Whether you own a small business or run a large corporation, you need to stay on top of your invoices to make sure you have a steady revenue stream and that your customers pay their bills on time. Invoices are extremely important for the state of any company, so you might be surprised by the number of mistakes that organizations make when putting together and sending out their bills. Invoicing errors are very common, but they can easily be avoided by paying attention to the nitty-gritty details. Here are just three invoicing mistakes all businesses need to avoid.
You need to make sure that your invoices are mailed out to the correct company and person the first time. Failure to do so can result in wasted time and money, as well as a delayed payment. One way to ensure your invoices are sent out correctly is to verify every customer’s contact information during all transactions. Even if you’ve been doing business with an organization or individual for a long time, this can help reduce errors if they’ve moved or your contact has left a company.
Failure to Proofread
A single typo can derail an entire invoice. When you choose to print your invoices, these typos are often caught only after they’ve been sent out, which can translate to a colossal waste of money and resources. If you send your invoices by print mail, triple-check them for typos, math errors, currency conversions, and other inaccuracies. While electronic invoices are easy to fix digitally, printed invoices require a lot more work.
No Electronic Billing System
Simply put, electronic billing will save you a lot of trouble. You can easily fix errors that otherwise might take up a lot more time and money. Plus, customers love the flexibility of electronic billing. It’s easy for them to pay, which means you’ll get your payments much more quickly and your customers will be more responsive in general. When you don’t offer a way to pay online, you’re limiting their options and aren’t keeping up with the changing times. That can be a problem for tech-savvy businesses or customers who want easier bill tracking. You’ll be doing your organization and your clients a favor by making the switch.
If you want access to an easy-to-access electronic invoice system for your business, Information Outsource is here to help. For more info, contact us today.