How to choose the right time to send an invoice

business

Photo Credit: lilcrazyfuzzy

This is a question asked by businesses the world over: how do you choose the right time to send an invoice? The topic is the subject of some hot debate with lots of well thought through ideas and clever suggestions and it is the subject of a great deal of research by different organisations.

Cash flow is a huge issue for a business and if they get that wrong, it matters little how effective they are as an organisation, how good their delivery and response times are etc. The simple fact is, that as a business, there has to be more money coming in compared with money going out and if there is too much cash demanded from you before being able to access it from your clients, then problems can arise as no doubt as a business you will have more than your suppliers to pay.

So when is the right time to send an invoice?

Unsurprisingly, the result of the research into the timing of invoices has produced conflicting results and as with any piece of research, it very much depends on the data that you use. The truth is in fact that the best time to send your invoice is at a time that best fits with your client’s payment schedule. If your client for example pays all invoices on the 1st of the month, there is no point in sending that particular client your invoice on the 2nd of the month and expecting prompt payment. It is best to have that discussion with your client right from the beginning, after all this may be a client with whom you are going to have a long term business relationship and it is easier for all parties if there are clear parameters on invoicing and payment. It can be frustrating on both sides when there are not clear expectations and business relationships can quickly sour over money.

As a business, it is always a good idea to have a flexible approach to your invoicing, you want to be able to accommodate as many of your clients as you can without, however, leaning too much their way. If you are a business with costs which have to be met ahead of a delivery schedule, then you must factor that in and perhaps be prepared to invoice your client ahead of the work beginning and asking for part payment. You cannot always rely on a client to pay for your service as by the time that you have completed their work, their circumstances may have changed and they no longer see the need to pay you as they no longer require the goods or services. Asking for a deposit goes to protecting you from that and asks your client for their commitment to your service.

The long and short of invoicing is to consider all of the circumstances in front of you and work with your client. Do however be prepared to keep on top of monies owed and if necessary, be prepared to send reminders.



augusta free press
augusta free press news

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Buy here.

AFP Business

As professional consultants, Augusta Free Press LLC provides clients in the Shenandoah Valley and Central Virginia and beyond with marketing and PR solutions including website design, SEO, TV/radio, video work, branding and logos, social media and overall marketing campaign design and implementation. Augusta Free Press LLC was founded in 2002.

Web Design

Augusta Free Press has designed more than 800 websites for clients in the Shenandoah Valley and Central Virginia. We take care of all facets of web design – visual design, layout design, content development and SEO. Short on staff? We’ll work with you to update your AFP-designed website in a timely manner or train your staff to make changes.

Marketing/Social Media Management

Augusta Free Press manages advertising campaigns for small- and medium-sized businesses across Virginia. You don’t need to hire a full-time marketing coordinator. Bring the experience of the Augusta Free Press team to work for you – for a fraction of the cost.

Graphic Design

Augusta Free Press will help you take your vision to the next level. From branding and logos to print materials, our team will work with you to develop products to showcase your business. From brochures and rack cards to full-color magazines or print/digital ads, we’ve got you covered.

Event Planning/Fundraising

Augusta Free Press will help you plan the best event for your organization. From an open house or anniversary to a 5K or Pay Per View, we can handle it all. Looking for training for your sales staff? We can help energize your employees or board. Need ideas to raise more money? Let us help you plan a successful event. Want to hold a news conference or need help with a press release? We can do that too.

Click here for more.