SMALL BUSINESS ADVICE

XO Accounting's fast payment tips for small businesses

XO Accounting | September 29, 2021

Owning a small business, while mostly exciting, can be challenging - especially when invoices aren't being paid on time or clients are simply slow to pay what they owe. XO Accounting, a premier Xero accountant, explains how small businesses can optimise their invoices and get paid faster.

The first step to getting an invoice paid :
as quickly as possible is by making the invoice appear professional, says XO Accounting. This involves using professional fonts, brand colours and polished styling. Most modern accounting software contains features that allow businesses to create invoice templates, which saves business owners from having to re-create the same invoice from scratch every single time.

XO Accounting advises business owners to clearly label their invoices:
Display the words 'invoice' or 'tax invoice' at the top of the document and ensure the business' logo is clearly visible. If need be, also include a unique identification number for recording and organisation purposes.

Each invoice should include the following company and client information:
the business' name, address and contact details; the customer or client's name, contact number and address; the business' registered office address and ABN. The invoice should also have a clear description of the products or services provided to the customer. This helps both the payer and the payee keep track of what the exact payments required are. XO Accounting reminds businesses to also indicate the quantity and price of the services or products.

For legal purposes as well as for clarification for the client, XO Accounting recommends businesses note the terms of payment on the invoice. Most likely, these terms will have already been agreed upon with the customer - however, it never hurts to put it in writing and remind the customer to avoid confusion or dispute. The invoice should note how exactly the customer can make payment by including bank details, BPay biller information or other payment information.

About XO Accounting
XO Accounting assures business owners that by perfecting their invoices, clients are more likely to pay them faster and on time. As the premier Xero accountant Melbourne-wide, XO Accounting provides business owners with the knowledge and tools to get the most out of their businesses.

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