It’s true, some customers and clients make a conscious decision to leave their bills unpaid. However, many people fail to pay a bill simply because of an error or a misunderstanding of the bill. As a business owner, providing clear and error free invoices is one way to increase your chances of being paid for the goods or services you provide. Continue reading for invoicing best practices every business should follow.
4 Best Practices Every Business Should Follow
#1. Clearly state your company name, address, and phone number on the invoice. This is the first and most important of the best practices every business should follow. An improperly or poorly labeled invoice may go unpaid if the recipient is unsure of where to send payment. A correct invoice is at the top of the list of best practices every business should follow.
#2. Indicate who the bill is directed to. Make sure the invoice clearly states who should be paying the bill. A debtor may disregard or throw away a bill if the recipient does not see their name listed on the invoice.
#3. Include detailed payment instructions. Another best practices every business should follow is to clearly outline how the debtor should pay the bill on the invoice. So, if accepting checks, indicate where the checks should be sent. Similarly, if accepting credit card payments include information about processing fees.
#4. Outline payment due date and consequences for failure to pay. Finally, it should be obvious when your company expects payment for the invoice. Additionally, include any consequences for failure to pay such as late fees or increased interest rates.
Howe & Associates Can Help You Collect Unpaid Debts
We know how frustrating it can be when you are struggling to collect payment for goods or services you have provided. So, if you have used these best practices every business should follow, and if your best efforts to collect are coming up empty, hiring a collection attorney may be the next step. To learn more about working with Howe & Associates Debt Collection Attorneys, click here or call 678-566-6800.