You need a lot of nerves to start a business of your own; and when you do, comes along numerous challenges and hurdles that are supposed to be tackled and surpassed.
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10 Tips to Simplify Invoicing for Small Businesses
1. 10 Tips to Simplify Invoicing for Small Businesses
You need a lot of nerves to start a business of your own; and when you do, comes along numerous
challenges and hurdles that are supposed to be tackled and surpassed. Of course, there has to be a
feeling of excitement and fun that comes along, while book-keeping or invoicing is not one of those
feelings that you might love. Those new on the Entrepreneurial battleground often underrate the
effort and time it takes to get paid. Invoicing can be painful sometimes, if not taken care of.
But, we really have to simplify invoicing. Here's how you can make it painless-
Plan of Action
First off, plan things systematically.The foremost thing to decide is which online invoicing
application should be used. Afterwards, you must look into some important things like, how are you
going to track your tasks, and how soon your clients will pay you upon receiving an invoice. And
most importantly, decide what day after completing the task will you send an invoice, needless to
mention the follow-up period if there is an unpaid invoice.
Set the Payment Terms
You can't have the same payment terms for everyone you invoice, still there has to be some terms
and conditions established right at the start of your business with clients. Be firm on your payment
terms. At the same time, it is not advisable to be rigid or adamant. Your clients respect you when
you do that.
Send Invoices Instantly
Yes, this one really helps you get paid easily. Send an invoice when the completed work is fresh in
the client's mind. Don't procrastinate on that. You may do it upon completion of the work or you can
send invoices in parts.
Advance Deposit
Ask for an advanced deposit before starting off. That would be completely legit. For example – you
may demand a partial payment before the accomplishment of the given task(s). Have your clients
give you their credit card details, just in case.
Invoice in Stages
It is ideal to invoice your clients in stages. A big bite is easier to have when taken in pieces. Even
your clients might like the idea of invoicing in parts as this would not put them under any pressure
of making payments in full.
Follow Up