Late payments are a common problem for many businesses in the UK. This problem causes cash-flow problems for those businesses affected and costs the economy billions of pounds a year. In addition to the financial cost, a lot of time is wasted by businesses chasing unpaid invoices.
One of the solutions proposed by Sage in a recent blog post is for businesses to optimise their invoicing process. They have created an animated invoice cheat sheet to help businesses do this. The guide looks at the various aspects of the invoicing process that can be improved on and how to implement them.
For example, it looks at why invoices must be designed in a way that includes all the relevant information required by law. Having all the information presented in a clear and complete format reduces your chances of having delays. Quite a few payment delays are often caused by having incorrect or insufficient information on invoices.
It also has a variety of invoice templates for different types of business that can be downloaded. There are examples for sole traders, limited companies, as well as Vat and international invoices. The invoices have been formatted to include all the legally required information. Also included are plenty of helpful ways to speed up the process of getting paid, such as the right time to send your invoice. Finally, it contains lots of helpful advice on what you can do if you have unpaid invoices.
For more information on how to design your invoices, including how to state your payment terms, take a look at the cheat sheet made by Sage at the following link: Sage Invoice Cheat Sheet