Why timely invoicing is important

In accounting terms, it is ideal for a company to record higher amounts from income than from expenses, which indicates a profit from which the company can continue its activities. If you forget or forget to send invoices to customers in a timely manner, your accounting records will record more expenses than necessary, and this leads to problems with day-to-day purchases. In turn, customers may be late paying invoices and your company makes a loss instead of a profit.

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Depending on the industry you work in, this problem may be more or less felt. Companies that rely on frequent purchases of raw materials are the most affected.

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In addition to the disruption to your workflow, late invoicing also causes inconvenience to customers. If you issue the invoice late, there is a risk that it will be rejected and returned by the customer based on proof that the service or product has been delivered, which can lead to consumer distrust.

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An invoice issued before or at the end of the service reminds the customer that they owe you a debt that they have to honour.

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To make sure you don't run into problems, it is recommended that the deadline for invoicing is the 15th day of the following month after you have delivered your order.

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If you're having trouble keeping up with your bills, one effective way to save time is to use online software designed for this very purpose. A tax document management application helps you keep track of the invoices you receive and send, so you have an overview of your accounting situation. With Banqup, your business management platform, you have quick and easy access to all transactions with your business partners. With a clear and intuitive way of administration, you'll maintain a steady workflow and your clients will be happy with the promptness of your service.

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