Many small businesses must take care of their own invoicing, but many view the task as a chore. This could explain why the average business takes a week to send an invoice – and for some businesses, up to two months.
While it may be a pain in the neck, prompt and efficient invoicing is vital to the success of a business.
According to research by accounting software provider Xero, small businesses are paid, on average, two weeks late. A recent UK survey found an even longer delay of 21 days.
There are methods you can use to speed things up, though. From tightening payment terms, to chasing invoices more aggressively, to simply getting your invoices out faster – these are just a few of many examples you can use to help keep the cash coming in.
Avoid the dreaded cash crunch that spells the end for many small businesses with these five tips for better – and faster – invoicing.