three steps to build a better invoice | united capital funding
TRANSCRIPT
Sending an invoice and waiting isn’t going to get you yourfunds as quickly as incorporating one or more of thesethree components to your invoicing process.
Simplifying your invoicing verbiage and
using more direct language can help your
debtors understand what you expect
from them after receiving the invoice.
Be sure to give a specific date on which
the payment is due, helping to give a
hard and fast date for payment that
can be marked in calendars.
Make sure youenforce them.
Letting fees slide doesn’tpush clients to stay on topof their bill-paying. Yourlate payment fees start tobecome more of a threatthan a promise.
If the specified due datehas passed and youhave not yet receivedpayment, increase thebill by adding a fee tothe original invoice amount.
When implementing latepayment fees, note these feeson any service contracts orproduct receipts, and includethe late payment feeinformation on theinvoice itself.
Encourage yourClients to pay fasterBy implementingthe use of latepayment fees.
This fee can beprocessed as asimpleflat rate, or apercentage ofthe invoice.
These three aspects of collecting owed funds can helpyou create an invoicing system that cannot beignored, except blatantly.
Clients that don’t pay in a timely manner with thoroughinvoicing processes may end up being ones you don’twant to do business with in the long term.
United Capital has helped businesses since 1997for payroll and invoice funding.