Information That Helps Get Your Invoices Paid Faster

If you are having problems with your commercial debt collection process where debtors are not paying their invoices on time, there are a number of things that you can do. Your invoice plays a vital part in business operations and how you communicate your billing needs to your customers. There are steps you can take to clearly communicate via your invoicing to ensure you are paid on time and avoid the use of field services.

A Clearly Labelled Invoice

Ensure your invoice is clearly labelled with “Invoice” to avoid any ambiguity between other documents such as account statements or credit notes. Also an invoice number and an optional reference number as well as a date. It is important to ensure that the invoice is also addressed to the correct entity that owes the debt; if you have the invoice addressed to the incorrect entity it could mean a reason for the debt not to be paid. If required you may like to add a project description and the client’s purchase order numbers if required. Debtors’ accounts departments will benefit from any relevant information you can provide to categorise the invoice.

Your Contact/Billing Details and Acceptable Payment Methods

Including your logo is not necessary but may assist with easy identification. Include your contact details to allow them to contact you as required. Clearly place your business name, address and contact information on the invoice, ideally at the top and in the footer. Include your ACN (if registered for GST) and your ABN. Including details on your accepted payment methods will make payment easier for the customer. Having as many payment options available as possible will improve your chances of a quicker settlement.

Your Client Information

Ensure all information addressing the invoice to the client is correct as per their requirements. Take into account their trading name versus their legal name and whether their address is in Australia or overseas. Remember invoices may be handled by a separate accounts payable department and the person or team responsible for paying your invoice may not be your usual contact.

Agreed-On Terms of Payment

Ideally, this may have been agreed upon with the debtor ahead of time. Ensure the expected due date is as per your trading terms and is clearly printed on the invoice. It should be a set date and not ambiguous terms that can be relative and therefore open to interpretation, such as “due within 14 days”. Include any other terms and conditions applicable to reduce confusion around contractual requirements.

Details of The Service You Provided and The Amount Due

An itemised breakdown of what you are invoicing for is essential. Being descriptive without going overboard is the key. Include the name of the item, anything used for identification such as part, catalogue or order numbers and the quantity. Have a pre-tax, GST and tax value for each with totals for each column.

Need Help With Your Debt? Contact Dynamic Commercial Collections Today.

Unfortunately, the best-written invoices and reminder notices don’t guarantee settlement. If you have a problem with a debtor not paying their invoices, it may be time to consider the help of a debt collector. We offer a range of services that will suit your requirements and we have the highest retrieval rate of any debt collector in Queensland.

Contact us today to learn more or if you have any questions about your invoicing or if you need skip tracing services or debt legal advice.