Mobile Invoicing for A Streamlined Cash Flow
Cash flow is extremely important to a small business. Moving to a mobile invoicing process is the first step in ensuring a healthy cash flow and your business’ continuity. If you haven’t taken advantage of online or mobile invoicing yet, perhaps it is time to give it another look.
Invoice as soon as the project or job is over
It goes with saying the faster you invoice, the faster you get paid. If you run a professional service business, keep track of time by using a mobile app or keep track of expenses by scanning them on the spot. This will accelerate your mobile invoicing process, and, with an invoicing app like Fiskl, you can have an invoice ready in less than 2 minutes.
Send invoices via email rather than regular mail
Here is hoping that soon no one does paper and postage invoicing anymore – everyone nowadays has an email address. Paper invoices take a great deal of time, from the printing to posting to chasing payment. Attaching an invoice to an email takes less than 10 seconds, your customer can view it as an attachment, and you can even get confirmation of receipt on your phone.
Set clear payment terms
It’s paramount to be clear with payment terms in your invoice as well as the due date. If there is a penalty for late payment, this should also be stated clearly. Consider your payment terms carefully, there is no law or industry standard: you should choose payment terms based on your cash flow needs, from payment on receipt (for self employed primarily) to 30 days for larger businesses.
Attach receipts and other files to your mobile invoices
To make for a smoother mobile invoicing process, attach all proofs of receipts, mileage tracking and any other items that help clarify your invoice. This will speed up payment as well as prevent lengthy debates back and forth with your customer. Make sure the images are readable and each item has explanatory notes where necessary.
Monitor overdue invoices at least weekly
There will always be customers that are slow in paying. With Fiskl for example, you can monitor the health of your business by checking the dashboard every few days and singling out any overdue invoices as well as mark the ones that have been paid. You can also check where your expenditures are going as well as revenue versus spend – critical for a sustainable cash flow.
Also published on Medium.