An invoice is one of the most powerful documents for your business getting paid. With late payments being a major problem for many UK SME’s, it is crucial that the invoices you are producing are clear and effective. The goal is to get paid on-time after all. A well-designed invoice containing all the essential information can set you off to a good start.
Create your professional invoice
You can do this using a word processor or Excel, Office programs usually come with a bank of easy to use templates, but if you want to be a little more creative there are also lots of customisable free templates on the internet. You should always use professional readable fonts and styling that match your brand and logo.
Provide detailed information
Include the details of the product(s) or service(s) that were delivered, applicable taxes and the total cost. If you bill by the hour, state the number of hours worked and the hourly rate alongside your services.
Date and number every invoice
Each invoice should have a date and unique identifier to help you better track what’s paid and what’s owed. Have the date you provided your goods or service (the supply date) as well as the date you created and issued the invoice.
Set payment terms and mean them
When you issue a proposal, agreement or contract, be sure to outline your terms upfront. Be specific and use plain language, setting out a specific number of days that your customer has to pay you by. Take your terms seriously and make a point of getting your client to confirm that they agree with them. More importantly, that they can honour them.
Provide Payment Information
The more payment methods that you offer your customers, the more chance you have of getting paid on time. Make your bank details clear and easy to see. If you accept PayPal or any other online payment, then include a payment link. Payment links often make it easier for the customer to pay and more likely that they will do so immediately.
If you find yourself struggling with late payments or overdue accounts, get in touch with Swift Resolution before it becomes a regular occurrence. Instructing a collections agency tells your customers that you are serious about your payment terms without tarnishing your business relationships. Call us on: 0808 145 1886 or e-mail: email@example.com