Invoicing In A NutshellWhen you're trying to get your business off the ground, there's nothing more frustrating than getting in a bind and not knowing where to turn. Filling out invoices and other forms on your own can be laborious and time-consuming.
Without a solid invoicing process, an already difficult task becomes more challenging to accomplish.
You won’t be able to manage or track your expenses and your finances would be affected.
This post talks about what to consider when implementing an invoicing process for your business.
What is an Invoice?
An invoice is a document sent by a provider (you) for services to the purchaser (client) that lists services provided and the amount owed.
They are always dated and should show the payment terms and methods available. They create a record and form an important part of your record keeping system.
Invoices can be created electronically, by hand or a combination of the two.
When issuing an invoice manually, please consider the following:
– invoice number: You need to make sure that your invoices are numbered, creating a single identifier for each. This number is then used as a reference point for you and the person paying the invoice.
– date: Making sure that the date an invoice is issue is accurate to prevent tracking and reconciliation issues later on.
– Make sure you don’t overwrite or forget to save the invoice
– Enter customer data and address correctly: it is necessary to check all customer data and copy the document correctly, care should also be taken when creating a new invoice not to leave any of the previous customer data.
Benefits of invoicing through an invoicing application:
For years, businesses have been using paper and ink to record their receipts. But there’s a better way. The advantage of issuing invoices through a program greatly facilitates the work of the practitioner, given that using such a program most things are automated. For example, number assignment is automatic and therefore no duplication of numbers is possible.
Also, adding a new client is easier because some systems can retrieve data from a public database. Such applications generally remember some pre-defined settings, so there is no need to rewrite or enter data.
It can be prepared in the form of an e-invoice, so the practitioner can forward it directly to the customer. Using such a program also makes the job of accounting easier because the invoices do not have to be rewritten since everything is track automatically.
Additional advantages to electronic invoicing include the following:
- Never lose an invoice ever again. Permanence and resistance to physical damage.
- Easily find any issued invoice: Ease of searching and sorting for specific names, terms, or dates.
- Track any and all invoices: increased auditability.
- Issue or re-issue invoices at ease: The ability to print or reproduce on demand.
- Help the environment: Reduction of paper use.
The invoicing process is one of the most important parts of your business. When done poorly, it can take a lot of time and money out of your hands. When done well, it can result in a significant increase in productivity and profitability.
CompanyOn offers a simple and complete scheduling system that send notifications automatically to remind your clients of their appointments prior to their visit.
To learn more, please click here.
Disclaimer: This information is provided in an attempt to heighten sensitivity, increase awareness, and enhance judgments on this topic. We encourage our audience to contact their legal advisor and regulatory body to learn more. CompanyOn does not represent or speak on behalf of any regulatory body.
At CompanyOn, we’re committed to supporting our community of solo practitioners, no matter if they are just thinking in pursuing professional independence, or they are already well established solo practitioners.
Focus on growing your practice instead of dealing with day to day chaos of your (manually run) processes.
Best Practices On The Use, Storage, Retention & Disposal of Clients Personal Information
Due to the nature of the healthcare industry, we will all have access to personal details of the people we help. It is vital that these details are utilized, stored and disposed of in a manner that is respectful to the client and complies with government directives and guidelines.
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