Invoice is a part of the customer experience
An invoice is a document that asks a customer for money for the product you sell. A well constructed invoice is easy to pay and takes into account the information required by the tax authorities. Aim at using inline invoicing, since it is environmentally friendly and saves on time and effort.
The invoice is usually sent to the customer after delivery. If the product or service is a project spanning a longer period, it is often billed in parts during the project, and the last part is invoiced when everything is complete. Typically, the invoice is given a payment term of 14 to 30 days, although in the case of B2B transactions between companies, the payment term can be agreed on otherwise.
The invoice must always include certain statutory items. Before sending the invoice, make sure there are no errors in the data. The customer is under no obligation to pay an invoice if the information is erroneous. Be sure also to send any invoice attachments. Do not edit the submitted invoice afterwards. If there is an error in the invoice sent to the customer, the invoice must be refunded and a new invoice made.
Help from a debt collection agency
If your customer has not paid the invoice you sent by the due date, send a polite payment reminder. If, after the reminders, your customer does not pay the invoice, it should be transferred to a collection agency. It will save you time and energy.
Claims collection is a licensed activity. It is worth getting to know different agencies and their services and prices, in order to find the one that suits best your own means. A good collection agency handles the collection with elegance and with respect towards your customer relationship.
Don’t forget to archive
Remember to archive your invoices. As an entrepreneur you are obliged to keep all accounting material (including invoices) for six years from the end of the calendar year in which the financial period ends.
