5 Easy to Miss Mistakes That You’re Making With Your Invoices
Invoicing mistakes may seem minor but these might be the reason why you’re losing customers! Use these tips to get paid on time.
Aug 30, 2022
3 min read
Aug 30, 2022
3 min read
Why is Online Invoicing Important?
As a business owner, you know that invoicing is a crucial part of keeping your business running smoothly. You rely on invoices to track payments and keep tabs on your spending. Looking into accelerating your business’ growth? Then switching to online invoicing would be the best move.
Issuing invoices online is much faster and more convenient. Plus, online invoicing helps improve your business's cash flow by making it easier to get paid. With some systems, you can even set up automatic payments, so you don't have to chase up late invoices.
Moreover, it also reduces your business's environmental impact. There's no need to use paper or energy-intensive printer ink, and you'll be cutting down on waste.
And with everything stored electronically, it's easy to keep track of who owes you money and when payments are due. This can be a real lifesaver when it comes to bookkeeping.
Common Mistakes With Issuing an Online Invoice
No matter how simple issuing an online invoice may seem, there are still avoidable mistakes that you and your company can be making. Read on to know whether you’re guilty of these errors!
Not itemizing charges
When creating an invoice, it is important to be clear and concise about what the customer is being charged for. This means itemizing each charge so the customer can see a breakdown of the cost. Otherwise, they may be confused or even resentful about paying a lump sum that they don't fully understand.
Another mistake businesses make is miscalculating the total amount owed on an invoice. This can cause all sorts of problems, from the customer not paying the full amount to you having to issue a refund or credit. To avoid this, always double-check your math before sending out an invoice.
Forgetting to include payment terms
When an invoice doesn't include payment terms, the customer may not know when they're expected to pay. This can lead to them paying late or, worse, not paying at all. To avoid any confusion, be sure to include payment terms on every invoice.
Not sending invoices in a timely manner
If you wait too long to send an invoice, the customer may forget that they owe you money. This could result in them delaying their payment or even refusing to pay altogether. To avoid this, always send invoices as soon as the work is completed or the product is shipped.
Not following up on late payments
Unfortunately, there will be times when a customer doesn't pay their invoice on time. When this happens, it's important to follow up with them in a timely manner. This way, you can remind them of the outstanding balance and work out a payment plan, if necessary.
By avoiding these common mistakes, you can help ensure that your invoices are paid on time and in full.
Choose the Right Payment Solutions for Your Invoices
Invoice mistakes can be costly. Whether you're a small business owner or a freelance professional, accurate invoicing is crucial to getting paid on time - and avoiding any penalties or fees.
Too many invoicing errors can severely damage the relationship between you and your customer. They may start to question your professionalism and take their business elsewhere.
Avoiding invoice mistakes is essential to running a successful business. By taking the time to double-check your work, you can protect your bottom line - and safeguard your relationship with your customers.
Good thing is, GoSite’s payment solution is here to help you make sure that your invoices are always accurate and sent on time. Our online invoicing system allows you to easily track payments and invoice status, so you always know where your money is. We also offer customizable templates, meaning you can create an invoice that perfectly reflects your brand.
We understand that businesses need to save money where they can, so we offer a variety of different pricing plans to suit your budget. No matter what your invoicing needs are, we have a solution that will work for you.
GoSite can help your business grow in so many ways, all in one friendly dashboard. Ready to dive in? Start a free trial. Prefer a conversation? Book a demo.