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Why you should always stay on top of your invoicing
One way to stay on top of your invoices is to set aside one day each week to write out and mail your invoices. You can use Excel, accounting software or you can create your own invoices to send out. Remember when creating an invoice you want to make sure it includes some key components. You will want to make sure that your invoice has an invoice date, an invoice number, an address of where to send the payment, a payment due date, a list of goods or services provided with their prices (include sales tax and shipping amounts if applicable), and you want to include a total amount due. All of these items should be clearly marked for your customer to read. When you are sending out copies of an invoice be sure to include a copy for your records.
Another system to help you stay on top of your invoices is to use file folders. When you first create the invoices they should be put into on folder. You should also have a folder set aside for paid invoices and outstanding invoices. Once the invoice has been paid you should move it from the new invoice folder or outstanding folder to the paid invoices folder. If the invoice is past due it should be moved into the outstanding invoice folder, this folder can be broken down into how many days past due an invoice is so when you go to collect your outstanding invoices you will know where to start first. Another way to help stay on top of your invoices is by running an aged accounts receivable report. This will give you a break down of all invoices that are currently due, thirty days past due, sixty days past due, and one hundred twenty days past due. Regardless of which method you use to track your invoices you should set aside at least one day a month to call your customers who are past due on their invoices. You should start calling the customers who are over one hundred twenty days past due and work from there. When you call the customers do not be rude simply let them know that there payment is past due and you were wondering when they would be able to make a payment. In order to get your money you might have to work out payment arrangements with your customers, but do not offer them anymore credit until they have caught up with their past due bill. This will help to ensure that your company is not going to lose money from bad debts and that you will be able to pay your bills when they come due.
Invoicing
Invoicing
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