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You’ve just wrapped up a project for a client, and you’re feeling great about the work you’ve done. But then reality sets in: you have to send an invoice. And if you’re like most small business owners, that simple task can quickly turn into a stressful situation.
What happens if you forget to invoice on time? What if the client doesn’t pay? Or, even worse, what if you make a mistake on the invoice and cause a delay? All of a sudden, your cash flow takes a hit, and you’re scrambling to keep things afloat.
While invoicing might seem like a small part of running a business, it’s actually vital to keeping your finances on track. Here’s why doing it right can make a huge difference for your business.
How invoicing works
At its core, invoicing is just a way to formally request payment for the products or services you’ve provided. A proper invoice includes these key details:
- Your business name and contact information
- The client’s name and contact information
- An invoice number to keep track of things
- A breakdown of the services or products you provided
- The amount owed, including taxes and any additional fees
- Invoice payment terms like when it’s due and what happens if it’s late
Invoicing can be done using something simple like a Word template, or you can go the accounting software route with QuickBooks or Xero. A lot of businesses, though, are making the switch to platforms like Forwardly to create invoices by integrating with their accounting software, cutting down on manual data entry and making the process a lot less prone to errors.
Why invoicing is so important
It improves cash flow
The faster you send invoices, the faster you get paid. According to a study by Upflow, 3 out of 4 small businesses deal with payment delays. By staying on top of your invoicing, you can keep your cash flow steady and predictable, instead of waiting around to be paid.
It boosts your professionalism
Sending clear, well-organized invoices tells your clients you’re serious about your business. It’s an easy way to make a strong impression and can lead to faster payments.
It helps you stay organized
When tax season comes around, you won’t have to dig through a mess of spreadsheets and receipts. You’ll have everything neatly organized, which means less stress and more time for business growth.
It gives you legal protection
An invoice is more than just a piece of paper, it’s your backup if a client ever disputes a charge. It clearly lays out what you did, how much it cost, and when you expect to get paid. If there’s ever a misunderstanding, that invoice is your proof that the work was done or the product was delivered, making it easier to resolve issues quickly and keep cash flowing smoothly.
Read more: How to Invoice Like a Pro – 6 Best Practices for SMBs
How Forwardly makes invoicing easier
If you’re using accounting software, you can actually create invoices directly through Forwardly. Here’s how it makes invoicing simpler:
Faster payments
With Forwardly’s options for instant payments and same-day ACH transfers, you can get paid 3 days earlier. That’s less waiting around between finishing the job and seeing the money in your account.
Lower fees
Traditional payment methods often come with hefty processing fees. Forwardly keeps it affordable, allowing you to keep more of your earnings where they belong, in your pocket.
No pre-funding required
Unlike many other payment processors, Forwardly doesn’t make you pre-fund an account before you can send an invoice. This gives you more flexibility and ensures your cash is always available when you need it.
No monthly fees
Forwardly works on a pay-as-you-go model, meaning you only pay when you get paid. This is a great way to avoid the burden of monthly fees, which can quickly add up for small businesses.
Automatic payments
Set up recurring invoices to be paid automatically, saving you time and reducing the risk of missed payments. It’s one less thing to worry about.
4-way sync with your accounting software
Forwardly syncs directly with your accounting software, so your invoicing, payments, and financial data are always in sync. Once it’s set up, payments are automated, and you can be on hunt for new clients.
Real-time updates
With Forwardly, you can keep tabs on your payments and balances in real time, giving you full visibility over your finances. This helps you make quick decisions without second-guessing.
Make invoicing less stressful
Invoicing doesn’t have to be a chore. With the right tools and a proactive approach, you can turn this essential task into a streamlined, stress-free part of your business. If you’re tired of waiting for payments or dealing with outdated systems, it might be time to consider a modern invoicing solution like Forwardly. After all, getting paid should be the easiest part of doing business.
Get started today and simplify your invoicing with Forwardly.
