Invoicing is an administrative task that requires attention to detail. You have to attend carefully to your invoicing on a regular basis. If you don't you will lose money that is easily avoidable. Follow these simple invoicing procedures for maximum efficiency:
Invoicing Procedures
If you are invoicing for a previous week's invoice and a current week's invoice, include a statement of account. This puts their overdue balance right in front of them.
When invoicing, if you are sending an overdue notice stamp it “Past Due.” People really don't like seeing those things; it makes them nervous.
After a week overdue, make a phone call. They will usually give you an apology and an excuse, and then get the check out right away. With a steady client when you call, you don't even have to ask, they know why you are calling.
When it comes to invoicing, include a specific due date. Don't simply say due in 30 days.
All your invoicing should include your payment terms and late fees. Reiterate your late payment fees at the bottom. Something like payments received x amount of days late, subject to late feature of x amount. Whether or not you enforce this is another story, but it can be an extremely powerful deterrent.
Another big thing with invoicing is to send your invoices out even if your client is having financial difficulty. You can't afford to be their bank. A good, steady client will pay you first. If you don't have a thick enough skin, hire someone who does.
The Bottom Line on Invoicing
Invoicing is an important task that needs to be managed carefully. Invoicing is how you get paid and you don't want to let lax policies and procedures hinder your financial viability. Customers will appreciate clear invoicing terms and practices and you will benefit from regular and complete payments.
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Joshua Feinberg helps computer consultants get more steady, high-paying clients. Learn how you can too. Sign-up now for Joshua's free Computer Consultants Secrets audio training at www.ComputerConsultantsSecrets.com
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