5 Common Errors You Can Avoid with Billing Software
Wednesday, September 14, 2022 | Billing and Invoicing
While common office applications like Excel can help you create invoices, these tools aren't perfect and leave users vulnerable to common errors.
Integrating an online invoicing software will help you simplify the entire billing process and avoid common invoicing errors.
Here are five common mistakes you can avoid with the help of dedicated invoicing software. Let's take a look:
#1 Lack of Knowledge About Your Client's Customary Pay Cycle
To enjoy the benefit of faster payments from your clients, ensure that the payment system you provide them with is also quick and easy. Consider your client's normal payment process and cycle to accomplish this objective.
For instance, if you have a client who prefers to pay bills on the seventh of every month, chances are your invoices will be created on the seventh of the month, even if you send them invoices weekly. Your clients may decide to pay you weekly to avoid late fees, but that makes things harder for them rather than easier. Therefore, asking your clients about their regular pay cycles is better before creating an agreement with them. In this manner, you can plan to send your recurring invoices to the client right before they pay their bills every month. You will always get your payments on time, and your client won't have to change their schedule to pay you.
#2 Neglecting to Follow-up on Unpaid Bills
How often do you forget about following up on due payments? It can quickly happen when you are working with software that doesn't track the status of your invoices. The good news is that online invoicing software like Talygen can track your bill status and notify you of any late or unpaid bills.
Online billing software also enables you to set up a workflow process that routinely sends payment notifications to your clients when they forget to make a payment. The online billing software will make it much easier for you to receive compensation for your unpaid bills.
As a rule, you can set the notifications to reach the clients as soon as they miss the deadline. If your invoices are "outstanding," you should consider sending emails discussing the precise increments. For example, you may want to send a payment reminder to your clients a week after the payment for an invoice remains unpaid.
#3 Not Selecting the Software That Makes Currency Conversion Easy
If you conduct business worldwide, you probably waste much of your precious time converting currency yourself. Naturally, you will likely make mistakes when you are occupied this way. Companies must employ project invoicing software that accepts payments in every other currency. It will make currency conversion more accessible and help you create error-free invoices for your clients. Below are a few things you should look for in an online invoicing software system:
- Real-time currency conversion rates must be available on one platform
- The ability to convert your currency into various foreign currencies
- The capability to merge your foreign bank accounts
#4 Not Enabling Customers to Make Payments from Credit Cards
When you send bills to your customers using software like Excel, it won't give your clients the option to make payments from their credit cards. Obviously, you can link some payment options to your bill, but when you manually add such information, it is easy to overlook them and forget.
Project billing software like Talygen ensures your client's preferred payment options are available on every invoice you create. After you link your accounts, you can set up the invoice template with a credit card link inserted. As a result, the same payment options will be included on every invoice you create and send.
#5 Delay in Sending the Invoicing
Business owners get too caught up in the everyday work that they forget to send invoices on time. Like many other small-business owners, you probably have your hands complete with many different tasks filling your daily work schedule. However, if you want your customers to make faster payments, you must share invoices with them on time.
A cloud-based project invoicing software like Talygen allows you to send invoices to your clients automatically. Once you enter your client's information in the system, it gives you a choice to create a recurring invoice for that particular client. As a result, you enjoy billing automation according to the invoicing schedule you devise.
Conclusion
Avoiding common invoicing errors can help your business enjoy the benefit of regular payments and a realizable cash flow. If you aren't already using them, you are giving your competitors reasons to win your clients. Therefore, employing project invoicing software that helps you create error-free invoices is only rational.
Furthermore, Talygen is a highly customizable platform with easy-to-use dashboards and reporting system that offers your insight into the business future. For busy entrepreneurs, Talygen is accessible via both web and smartphone. So, it doesn't matter if you are at the home, office, or on a business tour. You can always keep track you're your business expenses.
Talygen's customer services team is available to help you 24/7 and is always willing to enhance the customer experience with their guidance. Learn more about Talygen and try the free demo today.
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How to Manage Your Employees with Talygen’s Employee Management Software
Friday, June 29, 2018
5 Advantages of Using Talygen’s Job Portal Software
Monday, June 11, 2018 May
Apr
Talygen’s Time Tracker with Screenshots: An Indispensable Asset for Your Organization
Sunday, April 22, 2018
4 Essential Things You Should Consider Before Choosing A Time Tracking Software
Friday, April 13, 2018 Mar
Empower Your Business with Customer Relationship Management Software
Monday, March 26, 2018
Why Your Business Needs To Invest in a Project Management Software?
Sunday, March 18, 2018 Feb
2017
2016
2015
Oct
Sep
Aug
Why Do You Need the Talygen Time Tracker?
Tuesday, August 25, 2015
Five Features that Will Make Managers Love Talygen
Wednesday, August 12, 2015 Jul
Jun
May
Apr
Mar
2014
Dec
CES Series: Talygen to showcase the Future of Business at CES 2015
Tuesday, December 30, 2014
CES Series: 2014 was a blast, so will 2015 Be!
Thursday, December 25, 2014 Oct
Sep
Introduction to Talygen’s offline Time Tracking Application
Tuesday, September 30, 2014
Tips and ideas for successful project management
Wednesday, September 24, 2014
Smarten up your Project Management with Talygen
Tuesday, September 16, 2014
Why should businesses use an invoicing software?
Wednesday, September 10, 2014
Why Worker Productivity Matters and How to Improve it
Thursday, September 04, 2014 Aug
