Invoicing tips for small businesses

Keep reading to discover how our invoicing tips can help your small business maximise cashflow.

Small businesses and small business owners need to create and issue invoices to ensure they get paid by customers and clients. Invoicing and billing are crucial to the success and stability of a small business. Incorrect or late invoicing can result in payment delays and affect a company’s cash flow.

For this reason, it is important that small business accurately issue invoices to track sales, manage finances, enhance cash flow, and ensure legal protection.

Additionally, invoicing helps to simplify bookkeeping, tax obligations and reduces the risk of error.

There is so much to do and learn when running and working for a small business. But invoicing and billing for your time and services is of utmost importance.

With our top invoicing tips, your small business can protect itself against mistakes and losing out financially.

Chase overdue invoices

The first of our invoicing tips is to always chase overdue payments. It may be a case that a client or customer has simply forgotten to pay, did not receive the invoice, or has misplaced the invoice, but it is important to follow up any invoices not paid within the agreed terms.

With smart accounting software you can easily send invoice reminder emails to late payees. Alternatively, you can call customers on the phone or outsource to an accountant who can help you chase late payments.

Make paying invoices easy

In today’s world, it is important to ensure that paying an invoice to your business is quick and efficient. This way, it is much more likely a customer or client will pay on time. If the process is difficult or your bank details are not clearly stated, paying an invoice can be a time-consuming task.

Accounting software such as Xero allows customers to make online payments by credit and debit card for maximum convenience. Ensuring the correct bank details and your preferred payment method is displayed on the invoice will also help save time and ensure you get paid on time.

Keep a record

Once an invoice is paid, be sure to keep a copy of the document. An invoice is a legal document that serves as a legally enforceable agreement between a business and customer. A record of paid invoices can be helpful when it comes to sales tax, refund claims, and income tax filing.

Why choose React Accountancy?

At React Accountancy, we provide practical and value for money accounting services to our clients. From large businesses to independent outfits, we cover everyone.

With a wealth of industry knowledge and experience, we can work closely with you to ensure all your needs are met and our services are tailored to your specific needs.

We believe in providing a no jargon accounting service and have an open and honest relationship with our clients. Our accountants are dedicated to helping you make the most of your money.

From tradespeople to small businesses, and everything in between, we fully understand the complexities of accountancy and that’s why we offer a wide range of accounting service.

To find out more about how we can help, get in touch with the expert team today.

We provide our services across Manchester, Stockport, London, Birmingham, Cardiff, Bristol, Glasgow, Leeds, Nottingham, Leicester, Edinburgh, Sheffield, Bradford, Coventry, Liverpool and Belfast.

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