Every sales process concludes with the collection of the necessary money; yet, due to late payments, not all businesses have a streamlined sales process. Every small business relies on these payments to survive and run properly. A proper invoicing system is essential for ensuring that payment procedures are effectively explained to customers.
A company that is involved in a variety of operations may overlook the need of appropriate invoicing. Let us now look at the issues that have arisen as a result of this.
- Incorrect or vague invoicing
When an invoice lacks precise item descriptions, quantities, and prices, it becomes unclear and vague, preventing the customer from making quick payment. People run businesses, and “to err is human” might lead to the sending of an invoice containing incorrect information. The payment procedure is further slowed since the client might request a fresh and proper invoice.
- Delay in invoicing
Delaying the invoicing process is a frequent error made by most organizations. It establishes the late payment culture, which will worsen if customers are not penalized/punished for late payments. It improves the probability of debts turning out to be bad debts.
- Poor tracking of inactive customers
It is challenging for a company to keep in touch with its inactive consumers. They are frequently invisible in corporate accounting, making it difficult to monitor them.
BFM is your aide to improve the sales experience and cashflow management for the customers in the following ways.
- Prompt Invoicing
BFM allows the users to share invoices when a sale is made and entered into the system. It offers benefits since sales are recorded invoice-by-invoice, including the amount and payment status. Furthermore, having all of your bills in one location makes it easier to manage them. Besides that, business finance manager (BFM) allows you to automate payment reminders, helping you to collect payments faster without many follow-ups.
- Detect flaws in sales experience
If a business takes measures to identify and evaluate why its consumers are inactive in terms of purchases and payments, it may assist enhance the sales experience. BFM makes it easier by giving adequate awareness of inactive clients and assisting in the establishment of criteria for further research.
Do you have difficulty with late client payments? Is your team tired of following up all the time? Try a business finance manager (BFM) right away! Integrate Tally and BFM to collect payments up to 20% quicker with automated payment notifications.