What would happen if all small businesses and freelancers could be paid on time. It would be great, right! The right online invoicing software will help you fasten the process and simplify it to a great extent.
Still, many small businesses are wary of using it as they use paper-based methods. Besides, the budget can also be a significant issue in the same. The solution for this is to use free online software for small businesses and expedite your payment cycle.
If you wish to skyrocket this process, here are some hacks you will need to follow.
1. Send Your Invoices Immediately
As soon as you have completed your project, it is time to log into your online invoicing software and get going. You will either have client details stored or need to do it. Once you get that sorted, you will need to add the service description and the cost for each. Finally, write down any terms and conditions and make sure to calculate the taxes correctly.
2. Make Clear and Professional Invoices
Poorly made invoices are a big no. Invoices should be such that they give a clear picture in one glance. Also, make sure that they have been customized as per client preferences and have your logo. Just think how you would like your invoices to be. Then, follow the process and make stellar invoices with online invoicing software.
3. Lay Down Clear Expectations
If you want your payments to be cleared in 7 days, then mention that clearly in your invoice. Also, if you continue to send Net-30 invoices, then there is a chance you will miss payments, and it may be months before you get them. So, it is best to set clear expectations and discuss them with your clients.
4. Offer Multiple Payment Gateways
Clients may delay your payments as they need to go through lengthy processes to make them. One solution is to offer multiple payment methods and add a link to the same in your invoice. This way, all your clients need to do is click on “Pay now” and be done with your payments.
5. Schedule Recurring Invoices
If you are a software solution that charges the same amount each month, then recurring invoices are the best solution. You can even choose to charge your clients automatically on the same date each month and remove this task from your to-do list.
6. Charge Some Portion of Advance
One of the best methods to work with ease is to charge your clients in advance. This way, both parties will be at ease. Moreover, since you have a portion of funds, there will be no issue related to finances when it comes to completing your project. Besides, both parties will be able to trust each other and pave the way for a long-term relationship.
7. Offer Discounts for On-Time Payers
Yes, some clients pay before or on time without the need for reminders. Such clients need to be cherished and even offered discounts from time to time to encourage their good behavior. A discount of 1-2% is good in such cases. This will also show that you care for their efforts, and they might end up giving you more projects.
8. Add Thank You Notes
Whenever you send your invoice using free billing software for small businesses, make sure you add a thank you note. You can also choose to send out customized messages to make your clients feel more special.
9. Automate Receipt Generation
Just like you want your payments fast, clients also want to know if the payments have been cleared. Free online billing software for small businesses will help you automate the whole process and never miss out on sending receipts. In addition, when both parties are clear, you will notice that your payment cycle is also smoother.
These were some hacks you can use to speed up your invoice flow and stay cash flow positive at all times. With time, you will develop your own and easily scale your business. If you are still looking for free online billing software for small businesses, we may have something to discuss!