Working with top-tier organizations is always a thing you look out for. Landing on one of the biggest corporate clients, you must be one cloud nine, right. The dream you saw when you just started has now come true. Oh, it has to be a huge success. Your online accounting software is going to reflect higher income this month. But wait; don’t get moved by the idea that a corporate client is all you need to boost your business’s reach or success.
There could be issues too. To begin with, you cannot expect to send invoices and get paid online every now and then, or after every task. Meaning that they have bigger milestones, they use Online Billing Software for Enterprises and their payment terms vary drastically as compared to what it would have been earlier. To add to this, such organizations have specific requirements which if not done would add more to the timeline, delaying the payment.
Research conducted by Fundbox states that top-tier organizations take the longest time to pay small-scale business organizations. Even when the organizations agree on some terms, they still clear dues after a long period of time. So how do you ensure that you are paid and on a timely basis? Can Online Billing Software for Enterprises help you in this?
Well, you don’t have to search the web for answers to send invoices and get paid online. This article is designed to help you understand how and what to do to get your invoices cleared on time and how Online Accounting Software can help you in this.
Tips to make sure your client pay invoices on time
Ensure all the paperwork is done
You have shared your proposal with the client and a step has been taken from the other end too with them accepting the same. So, all set to start your work? Wait, need not be so quick and fast. Wait and be diligent. You need to make sure that all of the paperwork has been done. That is to say, go ahead and first check whether all of the financial and the contractual work has been done or not.
If not done, stop and first start with the process. Review each and every document. Only after you have read all the documents and are totally convinced should you sign the document and then return it to the concerned person.
In case they have agreed to clear the amount as direct deposit, make sure you go ahead and ask them to share the form. Do not wait until it’s time to raise an invoice. After the documents are verified and processed, ask them to share the purchase order number as this is necessary when creating an invoice.
Find Out Who You Will Invoice
The next thing to know is who should you send the invoice to. Meaning that whether you need to send the same to the accounts department or the person you are in contact with on an everyday basis.
Often, it so happens that bills are delayed solely because they did not land on the right door. It is important that they are sent to the correct desk to avoid any delay in payment.
But when should you ask them about the same? Should you wait for the time when you need to raise the invoice or just after you have signed the contract?
To be honest, it is best to learn about the person as easily as possible. Once you have the details, you can then save the information and keep a record of the same. Also, confirm the entity you are billing to as large organizations have multiple business units and not all are the headquarters.
Keep Tabs on the Billing Requirements
Not just the documentation or the person but you should also be aware of how to raise the invoice or what details must be present in the invoice. As stated earlier, organizations are particular about everything and even a single detail missed would lead to a delay in the billing.
Even though it appears to be the standard invoice, it isn’t. It is more like a professional bill to be created in a specific manner to avoid rejection.
So what do you need to add to the invoice? The billing address and the terms that you both have agreed on, there are a few more that are must in the invoice:
- Clearly specify your PO number
- The name of the project.
- The project code, if any.
- The total number of hours you have worked
- The per-hour rate
- Details on the total work done.
- The tax rate applicable to the invoice.
You can also consider using online accounting software to keep track of all.
Keep Your Invoices Simple
Make sure that the invoice created has all of the mentioned details but in a clear and crisp manner. You can use a good Online Billing Software for Enterprises for this, instead of sending an ambiguous invoice to your client.
What we mean to say is that the invoice must not be something that is hard to understand or process. You must take into consideration the fact that these people are extremely busy and have tons of documents to process every day.
If you present the invoice in a manner that is hard to understand, they might just neglect it and move ahead. It’s best to limit fuss or add multiple colors. At best, stick to a white and black background.
Know, how They Prefer to Pay
There are multiple ways of making payments. When it comes to top corporate clients, you can expect payments through apps or even direct deposit. Before you raise the invoice, go ahead and ask them what mode they prefer.
This will help you set up the same so that the payment can be received without any delay.
In your invoice, you must add the details as per their preferred method. Most Online Accounting Software would allow you to add such information.
In the end, we recommend using online billing software for enterprises or an invoicing tool as they are custom-fit templates for industry types. This makes it easier for you to understand the requirements and raise your invoice on time and in the desired format. Another thing to note is that these apps have notifications and reminders to update the parties on dues and unclear bills. Either way, it helps you get the bills cleared on time.