5 Ways to Make Your Billing Process More Efficient - A Business Blog Article from KLR

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5 Ways to Make Your Billing Process More Efficient

posted Aug 3, 2017 by Marissa Netro in the Business Blog

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There are many potential barriers to obtaining timely payments from customers, but your success depends on it! Here are several suggestions that may make the billing process easier for both your business and your customers.

5 Steps to Smoother Billing:

  1. Communicate the terms of your contracts clearly:  The amounts your clients are being charged for your services or products should be clear. Unanticipated charges may hinder your clients’ inclination or ability to pay. Even when something as trivial as a candy bar advertised for $0.50 rings up at the register for $1.00, it’s frustrating!
  2. Keep it simple:  Avoid technical or industry-specific language and acronyms so your invoices are easy to understand and won’t be misinterpreted. For example, does “M&A” represent “Mergers and Acquisitions”, “Management and Administration”, or “Measurement and Analysis”?
  3. Send invoices promptly:  What would you pay for a frozen lemonade on a hot day in August? What if you received a bill for it in December? The timing of your invoice matters:  The values of products or services are highest to your customers prior to and at the time of delivery. E-mail is a great method to send invoices quickly!
  4. Make it easy for your customers:  Designate employees who will be available to answer questions and take payments, and place the contact information in a prominent place on your invoices. Accept multiple forms of payment, if possible. A quick, friendly phone conversation could be all a client is waiting on.
  5. Go Paperless: Realistically, there is no reason not to go paperless. Thanks to email, online payment solutions and other technological advancements, operating without paper can be more efficient and effective for everyone. Not to mention there are some “green” benefits your company could profit from.

If your customers know what to expect and are able to understand their invoices, you’ve not only reduced their frustrations, but earned their trust. You can further strengthen your customer relationships by keeping the lines of communication open to answer any of their questions and to take payments. Try to record multiple methods to establish contact, and use time to your advantage.

Contact us for further information.