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Efficient billing practices ensure timely payments, accurate records, and better cash flow. Follow these tips to master invoicing in Kwilio.
Be descriptive: Clearly describe each line item so clients understand what they're paying for. Include service details, dates, and any relevant notes.
Use consistent numbering: Establish an invoice numbering system (e.g., INV-2024-001) for easy tracking and reference.
Set clear due dates: Specify payment terms clearly (e.g., "Net 30" or "Due upon receipt") and set appropriate due dates.
Include payment instructions: Add details about how clients can pay, including payment methods and any account information needed.
Send promptly: Create and send invoices as soon as services are completed or on a regular schedule (e.g., monthly).
Follow up: If payment isn't received by the due date, send a polite reminder. Set up a process for following up on overdue invoices.
Keep records: Maintain a record of when invoices were sent and any communications about payments.
Update status regularly: Mark invoices as paid as soon as payment is received. This keeps your records accurate and helps identify overdue invoices.
Monitor overdue invoices: Regularly review invoices with "Overdue" status and take action to collect payment.
Generate reports: Use the system to track which invoices are pending, paid, or overdue for better financial oversight.