1. Efficient invoice management for your company
Why is it so important make a efficient invoice management?
The success and survival of a company does not depend only on sales, good customers and the commercial department, but on a competent management of business resources.
For this reason, management, especially treasury, administration and business billing, are essential.
You must put your batteries in this aspect!
2. Importance of efficient invoice management
For the viability of a company, the important thing is not to sell, but to collect the work on time.
Maintaining a healthy treasury is vital to meet all payments on time and thus ensure corporate survival.
If a company does not charge in a timely manner, sooner or later it will disappear.
Consequently, efficient invoice management is a really important task.
It consists of controlling all expenses and income that are produced through billing.
If we bill badly or late, or we fail to collect what we billed, the treasury will collapse immediately.
3. How to manage invoices well in the company
At WorkCapital, we always put ourselves in your shoes and help you move in the right direction.
For this reason, we present you different guidelines and recommendations to optimize and competitively manage your billing.
We have grouped them by thematic categories, your objective must be to apply the maximum possible.
3.1 Knowledge and involvement
Do you know what key aspects you should take into account to bill correctly?
It is not enough to have slight notions; you have to know exactly what to do.
El Billing Regulations, published on November 30, 2012 by Royal Decree 1619, it must be your bedside manual.
Among other things, it details:
- – What is your application period.
- – What delivery times are applicable.
- – How to send invoices.
- – What mandatory information must be included.
are you aware that your invoices must be numbered correlatively within the fiscal year, with a unique number?
You have to comply with this obligation to the letter, and be very consistent in doing so.
Relying on technology is always a good option, since billing software will allow you to automate the numbering of invoices and avoid human error as much as possible.
On the other hand, it is also mandatory keep your accounting books up to date.
In addition, this task will allow you to gain agility and control in quarterly or annual tax returns.
Can you give us a recommendation?
Entrust this work to trusted professionals unless you have tax training and enough time to do it yourself.
We recommend outsource these tasks for agility, quality and optimization of resources.
In any case, consistency is decisive. The execution and control of billing must be carried out on a daily basis.
For this reason, we recommend establishing a routine and systematizing its implementation and supervision, in this way we will considerably reduce imbalances.
3.2 Automation and technology
Technological advances have greatly improved invoice management.
There are state-of-the-art digital tools that greatly simplify this task.
You can manage accounting and billing with much less effort, dedication and cost!
Excel sheets have become obsolete.
Invest in digitizing your billing and everything will be much easier.
You will even be able to access that information, at any time and wherever you are, through the cloud!
4. Real tips to improve the management of your invoice
1. Trust an advisor:
Delegate this often cumbersome and uncomfortable task to a trusted specialist.
Remember that making a mistake can cause you a tax penalty!
2. Carry out an exhaustive control of the collection of pending invoices.
Delinquencies and defaults are devastating for your treasury.
3. Keep all tickets and invoices.
Never break this rule! Accounting books must be up to date.
Doing so will greatly facilitate things in case you have to ask a question in the future.
4. Try to collect in terms shorter than what you have to pay.
5. Mankeep accounts and finances separate personal from professionals.
As you well know, late payments and defaults financially suffocate many companies every year, forcing them to go into debt or close.
It is important to have a fast collection service on hand to avoid liquidity and solvency problems.
Having liquidity will also help you cope with any adverse or unexpected situation.
En workcapital We are specialists in this type of service.
Contact us!
Call us and we will inform you without obligation!
Image from rawpixel.com on Freepik
Image by pch.vector on Freepik
