The sales process ends with the receipt of the due amount, but businesses suffer from the non-payments after the sales. The poor sales experience can be an important reason for the starting of invoicing. Invoicing is the process of sending out invoices, a document requesting the due payment from customers. A business depends on these payments for its survival and smooth functioning. These payments will be received only when they are communicated to the customers via invoices. Hence, a proper invoicing system is integral to receiving due amounts on time and regularly.
Problems faced due to Improper Invoicing
A business engaged in many activities often fails to realize the importance of proper invoicing. Let’s discuss the problems it faces as a result.
1. Incorrect or vague invoicing
If an invoice doesn’t contain clear item descriptions, quantities, and prices, it becomes ambiguous and vague, discouraging the customers from prompt payment. A business is run by people, and “to err is human”; hence it can send an invoice with incorrect details. It further delays the payment process as the customer can request a new and correct invoice.
2. Delay in invoicing
A common mistake that most businesses make is delaying the invoicing process. It sets the beginning of the late payment culture, further worsening if customers are not penalized/punished for late payments. It increases the chance of turning out to be bad debts.
3. Poor tracking of inactive customers
For a business, it is difficult to have a proper hold of its inactive customers. They are often not visible in the business accounts hence making it difficult to track them.
ZikZuk Technologies, an SME Neo Banking platform
ZikZuk supports the customers to improve their sales experience in the following ways.
1. Prompt Invoicing
ZikZuk allows the users to share invoices as and when a sale is made and entered into the system. It provides better visibility as sales are entered invoice-wise, citing its amount and payment status. Further, the digital space for keeping invoices in one place offers better convenience in handling them.
2. Detect flaws in sales experience
If a business takes steps to understand and analyze why its customers are inactive regarding purchases and payments, it can help improve the sales experience for them. ZikZuk facilitates it by providing proper visibility of inactive customers and helps in establishing criteria for further analysis.
ZikZuk Neobanking platform not only provides a flawless customer experience but also helps founders make data-driven business decisions.