When it comes to the financial health of your business, having your accounts payable up-to-date is a necessity. Far too often, business owners get overwhelmed with the bookkeeping tasks that they forget to send out invoices or don’t follow up on past-due invoices. If you fall into this category, here are four ways you can easily track your business invoices.
Use an Invoicing Service
There are many invoicing services out there to choose from. They all work on the same basic principles. They allow you to create invoices, store them, send them to clients, accept online payments, and automatically mark invoices paid. Invoicing software is a one-stop-shop for those looking to strictly employ a solution to manage their invoices. The easier it is to create invoices and keep track of whether or not they’ve been paid, the more time you can save yourself from unrelenting bookkeeping tasks.
Use a Complete Financial Software Solution
While employing the use of invoicing software can greatly enhance the invoicing needs of your business, you shouldn’t just stop there. Rather, consider purchasing a complete financial solution like Bento for Business and other business management solutions. You can keep track of all financial transactions, including expenses and invoicing. This type of software eliminates the need to use different software programs for varying tasks. Instead, you can use one software solution for all the financial tasks associated with your business.
Outsource Your Invoicing to an Accounting Firm
If you really just aren’t into handling the invoicing part of your business, you may just want to pay a professional. In this case, you can hire an accounting firm to delegate your invoicing tasks. They can take care of invoicing clients, collecting payments, and following up with past-due clients. This type of service provides the added benefit of having a middleman between you and your valued clients who are past-due on their accounts.
If you’re not ready to invest a chunk of change in invoicing software or paying professionals, you can always just use basic spreadsheets. These documents can easily allow you to input invoice information in a format that is very simple to read. Most business owners have readily available access to spreadsheets on their computers. This may be the perfect solution for those business owners who are just getting started on their entrepreneurial journey.
Keeping track of your business’s invoices is a necessity to ensure that you have a solid revenue stream coming in. While this task can get overwhelming, there are many good ways to take back control. The above are four different tactics you can implement today to ensure better financial records for your business invoicing tasks.