Boost Your Bottom Line With These Invoicing Best Practices

Effective invoicing is more than just requesting payment – it’s about maintaining healthy client relationships and ensuring your business’s financial stability. By streamlining your invoicing, you’ll get paid faster and build trust with your clients. Here’s a breakdown of the essentials:

Use Clear Invoice Templates

First impressions matter. Your invoice should be clear, organized, and comprehensive, including all pertinent information. While invoice templates can vary, most detailed invoices include business name and contact details, the client’s name and contact information, unique invoice number and date, description of goods or services, Employer Identification Number, and payment terms.

Include Clear Payment Terms

Leave no room for confusion. Specify when payment is due, your accepted payment methods (credit card, online payment, bank transfer, etc.), and whether there may be any late payment penalties or interest charges, along with applicable taxes. Setting clear expectations upfront helps encourage timely payments.

Send Invoices Promptly and Follow Up

Don’t delay sending your invoices. The sooner you invoice, the sooner you can expect to be paid. Send invoices as soon as the work is completed or the product is delivered. If a payment is overdue, don’t hesitate to follow up with a polite reminder. Strongly consider using invoicing software to automate tasks such as invoice creation, sending, and tracking. This saves time and reduces the risk of errors.

Offer Multiple Payment Options

Make it easy for clients to pay you by offering a variety of payment options. The more convenient it is for them, the more likely they are to pay promptly. Consider accepting various payment methods, such as credit and debit cards, online payments from third-party providers like PayPal or Stripe, direct bank transfers, or ACH electronic payments.

Maintain Accurate Records

Keeping detailed records of all your invoices, payments, and expenses is crucial for financial management and tax preparation. This also provides an audit trail if needed.

Review and Update Invoicing Practices Regularly

The business world is constantly evolving, and your invoicing practices should, too. Stay up to date on best practices and technology to ensure your system remains efficient and effective.

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WesBanco offers professional services for businesses of all sizes. We also offer Autobooks Invoicing as a way to easily send invoices and receive payments to your WesBanco Business Checking account, with two options, depending on your need. Ready to get started? Visit a local banking center today or click the button below to schedule an appointment with a WesBanco business banker.

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Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.