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admin

About admin

Veronika Tondon is a business enthusiast with extensive experience in Invoicing & Payment Process. She has 6+ years of experience in Invoicera, the leading cloud-based invoicing solution as Invoicing Consultant. Sound knowledge in business process execution, offers end to end solutions for complete automation of business processes and AR/AP processes. Contact Veronica for your invoicing requirement.

Why 80% of small businesses choose online Invoicing?

 

 

80% smart business houses have chosen the path of online invoicing for their billing needs in past 2 years.

Time and money are the two most important resources any business has. So, if you want your productivity to increase you need to specifically target these two the most. You must think of ways to have optimum utilization of the above two to make sure you never run out of them.

Invoicing is one of the key areas that take most of your time and money that you can easily save. The bonus points you earn are the efficiency in tasks that you complete. An invoicing software for small businesses helps you send out invoices that are custom made easily with templates and information that can be selected from the drop-down, saved already in the cloud.

Apart from this, selecting the best invoicing software for small business is crucial for a business to avail all the benefits listed below. Keep on reading!

 

  1. Information gets saved with the cloud.

Climb on the cloud 9, your information is saved there. Jokes Apart! It is the space you get online to save your data. It is only accessible by you and IPs you trust.

Cloud-based small business invoicing software is easy to work with. As they give you enough space to save all your data and access it however you like it. You can simply select and use that information in your daily processes or access them when any urgency arrives. It saves your time and money spent on manual lengthy processes and analysis.

 

  1. Automated tasks

Doing the same task, again and again, is monotonous. And, when it comes to invoicing it becomes tedious too. Creating same invoices, expense reports, finance management, and staff reports are mandatory but you do not require days to spend over it. Smart use billing software for small business and automate your tasks. Set automatic recurring bills, generate reports and keep a tab of every staff member with just a simple click. It smarter, wiser and intelligent choice.

 

invoice-approval-software

 

  1. Easy invoice templates

Creating an invoice without a unified template is a big no-no. Imagine sending different types invoices to the same client every time. They will question your being. Your invoices are your official communication with your client. Don’t take them lightly. They should be a reflection of what your company is. Use a set template, customize it according to your brand, use your company’s logo, colors and let the doc. clearly set you aside from the lot.

To do this efficiently, use the small business invoicing software like Invoicera to create estimates from customized templates from its customized software for small business.

 

  1. Send E-Invoices with a click.

Save paper and time! E-invoices can be simply sent to the clients from the dashboard with a click. It saves you time and hassle of tracking paper invoices. We are all aware of the problems paper invoices create for us. They are untrackable, prone to theft, loss and what not. Whereas, E-invoices on the other hand when sent via a dashboard of billing software for small business are real-time trackable and quick.

 

  1. Quick Payments

Quicker payments are received when your processes are fast enough. Manual processes are undoubtedly slow and time-consuming. For instance, when you send an invoice by postage it will take a minimum of two days to reach your client. And, possibilities are by then you would have already missed out their payment cycle date.

It is when you send an invoice via best invoicing software for small business your invoice gets delivered to your clients, sitting even thousand miles away, in seconds. You can track them in real time and take desired actions. E-invoices even back you up even when you goof up. It is after this process you tend to receive your payments easily and earlier than expected.

 

Receive-payment-online
Receive-payment-online

 

  1. Automated Payment Reminders

Calling your clients almost daily for payments will not only irritate them but also say a lot about your trusts in them. There is a more professional way to handle such sensitive issues of payments. Send automated regular reminders ( maybe, once in a week) of payments for your clients after they miss the due date. This will leave an overall positive impact on your clients. And, chances are such happy clients will pay you in time. What else do we want!?

 

  1. Expense Tracking Becomes Easy

The best invoicing software for small business comes with an overall package for your business. Not just invoicing but, it makes handling all of your business finances super easy. The software automatically records all your accounts payable and receivables, tab late payments and invoices. Thereby, giving you clear reports for all expenses and profits.

 

  1. Easy Project Management

A small business invoicing software is a single dashboard that helps you manage your entire business activities. Its features such as project management will help you keep a tab of all your projects at one place. Manage their communications or their billable hours, all at once together. You can also track employees working on it and the projected growth to let your clients know better about their proceedings.

 

  1. Easily financial reports.

When the tax season will come around you will not have to spend your nights behind piles of paper, rather all of your reports will be generated easily when you will use invoicing software for small business.

You can easily create clients, payments, tax summary and expense reports in any time period with help of invoicing software for small business.

 

  1. You can get your team on board too.

The best part about billing software for small business is that it lets you include your team in too. You can share the load and make the entire process more accurate. Softwares like Invoicera have developed inhouse-invoice approval processes too to make your invoices super accurate before you send them out to clients. It makes you add your team, assign them invoices and ask them to review each. This way you’re including them and increasing team bonding.

You must have become familiar with all the benefits of using an online invoicing software by now. It does not stop here, the list of benefits goes on an on. You will realize each benefit once you will start using an invoicing software for small business.

 

Also Read: Invoicing Etiquette for Small Business Owners- Quick Guide

 

Do not forget to comment below your experiences with small business invoicing software that you use.

 

invoicing software for small business

 

two-factor-authentication

Security Update: 3 new Layers of Added Security

 

In the world of online crimes, hacks, and frauds, keeping your account safe is utmost important.

Do you Know? There is a hacker attack every 39 seconds.

A Clark School study at the University of Maryland is one of the first to quantify the near-constant rate of hacker attacks of computers with Internet access— every 39 seconds on average, affecting one in three Americans every year —and the non-secure usernames and passwords we use that give attackers more chance of success.

 

In our extent to make sure your Invoicera account is super secure and usage reliable, here we have added 3 more layers of additional security to your account. The 3 layers of security will make sure your account is completely hack-free and secure. It provides end-to-end security and safety of usage.

 

Read on to know more about the 3 layers Invoicera Security:

 

What is Two-Factor Authentication?

Two-factor authentication is an added layer of security that makes sure your account is secured from any external intervention and other potential intruders. In order to log in the account, users are then needed to provide their unique details to confirm login securely.

Users must confirm their unique identity by submitting a verification code received from their mobile device.

With Invoicera, we have created an international industry standard authentication security.

  • Two Factor Authentication
  • Security Question Login
  • Save IP Addresses (For Staff)

 

How does it work?

Earlier whenever you logged in, it was as basic as adding username and password. But once, you configure two-factor authentication, your sign in will require an additional verification via google authenticator.

We recommend you to also add IPs to keep the login and usage restricted for more security.

 

What is Security Questions Login All About?

Security Questions login is a set of 8 personal questions that are created to add layers of security that are confined to only you. The added questions are completely personal to the admin.

 

Security Questions Login and Two Factor Authentication are both, admin only security layers. It helps in making your Invoicera account completely secure and minimizes the chances of frauds and hacks to zero.

 

In order to activate security questions login, you must answer 5 questions. Also, as matter of fact, you cannot enable both, 2FA and Security Login questions together. It is only one layer that can be added at one time.

 

How does it work?

In order to activate security questions login, you must answer 5 questions out of 8. Also, make sure you have disabled your 2FA. As Invoicera, allows you to add 1 layer of super security at one time.

 

Please Note: at the time of login, you will be only asked 2 random questions out of all the questions answered by you.

 

The Third Layer For Staff Security- Add Staff IP Address!

Security is just not confined to admin and login but, passed on to staff too! In order to make sure there is no exploitation of your account from any member. You can simply save the IP addresses you want Invoicera to be accessed on. And all the other IPs will be straightaway restricted to log into the account.
It helps you restrict any unwanted activity to your account.

All in all, this Christmas has bought in many surprises for you. Be it extra security or plans at discounted prices. Login to your Invoicera account and activate security now.

 

Christmas-discount-offer

The Big Christmas Discounts!

 

 

Ringing the Christmas Bells and singing the happy songs!

Do you feel our vibe?

 

It is Christmas around the corner and all of us at Invoicera cannot keep our excitement in control. We are already singing the Christmas songs and dancing to the happy tunes.

 

And what a happiness be, if we cannot share it with everyone? We are offering a 40% discount on all our plans. Now, you can simply avail any of it when you decide to upgrade.

 

40%-discount



What are you waiting for? Go! Upgrade Now!

 

 

enterprise-billing-software

UNDERSTANDING THE NEEDS OF AN ENTERPRISE BILLING SOFTWARE

Right at the middle of the night, when I was sipping my coffee and reading a news about how a company lost almost $2 million just because its major documents and invoices got burnt under the sudden fire that cracked because of a major short circuit in the office.

It was devastating to see how an organization lost its existence all of a sudden. But, then my logical mind asks me, Are we that helpless to lose all that we have with just one unfortunate circumstance? Or we’re still overlooking what lies in front of us.

As an enterprise one of the most precious things we possess are our documents and INVOICES. Our invoices are our key to monetary rewards to be received for the goods and services we offered. They ensure us our payments.

Now, this brings me to one of the most relevant yet not much understood need of an enterprise- an enterprise invoice software. It is a boon to the business world, yet most of us overlook its powers.

An enterprise billing software is the need of the hour. It holds the most relevance to us when we’re working in complex environments with 24 hours almost looking insufficient.

A customized enterprise billing software is the boon you were looking for since always but overlooked the need.

The need just doesn’t end here, rather it starts! Here is a list of few needs out thousands that tells us why we all need a customized enterprise billing software for our companies:

 

To Have Bespoke invoicing:

• A completely customized invoicing solution as per your company’s requirement to set you apart from the others in the lot.

• It lets you add functionality requirements and improve business productivity

 

It Lets You Have Complete control with self-hosted solutions:

• With on-premise hosting, the data remains with you and have complete control over your invoicing data.

• The efficiency of hosting business to your customers and branding solutions.

 

An Automated Payment system:

• Recurring billing profiles can be created for easily receiving automatic payments from subscription-based clients.

• Easily manage payments, dues, credits, and reports in one single dashboard.

 

A Single Invoicing Platform For All Your Businesses:

• Manage and send invoices of multiple businesses and products from a single dashboard.

• View and track all invoices with a highly efficient process.

 

Complete B2B communication

• Manage invoices, purchase orders and expenses with ease.

• Send out all documents in a timely manner.

• Send and receive purchase orders and estimates and convert them into invoices.

• Manage buyers and vendors in a single dashboard.

 

Improve productivity with custom work-flow management:

• Derive a custom workflow for your business.

• Establish in-house invoice approval process to send accurate invoices in one go.

• Keep a track of all your staff members, projects and data from a single platform.

 

Receiving payments globally:

enterprise-invoicing-software

• Choose from more than 30 payment gateways to receive payments globally with Invoicera’s enterprise billing software.

• Faster payments and smooth process.

• Real-time track invoices and payments for a better control over cash flow.

 

Manage time and employee productivity:

• Manage employee productivity with time tracking and detailed reports for analysis.

• Set benchmarks and review activities for a better control.

 

Data backup and Security:

• Safe and secure data
• No data loss occurs due to technical glitches

 

CONCLUSION

The enterprises require a custom billing software that can keep the pace of business. The profitability on any account depends on the cash flow. The key factor for the revenue growth in enterprises includes new technological advances with innovative solutions to gain the overall competitive advantage.

 

invoicera-discount-coupon

free-invoice-template

Invoice Template Customization- The Business World’s Need!

 

“Create your own visual style…let it be unique for yourself yet identifiable for others.”Orson Welles

Quoted the most appropriately by Welles, if you want to stand out stand unique.

Has your paper invoice lost its identity? Or thrown away because it was misunderstood as trash?

Similar looking papers gather no one’s attention. They simply get lost amongst other piles.

It is important to create your own identity. The best way you can do this to your invoices is by opting for customized invoice templates from your online invoice software.
A customized invoice template lets you set your own brand features to it. Add your logo, set your unique fonts and add your brand colors to it. Make it a visual representation of your company on paper.
Not only this, a customized templates hold many other important benefits for you. Here in this blog we have added some of the benefits for you:

 

    • Professional:  A customized invoice template sets the tone of your brand.
      A unified invoice format makes it easy to create and send invoices each time. It reduces time and efforts.A customized template works as your guide to creating an Invoice. It clearly depicts where the information needs to be added and how.

 

    • It is easy: Setting up a customized template is easy. An online invoice software like Invoicera helps you setup your custom templates in 3 easy steps. It lets you add logo, brand colors, fonts and personalized notes.Once set, you can create invoices in future in less than 3 minutes.

 

    • Free: to your astonishment, creating customized templates on Invoicera is completely free. Simply login to your account and set it up from the general settings.

 

    • Distinct Brand image: An invoice is your professional communication with your clients. Make sure it doesn’t get lost amongst the others in the pile.A customized invoice template sets your invoice apart from others in the league. It then gets highly identifiable and never loses client’s sight. Thereby, increasing the chances of getting paid earlier.

 

    • A professional record is kept:  a professional record of invoices is more likely to be kept than something sent as an unprofessional sum up. A handwritten note can be mistaken as trash and discarded. Let’s be realistic, it is a possibility!

 

    • Automated Invoice Generation: A set customized template in an invoice software can even help you in setting up automation for invoices. Automation reduces your work to minimum. It also sends out invoices in time, even if, you forget. Automation is the key to efficient business transactions.

 

    • Save Clients Information Automatically: you can instantly save information for further usage and never miss them. It also reduces your efforts to adding the same information again and again.

 

    • Professional Invoices lead to Instant Payments: Customized invoice templates and invoice system set uniform steps and even automate, leading to instant professional invoices. This cycle then evolves to instant payments. Thus, increasing cash flow.

 

    • A happy customer is a repeat customer: you must not forget the benefits it sorts you with. Your customers trusts you more, encourages more business and a happy customer creates word of mouth branding for you.

     

  • —————————————————————————————————————–
    Also Read : BEST MARKETING TIPS TO INCORPORATE IN YOUR ONLINE INVOICES
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    STEPS TO CREATING INVOICES WITH CUSTOMIZED TEMPLATES:


    Go to Settings > General preferences >

    invoice-template

     

    Template Customization > New Template

    free invoice template

     

     

    INVOICERA- THE ONLINE INVOICE SOFTWARE FOR YOUR BUSINESS

    Did you know? Invoicera is a leading online invoice software with more than 3 million users around the globe and 13 years of serving the global giants.

    Invoicera helps to automate and simplify your business processes and communication with features like:

    •     Online invoicing & payments
    •     Invoice Approval Process
    •     Expense tracking
    •     Auto Recurring billing/subscription billing
    •     Client/Vendor panels
    •     Time tracking
    •     Custom workflow management
    •     Multi language & currency support
    •     Financial reporting & analysis
    •     Purchase orders
    •     Late Payment Reminders

     

    Create Custom Template Easily With Invoicera: Watch Now!
     

pricing-plan

Unveil The Box Of Christmas Happiness- Invoicera

This Christmas is about to ring some business bells for you!

Excited?

Invoicera has launched one of the most business friendly plan especially for you.

Now, manage 1000 clients in just $29 per month. Don’t stop here, add about 10 staff members on the board and play it like a pro.

Also, don’t miss the Christmas surprise, avail the business plan now with 40% flat discount only at $17.40.

 

OTHER BENEFITS OF BUSINESS PLANS:
API Access Yes
Invoice Approval
Process
Yes
PDF Protection  Yes

 

 

nvoice approval workflow software

How can I accelerate my business with custom Invoice workflow management?

 

What is Custom Invoice Workflow Management?

 

Custom workflow management for a business means managing all of its invoicing and payment activities systematically.

You follow a hierarchy and each of the communication happens in a proper pre-defined pattern.

Why Does a Business Need Custom Workflow Management?

 

Management of invoice approval workflow and payments is a complex process. A business gets a morale boost when they have a platform that can support all of it together. It makes work easier and process faster. The numerous activities added to make the process efficient and fruitful. The invoice approval software is an umbrella that covers the host of different features to help businesses simplify their invoice management.

The electronic invoice approval process makes the entire experience of invoicing easy as few clicks, giving you enough time for more productive business activities.

Invoicera lets you automate your business process and invoice management with simplified invoicing workflow in a cloud to access anytime anywhere.

 invoice approval software

Manage Your Custom Workflow With:

 

Invoice approval Process With Invoicera
Invoice approval system is one of the most demand features with Invoicera. It lets you send accurate invoices in one go. The In-house Invoice approval workflow software, when enabled, gives the admin the power to add relevant team members in the loop of creating and sending invoices. This gives the authorities to edit and review an invoice. It adds nothing but, more accuracy to the entire communication.

Automate your Invoice Workflow

 

Automate your invoice workflow by straight away converting your estimates into the invoice. Now, forget the hassle of capturing all the expenses, time or paper estimates and then create invoices manually.

It lets you automate late fee and payment reminders in order to get paid quicker with the invoice approval workflow software.

Experience improved visibility, quicker decision making, increased information security.

 

Online Payments
More than 30 online payment gateways integrated with Invoicera, an invoice approval software, allows you to add due dates and late fee reminders to receive payments in time and make the entire process of payments smooth.

You can set automated payment reminders for late payments to be sent to clients once they miss the deadlines.

You can add it to your manual payment process or even replace the hassle of manual payment too.

Manage Staff Permissions
Control staff permissions and set their roles and responsibilities with staff management feature. Track each employee’s time and productivity with time tracking software on Invoicera. Also, assign clients to staff and manage accurately their billable hours. It will help you invoice each minute that you had spent on the project.

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Also Read: The Importance of Staff Management Software in an Office

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Manage invoice approval with Invoicera’s Invoice Approval Software

 

Invoicera is a cloud-based Invoicing and billing solution empowering account receivable & payable management for over 3 million businesses worldwide since last 12 years.

Invoicera helps to automate and simplify your business processes and communication with features like:

  • Online invoicing & payments
  • Invoice Approval Process
  • Expense tracking
  • Auto Recurring billing/subscription billing
  • Client/Vendor panels
  • Time tracking
  • Custom workflow management
  • Multi-language & currency support
  • Financial reporting & analysis
  • Purchase orders
  • Late Payment Reminders
  • Instant payments with multiple payment gateways
  • Estimates
  • Staff permissions
  • Invoice scheduling
  • Credit note management
  • Customized invoice templates
  • Subcontractor billing and time management
  • Support for 25+ payment gateways
  • Comprehensive reporting
  • API access for 3rd party integration

 

invoice-approval-software

Online-invoice-software

10 Invoicing Techniques of Pros That Most Business Owners Ignore

Still scratching head to understand invoicing and its best practices? It may appear tedious at first. But, there is always a room to master something that seems impossible in the beginning.

Here are 10 pro techniques to master invoicing like a pro.

1. Have a clear understanding of the basics.

Regardless of the fact, that you decide to outsource your bills or handle them on your own, every invoicing pro has taken their share of time to educate themselves about the invoicing basics so as to get paid in time.

The starter kit for invoicing include:

  • Client and your information on the top
  • Invoice number and due date.
  • Itemized list of services and products.
  • Your terms and conditions & payment terms.
  • Your preferred payment modes.

Also, a smart businessman is always looking up to the best of automation they can get after using an online invoice software. It sends invoice automatically in a predictable time that you schedule it for depending upon the pay cycle.

2. Use an online invoice software.

Creating invoices on paper is practices that went outdated years ago. Now, even the word processor does not hold much importance. The online invoice software has taken over the world of business. It helps you quickly create invoices, send them electronically and then keep a track of each of their movements. Less of a guess game and more professional approach.

This software come with the features of automatic payment tracking and reminders.

  • You should always ask the following questions before selecting an online invoice software:
  • When selecting an invoicing platform ask questions like:
  • The kind of features your business requires?
  • Does the specific invoice software work for your business?
  • Does it fall in your budget?
  • Is it user-friendly?
  • The number of clients it can accommodate?
  • Data storage?
  • Reviews!

3. Track Project Time.

If your invoicing is based on billable hours of projects, make sure you carefully count each minute. Using an invoice software for same will help you keep a track of every minute you’re spending on the project and then fairly billing your clients. It will help you avoid confusions and fairly bill and get paid for your projects.

4. Brand yourself via invoices.

Maintaining invoice hygiene is important. It is how you present yourself in front of your clients. And, the impression you leave them with. Invoices that include logo always stand out and easily recognizable.

Besides your company’s logo, include your brand color too. Find and customize templates for your invoices on Invoicera as it gives businesses the opportunity to create personalized invoices with customized templates.

5. Make sure you invoice the right person.

A highly committed mistake done by any business house is not knowing the right person to invoice. The person you’re serving directly might not be responsible for payments too. Each company has different people assigned for different tasks. Know clearly well in advance who you need to invoice in order to get paid in time. Also, review their payment cycle to get paid early. As invoicing before or after that will both lead to waiting.

6. Review your contract.

Not all the time, but till the time you get familiar with your client and their expectations make sure you’re sending them invoices that are fully cross-checked with the bond that you’ve signed. For example, if the contract stated that payment will only be made via check, but the invoice says that payment is to be made through PayPal, then you need to change the payment method so that there isn’t any confusion.

7. Number your invoices.

Number your invoices correctly to uniquely identify each of your invoices. It is easy to keep and maintain. Tracking payments via numbered invoices also become easy.
when you refer to “invoice #3052,” instead “remember that invoice I sent sometime last month.”

Assign numbers to invoices that are systematical, consistently, and chronologically set. For example, you can also number your invoices by the current year you are working in. In this case, 2018052 would be the 52nd invoice you sent in 2018.

8. Automate the follow-up process.

Chasing the late payments is a tedious task. It consumes a lot of time and efforts. You cannot invest many of your employees in wasting time for these on daily basis. In order to, find the best solution for this is when you automate your entire process of follow up via Invoicera, the online invoice software. Invoicera makes your process of invoicing, tracking payments and managing them easy. It also, helps you generate automatic reports and tracking hassle-free.

9. Keep copies of invoices.

The best you can do to your business is by keeping a record of all the invoices you’re sending to your clients. It will back you by all the proofs and facts as and when required and also removes the chances of any conflicts later on.

Save all your data in the cloud with online invoice software and never miss them again. Other than this, it also allows you to access the same data as and when required.

10. Insert a thank you note in the end.

Inserting the thank you note, in the end, does nothing but politely informs your clients about your mannerism. It helps you build your relations better. Moreover, it will help your client to appreciate your business and ethics.

A simple thank you note can change your client’s perspectives like no other and leave a remarkably positive perspective of you.

Besides being polite, also show your gratitude by adding up little extra, offer the discount, ask for feedback, or even share.

 

Also ReadBEST MARKETING TIPS TO INCORPORATE IN YOUR ONLINE INVOICES

Also, don’t forget to ask your clients for feedback. Simply quote a question like “how did we do?”It will benefit you with happy testimonials that you can easily display as your achievements.

Hope the top 20 pro techniques helped you wider your perspective about invoicing like the pros do. Tell us how much it helped you. Also, don’t forget to share with us your top favorite invoicing techniques.

invoice-software

credit-notes

How To Make Credit Notes? Process and Tips!

Credit notes or credit memo are the simple representation of money you owe to your customers. You can track your credit note in your online invoice software until it is completely paid off.

One of the most common scenarios, when you would need to issue a credit memo, is when you get the supplied goods returned for any reason. This makes the whole transaction closed to reopen. In order to avoid harm to your account books, you can simply issue invoice credit that can be redeemed later on any purchase.

Here is a simple procedure to create credit note that your clients can use easily. You can write a credit memo on the reverse side of the sales invoice and it may include the following three sections: Header, Body & Footer.

The header of a Credit Note:

 

This is the top part of your credit note, which may include the following components:
1. Your Company details: You need to provide all relevant company info, such as the name of the company, address, phone and fax numbers, website etc. In many countries, it is also important to include the business registration details and Sales & Service Tax numbers.

2. The heading should be “Credit Note”, helping the customer to notice it quickly and clearly.

3. Credit Note Number, a unique serial number that you will allocate in order to quickly identify a credit note sent to a particular customer.

4. Date of the Credit Note.

5. Payment Terms: Include the payment terms for your customer’s reference and quick action.

6. Customer Reference Number: If you are using any such number to identify your customer, you need to mention it on your credit memo.

7. Customer name and address.

 

The body of a Credit Memo:

 

Here, you need to mention everything about the invoice error and the reasons behind issuing the credit note. Clearly mention the error, such as wrong pricing or wrong product quantity or any other mistake. Then, mention the correct amount and the adjustments need to be carried out in the original invoice that you already have sent to the customer.

 

Footer of a Credit Note

 

1. All items, their individual prices and the total amount.

2. Taxes, if applicable

3. Total after adding taxes

4. Any comment that you need to add, such as how the amount will be adjusted. For example, any surplus amount could be deducted in the next payment cycle, or the deficit amount can be added in the next payment cycle.

CONCLUSION

 

Writing a credit note is not a herculean task, and you can simply use the template from an online invoice software and easily create one. Today, there are several e-Invoicing and billing solutions available that can make your credit note-issuing task a lot easier as well as efficient. You can use the inbuilt credit note feature and issue a credit memo related to a particular invoice, without any hassles.

 

account-receivable-and-payable-management

 

 

vendor-management-software

Top Tested Tips for Managing Small Business Vendors

 

One mantra a successful entrepreneur swears by is the ability to master the balance between demand and supply need. Whilst you spend your energy majorly on how to increase demand i.e. increase customer base, you tend to forget without good suppliers you would not have much to offer.

We have already spent a lot of time discussing how to increase demand. It is the time to look onto the other side of the coin. Management of vendors is equally important for a business to exist.

Here are top vendor management tips to keep your supplies constant.

(Pro Tip: Always keep your payments tracked with an effective Vendor Management Software like Invoicera.)

1. Have a clear understanding of the contract

While in the small business, a big or long-term contract might lure you but, don’t do that. It is important to first completely understand the pros and cons of a certain vendor, contract and business policies. Initially, aim for a short-term deal with the policy to renewal after that. This will help you have a window for a change of vendor, if necessary. Also, never agree to anything that does not allow you to negotiate with other vendors or possible new customers.

 

2. Have a Clear Understanding of Payment Cycle

A contract itself is the fundamental document that helps you set clear terms of payment. Discuss well in advance about your payment cycle, terms and negotiate well. Only when you’re satisfied completely sign the contract.

Later in the process to keep your payments clear and cycle tracked use a vendor management software. It will help you avoid any vulnerability later on and the process becomes completely transparent. A vendor management software helps you to keep a track of all your purchases and then payments after that. Therefore, making the process transparent. You can also share it with your vendor when the chances of conflicts might occur and then avoid it.

 

3. Find Vendors to Fit Your Scale

Calling out to vendors who deal in high scale will be a stupid call when you’re a small business. You would at the moment won’t be able to cater to the big amount of supplies that they might offer. Try looking for vendors who specifically cater to small business owners. If by no other means than asking other small business owners.

 

4. Closely Monitor Performance

Just like any other relationship in life, you must set the tone early with your vendors too. If, in the beginning, you’re accepting late orders, poor services, and low stocks, it will never get any better. So particularly at the onset of your relationship, it’s important for you to monitor every phase of your transactions to ensure your vendor is performing up to your expectations.

 

5. Develop a Healthy Relationship

When you start thinking of your vendors more than just business, it will benefit you ultimately. While initially, it will just start professionally gradually you can build a relationship with communication. As a business, it will benefit you with a lot of help later in time.

The better you get to know your vendors, the more they can do things outside the scope of your contract, which will make your life easier and hopefully cheaper.
Make them a part of your goals

 

6. Make them a part of your goals

You cannot win the race alone. Take all your supporters in a loop. Vendors are one of your biggest supporters, you just cannot avoid them. They are not minded readers, you will have to clearly tell them about your policies and aims in life. When you will elucidate about your specific goals in business, it is after that you can ask for their support.

Keying them in on important policies and long/short term objectives will allow them to work with you to make it happen, instead of being an obstacle.

 

7. Make them a Part of Strategy Meetings

While having important meetings regarding your pricing strategies, projected growths and costs, it is important to include your vendors into the meetings. Setting up clear expectations in front of them will help them work for it and help you achieve them better.
If a vendor knows you have a specific sales initiative, they can help you. Or they may have a cost-saving special that you can incorporate into your plans.

 

8. Understand Their Business Well

If you’ll keep pressurizing your vendors to cut down their prices, you know what will happen? They won’t be able to vend you anymore.
As much you want your vendors to understand you, you need to understand them too, their business policies and their missions to stay afloat.

 

9. Timely Payment and Communications.

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Keeping a timely payment cycle is important to keep your vendor relations strong. Use a vendor management software free of cost to keep a track of all the purchases and payments for your vendors. It will help you tab every purchase, keep a track of supplies and payment due dates.
It also helps you build strong communication with them that is backed by facts and records.
 
Also Read: Top 10 Business Advantages of Accepting Payments Online
 

Final Words:

Following these tips will help you build a strong supplier relationship. These are just a small list of potential reasons. When you’ll look inside your business you will find more reasons for efficient vendor management.

Invoicera is one of the finest online invoice software that is helping your business 360*. The reason most of the businesses choose Invoicera is the fact helps you manage both clients and vendors via the same dashboard and reduces your manual efforts to the minimum.
SIGN UP TO KNOW MORE!

 

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