Recent surveys conducted by Atradius and CFO.com revealed some shocking statistics about accounts receivable:
- 39 percent of invoices in the US are paid late.
- 48 percent of customers will try to delay payments.
- 11 percent of customers never receive their invoices.
- Invalid or incorrect purchase order information leads to 49 percent of disputes.
Based on this information, the more attention businesses devote to ensuring that their invoices are accurate, timely and professional, the better off they will be. Invoices are essential to maintaining steady cash flows of working capital. Not only are invoices a must for growing businesses, but they are key to establishing trust with your customer base, as well as building a brand image of professionalism and reliability. Every effective invoice has four components:
An accurate invoice helps you build trust with your customer base; an automated invoice process can accomplish this. Specifically, by auto-populating your invoice and payment systems with invoice numbers and amounts, a business can ensure that their invoice payments are reliably accurate.
A clear invoice reflects your understanding of a customer’s business needs. By offering payment options and not relying on a one-size-fits-all approach, customers get the sense that you are willing to adapt to and accommodate their lifestyles.
Customers expect to be billed in a timely manner. When a bill arrives promptly, it is easier for them to budget and plan for expenses. A late invoice can be the cause of a negative customer experience, whereas an invoice delivered right away and electronically will allow customers to pay the bill in a timely manner.
Once you send out an invoice, you should be ready to answer questions to help nurture the customer relationship. Accurate record keeping is essential to provide the most up-to-date information to customers.
Fidelity offers advanced invoicing options in the form of an online form that automatically populates with the payment amount and invoice number. This allows you to send invoices in a timely manner, and with a number of payment options to accommodate your customers’ lifestyle. The payment form can be opened on any smartphone, tablet or computer for optimal convenience and mobility. Additionally, your payments can be synced with your Quickbooks accounting software by using our Quickbooks plugin to allow for seamless integrations and symmetry across platforms. Invoices provide an excellent return on investment because, at the end of the day, better invoices mean stronger customer relationships and improved cash flow for your business.
Contact us today to find out how we can optimize your invoices and improve your business growth and cash flow.