Billing management and customer management are two very important aspects of running a business. The challenge is that most small business owners have very little experience so they don’t know how to handle both. If you fall into this category, we’ve got you covered. You don’t have to make the mistakes that others have made. This is why we put this post together to share some very important billing lessons with you. Let’s dive straight in. Billings Lessons for Small Business Owners It isn’t fun when you lose out financially while trying to build a business from the scratch. The good news is that many others have gone ahead of you. This means that you don’t have to suffer from the same errors. Here are some important billing lessons to help you out: Billing is an important aspect of any business Fix your terms Many small business owners try to bend for their clients because they believe it is proper billing management. Wrong!!! You should fix your billing terms to suit what works for you. Some time ago, you had to wait until the end of the month for payments. That doesn’t hold anymore. Now, you can determine when you want to get paid. Proper customer management, in this case, will be to fix your terms and inform your clients early enough. While doing this, ensure that you state your expectations clearly. Tell them how you expect your payments and the repercussions of late payments. Send invoices after each project Another billing mistake most small business owners make is waiting until month-end before sending invoices. Doing this doesn’t count as proper “bill management,” in fact, it is the direct opposite. You should send your invoices once you complete each project. An easy way to do this is to make use of online invoicing software like Letushostyou. This way, you can send invoices on the go. Doing this helps you and your client to be on the same page and manage your finances better. Chase invoices that are overdue You shouldn’t feel awkward about asking your clients for money that they owe you. After all, it is your money in the first place. It is normal to hesitate at times but with invoicing software, you no longer have to ask directly. Software like Letushostyou sends automated reminders to clients regarding overdue invoices. This is why these software are not just regarded as bill management software. They also help in customer management. It is imperative that you chase after overdue invoices to avoid unnecessary excuses. Thankfully, you can automate the processes now and save yourself and your accounting department. Be accurate with your details This is one of the most important billing lessons you can ever learn. How would you feel when a contractor told you the cost of a project and came back to change it later? Do you now see why you need to be accurate with your details before sending out an invoice? Customers expect that when you send them invoices for projects, that you have done your background work. It is poor customer management to alter invoices midway during a project. One way to get accurate details is to look through previous invoices. You can achieve this easily using invoicing software. Employ easy payment methods This is probably the chief of all billing management processes. Flexibility is the name of the game. Different customers have different preferred payment methods. You can’t force them to use old methods anymore. If you stick to old methods, then you can rest assured that they will end up patronizing other businesses. What is the point of doing business if you won’t get paid? Seek out the easiest and best methods of payment and introduce them to your clients. Do you know that clients pay three times faster when they pay online? You should explore different online payment methods. Thankfully, Letushostyou has several payment methods that you can explore. Wrapping Up We have shared some very important billing lessons with you in this post. These lessons should help you to become better at billing and customer management. More than anything else, ensure that you make use of software like Letushostyou to automate your billing processes. Any questions? Drop them in the comments section.