raising your invoices

Raising your Invoices

When running a business one of the most necessary tasks we do is raising your invoices for payment. But have you ever thought about when you should raise them or how important they are?

Here are my top tips, for you to consider when raising your invoices.

Get Payment Up Front

We are in many industries used to raising our invoices at the end of the task we have done, and that still is applicable in some cases. But more so now, we are quoting for a service and then once the service has been accepted we invoice in advance.

This not only helps with cashflow, but also gives your commitment to your client. This might feel a bit back to front at first, but a lot of people use this method, and it is very successful.

Payment Terms

Do you enter payment terms onto your invoice? If you don’t, how does your client know when to pay you? You could put something like “payment due 7 days after date of invoice” so there is no doubt when you expect payment.

A lot of companies will only pay when the invoice is due, not when they receive it. So be clear about your expectations.

Chasing Payment

It is perfectly acceptable to chase your client for payment.  This is also called Credit Control, but you don’t need to hire a professional to do it, it is very easy to do yourself. 

Just send a polite reminder to your client that their invoice is due for payment or is outstanding. Always be polite, as this is way more effective than being rude.

Bank Details

I have seen many invoices that have not got the payment details on, which I find very frustrating as how can you pay it?

When raising your invoice remember to put your bank details on the invoice including your account name, your sort code and account number.  That way payments will be received more efficiently. Follow these simple steps and you will be sending out regular invoices and getting paid regularly too.

If you’d like more help with your finances you can find out how to work with me here, or take a look at my new resources page packed with templates and guides to help.