The demand for professional designers is always on the rise – after all, they are able to deliver specialized results on a timely basis and help businesses grow by leaps and bounds. For most designers, creating invoices and reminding clients about pending payments is surely not an enjoyable job. 1.6 billion electronic invoices were generated in Europe in 2016, a figure that has been steadily rising ever since.
However, one challenging aspect for most online designers is getting their payments and financial dues on time. Late payment is definitely bad for any committed individual or organization, and it is shocking to know that this is a common occurrence in our current business ecosystem. A recent report threw light on the fact that in the United Kingdom itself, around 30% of invoice creators were paid nearly 40 days late – a phenomenon that is witnessed almost worldwide.
So can designers do anything to ensure swift payment from their client base? Harnessing holistic solutions such as invoicing software can help organizations go paperless and structure seamless digital transactions. Here are 8 simple steps that will help you get paid on time:
Decide on The Right Price
Setting the right price is a vital step for designers, and they can quote their price based on experience, service level, location, and competition levels. Invest in a good billing software that can help you manage transactions, and set a fair price according to market conditions. Keep a fixed pricing model, however, you may wish to add the scope for negotiations on certain customized projects. Having a set price model can help you communicate clearly with clients and enable them to have trust your services more – a win-win situation for both parties!
Formulate Clear Terms
Lay down the proper payment terms and conditions to your client so that they have a clear picture. A comprehensive invoicing software platform can help your organization your payment policies and come up with a detailed payment timeline for each client’s individual project. You could mention the last acceptable due date, amount of advance payment, refund policy and mode of payment. This will eliminate any surprises or confusion, and set up the playing field for a healthy vendor/client relationship.
Reflect Your Unique Brand
Your invoice needs to be proudly branded with your logo to reinforce credibility in the minds of your client base. Research has shown that your invoices are 3x likely to be paid on time if you add your unique symbolic logo to them.. Making sure to add your logo to any project management software that you are using for time tracking as it will create unified brand visibility. Your logo, color theme, and font should match your business ideology – it will surely go a long way in enhancing brand identity and reputation in the long run.
Make The Payment Process Easy
It is vital to remove any obstructing barriers in the payment process so that customers can complete transactions speedily. Good invoicing software allows your clients to make payments as soon as they receive the invoice as it is integrated with all major online payment gateway providers. It is also recommended to check whether any expense will be incurred from your end during the payment collection procedure – your billing software could add that amount to the invoice beforehand to avoid confusion at a later stage.
Itemize Your Invoice
Your clients will not like to receive a hefty invoice amount if they are unclear about exactly what it’s for! Your invoicing software should automatically add structured item wise description of the various services performed. Make sure to avoid vague and over jargonized language – keep it short and simple to ensure smooth two-way collaboration. Your billing should use the same technical terms while discussing work-related content with clients so that they know for what designing project you are charging them.
Add All Necessary Details
Invoicing software is a great business tool that can completely automate payment collection from billable clients. However, you need to be sure that your billing software adds all necessary details such as bank details, payment terms, and charges for late payments. Relevant and essential details in the invoice give your client all the information that they require to expedite the payment and helps you receive your funds faster.
Follow Up The Status of Invoices
Even if you have made invoicing a top priority for your business, and have invested in an invoicing software to send them out immediately, there will be a set of clients who are always late. Following up with clients is super important as it can enhance response rates and give them a much-required nudge to complete payments at the earliest. Most modern billing software platforms have the facility of setting up automated reminders and alerts so that you can follow up with late paying customers – it surely eliminates the frustration of continuously delayed payments!
Show Your Appreciation to Loyal Clients
Customer is king and the most important aspect is to create an exceptional work experience for your repeat client base. Reduce your stress levels by getting the best invoicing software available so that your administrative paperwork decreases exponentially. Make sure to express your gratitude by personally appreciating clients who pay on or before time. Remember that your clients chose you from a sea of competitors and it is vital to make them feel valued so that they keep coming back for your services.
Designers need to realize the ultimate necessity of creating streamlined workflows to enhance the agility, speed, and efficiency of accounts payable processes. A good billing & invoicing software can deliver all these benefits and then some. Integrate your billing software to other organizational systems such as your Billing & Invoicing software for better efficacy.
Make sure to invoice right to diversify your brand in the competitive market, create a niche identity and enhance job professionalism. Invoicing is one of the most crucial aspects of your business – follow these 8 easy steps to witness a gigantic leap in the number of your successful timely payments.
Author Bio: Parth Mavani is nurturing his future at SoftwareSuggest.com as Software Analyst. Ha has a keen interest in Digital Signage Software, HR Software, and other industry software reviews. In his free time, He likes to roam on the endless road.