Pay Me Now: 5 Essential Invoicing Tips Entrepreneurs, Leaders Can’t Afford to Miss

Invoicing tips can help ease time spent on this crucial task.

The global electronic invoicing market is booming, and according to imarc's E-invoicing market forecast report for 2022-2027, it’s not going to stop anytime soon.  

As businesses across various industries make the switch from paper-based invoices to completely digital ones, entrepreneurs are uncovering smart ways to further optimize their billing systems.  

Whether you work in eCommerce or healthcare, professionals around the world are waking up to the many benefits of using a digital invoicing system in 2022. Some lesser-known hacks may help increase productivity and decrease administrative workload using the power of tech.  

“Professionals around the world are waking up to the many benefits of using a digital invoicing system in 2022. Some lesser-known hacks may help increase #productivity and decrease administrative workload using the power of tech. #entrepreneur #advice”

According to Insight Partner's market forecast, the U.S. e-invoicing market is steadily increasing. Simultaneously, the EU already has over 14 million companies using exclusively digital invoices. This number is expected to grow by 10 to 20% each year.  

So why are digital invoices becoming so popular?

Sustainability. Paper invoices hugely contribute to deforestation. The World Wildlife Organization states that pulp and paper products have an enormous effect on the destruction of global forests. By switching to digital, you can help reduce environmental strain.

Increased accuracy.  When using a digital system, errors can easily be detected and corrected. Human error is also greatly alleviated. 

Data insights. Electronic billing systems can be set up to record trends and data patterns that provide insight into your business operations.

“So why are digital invoices becoming so popular? Data insights. Electronic billing systems can be set up to record trends and data patterns that provide insight into your #business #operations. ”

Automation. You can automate numerous functions and actions when switching to a digital system. From notifications to recurring invoices, it is possible to streamline the billing process. When it comes down to it, e-invoicing outperforms paper invoicing from just about every angle. They’re cheaper, save time and energy. According to a recent report from the Washington Business Journal, they can even help solve workplace gaps.  

Read more in Take The Lead by Megan Hudson

“When it comes down to it, e-invoicing outperforms paper invoicing from just about every angle. They’re cheaper, save time and energy. According to a recent report from the @WBJonline, they can even help solve #workplace gaps. ”

With these invoicing hacks, it is possible to conserve time, money, and energy for priorities that are more important than writing out a tedious bill.

1.     Develop And Reuse An Invoice Template. According to the Universal Funding Corporation, not using your own custom invoice templates is one of the biggest invoice management mistakes you can make in 2022. Fortunately, you can now easily create your own reusable template or download one from the extensive online library that exists for this purpose.  

2.     Set Up Recurring Invoices For Regular Clients. If your job entails consistent monthly exchanges with the same clients, it makes no sense to waste time compiling and distributing identical versions from scratch each month. With a digital, online-based invoice program, you can automate the same invoice structure to be adjusted with the respective dates and sent off automatically for easier management.  

“Set Up Recurring Invoices For Regular Clients. With a digital, online-based #invoice program, you can automate the same invoice structure to be adjusted with the respective dates and sent off automatically for easier management. #entrepreneur”

Read more in Take The Lead by Megan Hudson

3.     Integrate A Time-Tracking Tool. According to FreelancerMap, an hourly pay rate is one of the most popular payment systems in the world in 2022, Yet, the majority of invoices do not incorporate a time-specific rate structure. With the digital invoicing systems available today, you can integrate a time-tracking tool that does the math automatically, every time.  All you have to do is input your hours and respective rate, and the invoice will integrate that data in a clear and professional way. This can look much more effective than manually entering the information.  

4.     Automate Payment Notifications For Clients. Taking initiative with regard to your client’s schedule is a great way to show that you care about their priorities too. Plus, it means you’re more likely to get paid on time.  By setting up an automated invoice notification for clients, you can save time and money. 

“Automate Payment Notifications For Clients. Taking initiative with regard to your client’s schedule is a great way to show that you care about their priorities too. Plus, it means you’re more likely to get paid on time. #customerservice”

5.     Personalize Your Invoices For Better Engagement. According to a recent Ninetails survey, personalization has become a major trend throughout the 2020s. Professionals and brands that can create more personalized experiences for their clients are far more likely to be rewarded with loyalty than those that don’t. You can personalize your invoice template by adding an appreciative message of gratitude at the end, or using your client’s full name in the document. Research by Business.com shows that little details like that help clients feel more valued and can significantly improve your professional relationship with them.  

Electronic invoicing is one of the most prominent shifts towards billing systems since electronic payments. Knowing how to use digital invoices to your advantage with these additional hacks will make your life easier, and streamline your business financials. Plus, it will help to propel you towards a digitally-focused future and all the benefits this brings.  

“Electronic invoicing is one of the most prominent shifts towards billing systems since electronic payments. Knowing how to use digital invoices to your advantage with these additional hacks will make your life easier, and streamline your #business #financials.”

Megan Hudson is a content champion for various online publications, often covering a range of business topics from finance for startups to small business accounting tips.