Invoicing is difficult for many start up businesses and it can be hard to grow your empire without your invoices being paid. Join one of the Rubiix directors, Start Coulthard, to find out 5 simple steps that you can take to improve you invoicing easily.
- Be clear and correct:
This might sound simple, but errors happen. Make sure that the details on your invoice are correct, are as previously discussed and are sent to correct person. Not only does it look unprofessional to invoice incorrectly, but you might find that it never gets sent on to the accounts team. Make sure that your payment terms are clear and reasonable. If you intend to charge a late fee penalty, make sure that information is easily accessible
- Keep to a schedule
If you want your cash flow to be regular, you will need to make sure that you invoice regularly. Your customers/clients will not pay you the day after they receive your invoice, so don’t send it the day before you ‘need’ the money. If you make purchases from your wholesaler on the 18th of each month, then make sure you have sent out your invoices well before the end of the last month. Regardless expect that your invoices will be paid within four to six weeks.
- Integrate your bookkeeping
Using an online or cloud based bookkeeping system will make your worklife simpler. Whether it be Xero, MYOB or another platform, you will be able to find tablet or mobile apps that will take your bookkeeping on the road with you, as well as other apps that will integrate with your bookkeeping platform, like platforms that will measure your workflow (particularly help for service or consulting based businesses) or software that will measure your invoices for costing, margin, stock and pricing patterns and parameters.
Submitted by: Stuart Coulthard- Director
