Chasing Unpaid Invoices? First Know The Common Invoicing Mistakes
Posted on 21st January 2021
Unpaid invoices are a very serious issue for businesses of every size. Employees often end up wasting their time chasing unpaid invoices instead of engaging in productive activities. Chasing overdue invoices is indeed a challenging task, especially if you have to deal with numerous unpaid bills. This being the situation, get in touch with a company offering credit control services in and around Leicester.
You can expect your clients to pay on time if there are no mistakes on the invoice. Even a minor error can lead todelay in receiving the cash. The best way you can avoid thesemistakes is by ensuring that the person preparing it has the necessary knowledge and expertise. Preparing a plan in advance will not only help you prevent common mistakes but also reduce their impact.Your credit control expert can also share a few tips so you don’t repeat the same mistakes.
Common Invoicing Mistakes Business Owners Make
• Sending InvoiceRandomly
It is fine if you send invoices to your clients at different dates of the month, delaying them is not a wise thing to do. It is true that monthly dates won’t fall on the same day of the week but picking dates randomly can cause issues for both you and your clients.They won’t know when they should expect the bill. Inconsistent sending of invoices can confuse them and they might fail to pay on time.
• Not Chasing Your Clients
If you are one of those business owners who think that chasing your clients forunpaid invoices will upset them or jeopardize your professionalrelationship with them, it’s high time you debunk the myth. Chasing up debtors will help you get paid faster. It is your responsibility to issue bills and chase your clients if they fail to pay on time. If you don’t want to deal directly with your valuable clients about unpaid bills, you can use third-party agents. Get in touch with BGS Accounting for Credit Control in Leicester.
• Give Confusing Payment Terms
Business owners should understand that the person handling their invoices might not be familiar with all the terms and jargon generally used in bills. There are a few terms which are associated with bookkeeping and your client might not understand it unless they have a finance worker with basic knowledge about the industry. Therefore, including unclear or complicated terms of payment can disrupt the entire payment process. It is your responsibility to ensure that the client has not misunderstood anything about the finance chain.
• Billing Errors On Invoices
Though people don’t include errors on deliverables on purpose, billing errors on your bills is a very common issue. It is your responsibility to ensure that your work is flawless and of a high standard before you submit it. You have to be very careful when preparing invoices if you want to get paid on time. Even minor monetary discrepancies on abill can lead to grave consequences. Your client might also start looking for an alternate supplier.
• Preparing Invoice Without Company Branding
Companies generally don’t pay much importance to invoicing elements. How you are preparing the bill will determine whether you are getting paid on time. One of the vital elements people fail to include is company branding. If you want your clients to spot your invoices easily from the pile, include a gripping logo and focus on overall branding. Branded invoices have a touch of professionalism.
Get in touch with BGS Accounting for professional credit control services.
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