Let’s be honest. Paying bills is no fun, so the least we can do is make it convenient, right?
If you run a company that offers a wide range of products and services, yet you don’t use consolidated invoices, we’re here to tell you that you’re seriously missing out on a world of convenience—both your business and your clients.
Take a moment to think about how your customers purchase your services or products. What are their buying habits? Do they avail of your services infrequently, where one invoice per transaction would be appropriate? Or are they making several purchases per day, week, or month?
If you can relate more to the second question, chances are, you’re probably sending your patrons one invoice per transaction at a high volume due to their buying patterns. In short, you are sending your customers an unnecessary amount of paperwork when you could be taking advantage of consolidated invoices instead!
As a business person, you’ve got a lot on your plate; you don’t need the hassle of individual invoicing on top of all that.
If you’re interested in discovering how consolidated invoices can be advantageous to your business, then you’ve stumbled across the right blog. Let’s dive right into the topic of conveniently streamlined consolidated invoices!
What Are Consolidated Invoices?
Consolidated invoices are part of a billing method that combines multiple transactions of one customer into a single invoice. This typically takes place at the end of a certain period or cycle and recurs accordingly.
For instance, SaaS (software as a service) companies, such as Netflix, Dropbox, or Zendesk, typically send you a bill once a month, where you can view a list of all the services or products you purchased within that specific time.
What Are The Benefits Of Consolidated Invoices?
Prevents Missed Or Delayed Payments
When a client purchases more than one service or product from your company, they will most likely receive a bulk of receipts, which could pile up and confuse them, causing delayed or missed payments.
Delayed or missed payments are inconvenient for both parties, and no one wants to deal with that. As a solution, consolidated invoices coalesce all the charges into a single invoice. This way, customers are less likely to overlook any of the single invoices.
Moreover, you and your team don’t have to spend too much time following up on delayed payments. Customers can settle all their bills via a single transaction, and you don’t have to worry about miscommunications due to a large number of invoices. It’s a win-win.
Helps Businesses Stay Organized
We’re all familiar with the stacks of paperwork that conventional billing requires. It’s exhausting, and it makes it challenging to keep track of records and analyze revenue growth.
On the other hand, consolidated invoices bring a sense of order to the table. When all the information regarding payments and billing cycles is collated, your team can tabulate and estimate the expected income and expenses with optimal accuracy.
The best part is that where your business profits, so do your customers, as consolidated invoices give them an opportunity to track all their purchases in one accessible place.
Time and Effort-Efficient
Benjamin Franklin once said, ”Time is money,” and no business person could argue with that.
Frankly speaking, invoicing is a tedious task, but generating multiple invoices for a single customer is next-level time-consuming. It hinders your productivity by demanding too much of your attention.
A consolidated vendor invoice is one of the best ways to simplify and speed up your process, reducing your stress and giving you more time to focus your energy on more critical tasks.
Processing invoices can also be expensive. If you sum up all the time and effort it takes to generate multiple invoices for one customer, you’ll notice that your printing expenditures can become quite significant.
If you print hard copies of invoices, you’ll find that consolidated invoices will help you save money, paper, ink, and the environment.
Using consolidated invoices truly is a win for everyone.
What Are The Best Practices for Consolidated Invoicing?
The best practices of consolidated invoicing entail two essential factors:
1. Determine the Correct Billing Cycle
Before anything else, it’s vital that you determine the billing cycle first. This is especially important when you are offering ongoing services. By doing this, you help your customers understand when the payments are due. Common billing cycles occur within short intervals, such as weekly, monthly, or trimester.
2. Include All The Required Payment Details
If you fail to supply comprehensive content on the invoice, you risk dealing with delayed payments. Vague or incomplete information can confuse your customers, so make sure that your invoices include all the following basic information:
- Invoice number
- Invoice issue date
- Payment due date
- Total amount due
- Services/products purchased
- Subscription customer ID number
- Billing interval dates
- Payment method options
- Contact details for inquiries
- Other important business-related information
Consolidated Convenience At Busys.ca
Consolidated invoices are all about convenience for every party involved, and that is a core value here at Busys.ca.
Make the most of our extensive selection of software solutions, document management methods, and printer leasing services. Our team prioritizes your convenience, whether it concerns invoices, products, customer service, or general output.
Give us a call today to learn more about how our business specialists can help you with consolidated vendor invoices.