Tracking your invoices just makes good financial sense, but did you know it can also help your business to grow? Meticulous accounting allows for fewer crises, more informed planning, and the knowledge that your accounts receivable is running smoothly for prompt payments and satisfied customers. No matter the size of your business, careful invoice tracking can fuel its growth. Read on for our top five tips to advance production via invoice tracking.
- Ease of use. Get smart with your invoice tracking and consider outsourcing it to an online service. Writing or typing out individual invoices is time-consuming and susceptible to error. Break the monotony of repeatedly documenting customer names, contact details, billing and payment information, and job numbers for each and every transaction, and instead place your reliance on an electronic service that renders this labour unnecessary. No more tedious templates when they too can be digitally programmed, and the ability to automatically save contact and billing details for new accounts and invoices for repeat customers, saving you time and money.
- More satisfied customers. By providing online payment options, including regular invoicing schedules, accurate billing and contact information every time, and allowing your clients to make payments at their convenience, you will find that payments are more prompt and your customers can start to build trust in your company. Both you and they will know immediately that the balance is paid in full, and that the amount is exact based on the work completed.
- Better accounts receivable. Tied in with our second tip, keeping track of payments and allowing for greater flexibility in the method and ease of paying makes good financial sense. When your customers have more options, you will find that your payments come in on time and if you have your electronic tracker in place, incomes can be reported instantly and accurately. Far easier to make a mistake when manually checking than to allow a program to help your business to flourish.
- Fewer crises. It is critical to have correct details when it comes to banking and invoicing specifics, as well as the ability to project your cash flow at all times. Your clients deserve to feel secure when providing this information to you, and careful tracking can prevent any mistakes, errors, or miscalculations. With careful accounting, you can and your customers can rest easy in the knowledge that nothing is out of place, private information is kept safe, and you as the business owner will always be aware of the state your finances.
- Track invoices electronically. Track and reconcile all of your payments with a service such as eBillity’s Invoice Tracker to automate invoice dates and work numbers, apply regular invoicing schedules, and stay organized by keeping your filing system and documents safe and up-to-date. Automated. As your company grows, this is the best and easiest method of being financially sound.
Online invoicing makes tracking your invoices a breeze. It also gives the added security of knowing where you stand financially at all times, giving you peace of mind and helping your business to thrive. It is an excellent method for tax purposes, and gives you the best overview of your finances, leaving you free to develop and expand your services.