16 Jun, 2014

Improving Invoice Accuracy Saves You Time, Money and Increases Your Profits

Blog - Improving Invoice Accuracy Saves You Time, Money and Increases Your Profits
16 Jun, 2014

Blog - Improving Invoice Accuracy Saves You Time, Money and Increases Your ProfitsOf course you know that your business would be nowhere without invoices. Just a single piece of paper can represent hundreds or even thousands of dollars to your bottom line. Have you ever stopped to think how much more it can contribute beyond the “Amount Due” line?

An effective and accurate invoicing system can save time, which also equates to money. In addition, it can serve as a selling tool to strengthen customer relationships even when your sales reps aren’t around. With all the competition in the marketplace, doesn’t it make sense to take advantage of every instrument at your disposal to set yourself apart?

Consider these tips for making the most of your invoicing system. How much do you think you could save (or earn) by implementing these simple ideas?

  • Companies often use separate methods for order entry and invoicing. This duplication of effort increases manpower costs by having two people do essentially the same thing. It can potentially cost even more in lost revenue due to errors in transferring data from order to invoice. Streamline the process by integrating both jobs in one system.
  • Customer pricing is vital to supporting your profit structure. Maintaining consistency is key to preserving your integrity. Don’t take a chance on having to sift through past orders to see what your customer has paid. Remove the guesswork by setting up pricing in your invoicing system.
  • Invoices form a valuable database of your customers’ needs and preferences. Use that information to create personalized messages that will print out directly on each individual invoice. You can also use this method for general broadcast messages, such as reminders of an upcoming trade show.
  • Your invoice represents you and your company just as much as any of your employees do. Take a look at one of them. Does it have a professional appearance? Does it contain all the necessary information but remain easy to read? Make sure your invoices reflect the high quality you want to be identified with.

Follow-through is part of excellence in any endeavor. Going the extra mile puts you ahead of the competition. Don’t let your invoicing be an afterthought. Give it the importance it deserves.

When you are looking to save money and increase your profit as you may be improving your invoice accuracy, moving to GPS vehicle tracking for your fleet and equipment makes perfect sense. Keeping tabs on valuable equipment doesn’t cost, it will pay all the way through to the bottom line.

Sources:
Red Wing Software

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