By Ivonne Legoff. Invoice. Published at Thursday, March 28th, 2019 - 18:49:37 PM.
Assign numbers to your invoices systematically, consistently and chronologically. Some people number their invoices by year (for example, 2009043 would be the 43rd invoice of 2009). You could also specify a code for the project. For example, ABC06 would be the 6th invoice for the ABC project that you’re currently working on. Having an invoice and project numbering system keeps everything in line.
It is usually best to discuss with the client beforehand their preferred method or to come to an agreement about a method you both like. If you want a money transfer, provide all the necessary information. Foreign transfers need more than your account number: in some countries, you need your International Bank Account Number or a Bank Identifier Code (BIC). International transfers also double-charge you: the client’s bank might charge you $20, and your own bank might charge you another $15 to accept the payment. Make it clear which of you will absorb these charges, and talk it out with them. PayPal is another option, but you still get charged a percentage of the transaction.
Automating as many processes as possible through an integrated solution, which optimally manages these tasks, results in a directly proportionate decrease in opportunities for human error while increasing the opportunities for savings and improved efficiency. Control of taxes is also increased with electronic billing because it allows for greater control over tax compliance and simplifies the auditing process.
Just about any company that generates commercial invoices can take advantage of invoice factoring. But is invoice factoring right for your business? It could be if your business is struggling to make ends meet because of long billing cycles, you’re wasting time collecting down payments from slow paying clients, you’re unable to take advantage of business opportunities due to lack of funds, or your business isn’t financially strong enough to obtain traditional bank financing.
Most importantly, make sure you have all the necessary information. Make sure there are no spelling mistakes and that your spacing is consistent. Customize your invoice as much as you can. Your logo is a must, but colors and a style that match your other branding items will make it a joy to pay (well, as much as is possible).
Approval for invoice factoring doesn’t hinge on your company’s credit history. Instead, it depends on the creditworthiness of your customers. Companies that purchase invoices will evaluate your customers based on their stability and payment track record. The invoice factoring company’s main concern is determining how likely your customers will pay and how quickly.
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