There’s no question about it: the financial and cash flow health of your business depends heavily on you getting paid on time.
The invoicing problems faced by most small and medium-sized businesses today remains to be:
Not getting paid on time
Getting lost in mountains of invoices
Stuck in long lines at the bank just to make and receive payments
Confusing invoicing workflow
Lost data and invoices
Errors in invoices
Calling customers up, chasing for payments
Wrong or missing contact information in invoices
Not having time to collate, manage, and monitor all the invoices
If you’re like most SMEs who are using manual invoicing or doing the invoicing yourself, some of these invoicing problems may resonate with you. The key to using an invoice management system and payment tool that provides you with a small sense of order before payments become delinquent.
1. Eliminate Manual Invoices
Creating, managing, and catching up on invoices can be a hassle and take away precious time where you can focus on growing your business. It’s time to ditch manual invoicing or paper invoices which can get lost in the mail or damaged in transit. It’ll only delay you getting paid.
Almost 80% of top-performing companies have come to automate their day-to-day task and retrain their manpower. (ref: Gleanster Research)
With an invoice management app like INFT, the worry disappears. You can create invoices virtually on your laptop or smartphone on the go. Your customers will appreciate the opportunity to be able to complete the payment electronically too.
One thing’s for sure, you’ll see a much quicker response from your customers!
2. Immediate Invoicing
Most of the time, you’d have to wait a while to have someone, most probably your accountant or assistant in the office, issue the invoice. The ideal solution is for you to issue the invoice the moment service is rendered or has begun.
For your customers, there’s a benefit too. They will see the invoice as a single, final step they can take to pay the invoice. There’s a psychological incentive to pay on time once the work is done.
Of course, if it is a recurring billing, use invoice management automation to streamline the workflow. It can be sent automatically as soon as the service is renewed without having to manually do it.
You set your own terms, billing period, amount, and set reminders for it. And then you can forget about it to focus on growing your business. It’s as simple as that.
3. Partial Payment Feature
While some big projects just need one, single large itemized invoice, other companies, depending on your customer and your relationship with them, may prefer a way to split the payment up.
When you digitise your business with INFT, the suite of invoice management and payment tools allows you to record partial payments from your customers or clients.
Under one dashboard, you can either send multiple smaller invoices with an option for discounts, or you can record partial payment from your customer which will offset against the larger amount.
You don’t need to issue another invoice or send them a receipt just to keep things in check.
Those multiple invoices and receipts can be a headache during reconciliation.
4. On-Time Invoice Creation
It’s a no-brainer. You need to send the invoice out as soon as possible before it gets forgotten or delayed, and you don’t have to wait for a specific time of the month for the invoice to be generated.
For instance, some companies only issue mass invoices on the 10th of every month and expect payments to be made at the end of the said month (or according to the payment term).
With INFT, you DON’T have to wait for every 10th day of the month to create and send the invoice! Just log into your INFT account and create a regular billing schedule and stick to it.
5. Dealing With Chronic Late Payers
We all have them - people who are either too busy to look into your invoices or just can’t be bothered to pay you on time. You’ve crossed every possible line to keep this client and bent over backwards to make things work.
But they continue with the late payments.
With INFT’s dashboard, you can see these late payments and monitor them over a period of time…until you need to make a tough decision.
A serious conversation with them is inevitable, unfortunately.
Invoicing, tracking down payments, reconciling your accounts is never a walk in the park, but it’s the backbone of your company. Since escaping is not an option, making the invoicing process and workflow smoother is the better alternative.
The Benefits of Invoice Management for Your Business
INFT offers a suite of invoice and expense management tools and features (AND MORE!) that will make your life as a business owner a breeze! You can either do it yourself even when you’re travelling overseas, on the road, attending meetings or conferences…or you can get your assistant to log in and do it for you.
You’re a business and if you want to continue working with your customers, you need to remind them politely and efficiently. Eliminate those tedious tasks with INFT’s made-for-you features.
Find out more about them on this page, call us at +65 6635 5668 or email us at firstname.lastname@example.org. We’re all ears.
Consumer advisory – Payment Services in Singapore are regulated under the Payment Services Act 2019 (the "PSA"). Remittance is powered by Wallex Technologies Pte. Ltd ("Wallex"), who is regulated by the Monetary Authority of Singapore and is a licensed Major Payment Institution under the PSA for the provision of Cross-border Money Transfer Services in Singapore (License No. PS20200433). Funds (that constitute "relevant moneys" (as defined under the PSA) received by Wallex shall be held on your behalf in a trust account opened with a Safeguarding Institution as required under the PSA. Visa cards are issued and powered by NIUM Pte. Ltd. (formerly known as INSTAREM Pte. Ltd.), who is regulated by the Monetary Authority of Singapore under RA No. 01454 and is a major payment institution under the Payment Services Act No. 2 of 2019. Virtual accounts are powered by PayrNet Pte. Ltd., under the Railsbank group of companies, who is regulated by the Monetary Authority of Singapore and operating under an exemption under the Payment Services (Exemption for Specified Period) Regulations 2019. Business Cashline is powered by Cash In Asia Pte. Ltd, who operates as an excluded moneylender under the Moneylenders Act (Cap 188).