information
  • Details about the products or services they purchase
  • Prices charged
  • GST invoicing information

Then, launch one of the software’s invoice templates and follow the simple steps to move sales transaction details into the template. This allows you to create a customised invoice that you can send to your customer by email. The best part? You can send the invoice to your customer while they’re still at your place of business. The faster the customer receives the invoice, the greater the chance of them paying it early or on time.

Accept Different Payment Methods

Some of your customers may only have access to cash, while others have mobile wallets and credit cards. To get your invoices paid quickly, it’s important to accept whichever payment method your customers prefer to use. Typically, mobile wallet payments, credit cards, and demand drafts are the easiest to accept because the money goes straight to your account. You might also accept cash, although that’s not advisable for larger amounts due. Offering various payment methods can get your invoices paid quickly, because your customers don’t have to figure out how to pay you by methods they don’t normally use.

Offer Perks for Paying Invoices Early

Few things get customers excited like perks, and you can use incentives to get them to pay invoices early. Some of the perks you might consider offering to inspire your customers to pay their invoices quickly include:

  • A small discount, less than 5% off the total amount due, for paying their invoice within 10 days of receiving it
  • A discount on a future purchase
  • A free promotional item
  • A point on their loyalty card

To boost your cash flow, you might even offer perks for paying early by certain payment methods, such as by credit card or mobile wallet.

Personally following up with customers is the best way to get them to pay their invoices quickly. Once you send follow-up emails, don’t be shy about making a friendly phone call to remind them that their bills are due. With the right tone of voice, you might end up chatting about a product or service and making yet another sale.

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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