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Invoicing Questions For Your Business

What questions should you be asking about your business as we go forwards into 2013? Now’s the time to address any ongoing issues as well as making sure you’re on top of things – you might just find a good new years’ resolution! Read on for a run down of some of the most important things you need to be considering at any time of year.

1) Do you have the right procedures in place for chasing up invoices?

While many small businesses won’t have a dedicated finance department or even a defined invoicing infrastructure, it’s important to have a regimented process for invoicing. If it’s an ad hoc effort then things are sure to start slipping, resulting in missed customer payments and late invoices. Make sure to get your invoices correct first time, every time, and email and post them as well. Follow up invoices with a phone call just to make sure.

2) Do you have good relationships with customers’ finance departments?

Building a relationship with a customer’s finance department is important. You can make use of information that you might be able to glean, such as getting a feel for whether they will be late or timely payers, and you can adjust your treatment of them accordingly.

3) Do you credit check your potential customers?

You need to make sure you’re credit checking potential customers before entering into a business relationship. Making sure you avoid customers with a precedent of building up large arrears will help you to steer clear of those accustomed to making late payments.

5) Do you need to outsource your invoicing procedures to an invoice finance company?

Factoring providers can take care of your invoicing procedures as part of an invoice finance package. This allows you to release the cash tied up in unpaid invoices within 24 hours, with the lender taking care of chasing up outstanding customer payments. This can not only lighten late payment problems but can also take the weight of invoicing off your shoulders – something many SMEs have benefited from.

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