Many B2B companies, who invoice after their product or service has been provided to clients, fail to understand the importance of invoicing, and the impact it can have on a business when done incorrectly.
‘My invoice isn’t correct’ is one of the most common tactics used by late payers to delay payment to your business, and therefore you should eliminate any reason why payment could be delayed at the outset. Doing this successfully will rely on your business ensuring that each invoice you send is perfect. Take a look below as we explore some of the most important aspects of your business’ invoicing.
Whilst you may think it is an obvious point to make, you must ensure that you have your client’s accurate company name on their invoice. Many companies operate under a trading name, and therefore their legal entity must be included.
We have seen this mistake countless times in which a business will send an invoice, but forget to include details on how a client can make payment. Your goal is to make it as easy as possible for your customer to be able to pay you, therefore payment details are vital.
Sent to the correct person
Another obvious point but one that is sure to delay payment if incorrect, identifying the correct accounts contact within a business is essential. Sending an invoice to an incorrect email (or indeed incorrect address) is at risk of being ignored or even deleted.
As with payment details, your client will need to know how long they have to pay you. Whether your payment terms are 7, 14, 30, 60 or even payment upon receipt of invoice, it should be clearly stated for your customer on the invoice.
It stands to reason that the sooner you send an invoice to a client, the sooner you will receive payment. In delaying sending an invoice to a client you are not only delaying payment terms, but also run the risk of it being pushed to the bottom of the pile.
Here at Zodeq, we understand the burden that keeping up with invoicing requirements can have on a business, but we have also seen the impact that not invoicing correctly can have on cash flow and customer relationships. Our Zodeq 360 service for recruiters has been specifically designed to support agencies in a number of areas, including invoicing, that ultimately frees up their time to focus on their core business responsibilities.
Speak to our team today to discuss your administrative requirements and discover the benefits we could bring to your business.