Can improving your billing procedures really make that much of a difference in your business? Absolutely! In addition to making your AR process easier for yourself and your employees, it also makes things easier on your clients. So, how can you improve your billing procedures? Ask these 3 questions to figure out what needs to change.
Does Your Business Provide the Right Billing Options?
The key to answering this question is thinking about your clients and their needs. Do you provide only one choice for billing? You might think that makes business life easier, but it could actually make things harder for you. Invoices that are sent through the mail could get lost. Only accepting checks could slow down revenue.
If you’re worried about how much it might cost your business to implement more than one billing option, look at your accounting software. You’ll be able to take control of your billing options. You can choose to email invoices, make them available through a client portal, and even continue to mail out physical copies for clients who request it. Most accounting softwares also provide you with the option to accept e-checks, debit cards, and credit cards online for a very small fee.
Does Your Business Provide Payment Plans?
If you’re looking for a way to simplify your billing procedures (and to get more clients through the proverbial door), consider setting up payment plans. While you must be careful when you set up credit lines for your clients, doing so can bring more potential clients into your business.
Can payment plans really simplify your billing procedures? Yes. It helps reduce problems between clients and your billing team. With a payment plan, clients know what their bill will be every month. There are no surprises that result in angry client phone calls. Your accounting software may be able to withdraw the payment directly from your client’s bank account (with their permission, of course).
When It Comes to Billing, What Do Your Clients Want?
One of the best ways to improve your billing procedures is to ask your clients what they want. Find out directly from clients what payment methods they’d prefer to use and what sort of invoicing they would prefer.
Additionally, you can find out what sort of payment terms work best for your clients. Of course, you should also keep in mind the terms that work best for your business as well.
Professional Help for Your Billing
If you want to improve your billing procedures, schedule your free consultation with Clients ARM. We can help you customize billing procedures, credit guidelines, and accounts receivable policies. With more than 30 years of experience, we help businesses find solutions that are cost-effective. To learn more, schedule your free consultation.