Ensuring that your company’s invoice system is accurate and efficient is of crucial importance. Sending an inaccurate invoice probably doesn’t seem like the worst thing in the world. Still, keep in mind that it can take a lot of time and effort to correct the mistake you have made. What’s more, it will also poorly reflect your brand.
In the following article, we will introduce you to some tips and tricks that you should implement in your work to make sure that all the invoices are correct. We will also discuss some common mistakes businesses make and tell you how to avoid them.
Check the personal information
This mistake probably sounds ridiculous, but you would be surprised to learn how often companies send an invoice to the wrong person. Obviously, this occurs when they don’t have accurate personal information. This isn’t only something that can easily be avoided, but it will also slow down the payment process. Plus, it will endanger your customer’s satisfaction and their opinion about the company. Due to this reason, you have to double-check if you have accurate data, such as address and contact information.
Ensure that the charge rate is correct
This is another error that occurs fairly easily and rather often. This is especially true during the periods when you offer discounts, promotions, special deals, etc. to your clients. In order to avoid this, you have to check the date of the purchase and determine whether the customer should get a reduced charge rate before filling out and sending the invoice.
There can be numerous consequences of this mistake. Firstly, if you overcharge a client, they will most certainly get annoyed and probably even wonder whether you have done it on purpose. This will only further tarnish your reputation, and you can also lose a customer. On the other hand, if you undercharge them, you will lose money. Then, you will have to deal with an uncomfortable situation, which can get even worst if the client doesn’t want to pay, and there is little you can do since you have already provided them with the service or product.
Don’t forget to explain the charges
If you want to keep your customers and build a strong relationship with them, you cannot just send them an invoice and inform them about the amount they have to pay without actually explaining what they are paying for. If you are collaborating with another company, you may have to include certain codes on the invoice so that they could pay you.
This is especially true if the pricing model varies from month to month. You must check twice if you have entered every code and if the rate is correct. This is not only the best way to ensure that your invoice is accurate, but it will also save you a lot of time since everything will be clear to the customer, so they won’t have to contact you and ask for further explanations.
Implement an invoicing system
In the day and age we live in, there really are no reasons why you should do this manually. This system will not only facilitate the work for your employees, but it will also ensure its accuracy. It will track down all the details such as the type of the product or service, plan the customer has chosen, charging rates, time spent, current discounts, and the like.
Plus, by going digital, you can choose between a wide variety of apps and software that can help you complete this task by providing you with templates, etc. If you want to learn about the benefits of these, read more here.
Use online platform
Once again, why shouldn’t you implement the latest technology into your business? Nowadays, there really isn’t a reason you shouldn’t do this. The option of online payments has been available for a while now, but why don’t you take it a step further?
You can use an online platform and enable all your clients to access their invoices there and make the payment immediately. Here, they will be able to learn all the information and see if there are some inconsistencies or not. If a mistake has happened, they will be able to contact you and discuss the issue directly.
Include two contacts
As you surely know, there are numerous pieces of information that must be included in the invoice. We have already discussed some of them, such as the recipient’s personal information and details regarding the items and charging rates. However, this is another essential thing you cannot forget.
Make sure that there is the contact information for two individuals. One of them will be yours, as the owner of the company, i.e., the person who authorized the invoice. The second one should for an employee who authorized the purchase. Sometimes, the payment must be approved by a manager, or if there is some confusion regarding the merchandise or the price, they will know whom to contact.
Make sure that your info is correct
If you have recently relocated your company, expanded it to new locations, or changed a telephone number, it is vital that you double-check if you have put in the accurate info on the invoice. Firstly, clients will get very frustrated if they can’t reach you, and this is another way to destroy your good reputation.
Moreover, if they send a check to the wrong address, you will have to wait for weeks to correct this mistake. It is something that will significantly slow down the payment, which can be quite problematic, especially if your company is new, and you need to get every last penny on time.
Send them on time
If you expect your client to pay their expenses on time, then you must do the same with the invoice. You should send it as soon as you deliver the product or provide the customer with the service. Nowadays, there really isn’t an excuse for not doing this since you can also send them electronically via email or a platform you use.