So, you do not care about Invoices? Here's how you are sinking your business.
Bill and Invoice are they mean same?
Generally speaking, “a bill describes any transaction of goods or services that is owed to suppliers or vendors",
While an invoice is "a document that list details about goods or services that have been served”.
It is always better to have an automated invoice generator or a standard invoice template for convenience as per the business needs and services rendered. An automated invoice format allows sending detailed goods and services offered to a client or a small business or an individual. This way, one would minimise the error of leaving out some items in the invoice.
How does incorrect Invoicing create problems in accounts?
Always make sure to verify and proof-read your invoices before sending them out to your clients. This way, there is no problem with accounts and the cash flow. Wrong information in the invoices may lead to requesting for another copy of the invoice, thereby delaying payments made by the client. It is always a good option to create a draft invoice before delivering the goods or services for the client. This way, if there are any additional goods or services being offered, just adding more line items to the invoice will be sufficient.
Whether we are at a restaurant or in a line at a supermarket, we tend to get impatient when it comes to delayed invoicing or billing. We tend to think why does it take so long to generate a small bill? Customers become highly dissatisfied when it comes to delayed processes. The whole idea of providing good customer satisfaction and sometimes even making loyal customers boils down to the invoice and bills being incorrect or delayed. This last-minute entry makes a lot of difference to customers when they look at the time span and value for time options. Providing a prompt and yet a fool-proof invoice may make or break customer relationships.
Invoicing and Marketing
Make sure to create custom invoices for specific clients. Also, never forget to include your company contact information and the first point of contact while raising an invoice. This helps the clients in remembering the market branding and professionalism you have to offer. It is not just the goods and the services that we offer but also the slip that goes with it, which makes a lot of difference to many clients. A proper invoice helps the clients in raising expenses when they have to pay for it out of turn or for record keeping purposes which help in the year-end balance sheet calculations.
Also, there might be clients or individuals who might want to use bank cheques to make a payment or a few might want to use the cashless digital process for faster payments. It is always a good thing to enquire before generating an invoice about the payment method preferred by the customers so as to not delay the billing and invoicing process. You can simply share a detailed invoice via an email with the payment link, and the client would be very happy to find the process of payment is hassle-free.
Advantages of e-Invoicing
Nowadays, everyone prefers to keep an e-copy rather than a physical one. The reason being, saving time in searching for physical records which keep piling up after a set period of time. Also, an e-copy can be found easily with a search keyword rather than going through bundles of bills which would be very time consuming. This is one way of also improving on your marketing strategy, where the customer is looking for painless cash transactions as compared to the ones who are yet to implement the e-invoicing format into their business models.
Talking of which, some apps like Boomer Marketing App, which help to run and manage businesses from the touch of your smartphone, come with beautiful and simple features which help in generating invoices as per business and client needs. It allows creating invoices with multiple line items, adding company logos and colours to the invoice. You can also use this feature to generate invoices in multiple currencies to cater to clients around the world. The app makes it just a click away to share the invoices with clients using any preferred social communication channel as well.
Now, you know why Invoices really matter and how they influence your business growth. Go out there and revamp your billing and invoicing to build a satisfied customers base.