However, many of them have a direct impact on the growth and financial health of the business and one of the most important is invoicing.

 It is important to avoid errors in the data on a tax receipt that is delivered to a customer, or the lack of follow-up in the sending and receipt of the document, can significantly increase the time to collect payment, and generate problems with cash flow.

Below are some of the most common invoicing errors to avoid in your business or company:

1 Do not specify payment terms since it is not sufficient to send the invoice to the customer. It is important to define in advance, through a contract or a purchase order, the date on which the balance must be covered, and under what conditions.

2 Failure to generate the payment supplements is a common invoicing error. This happens when payment receipt vouchers are not issued in a timely manner each time invoiced amounts are collected.

3 Failure to offer incentives for prompt payment. To achieve this, discounts of 5, 10 and 15% can be offered, according to the date of payment of the invoice. Also bonuses on products or services, gift cards or future discounts.

4 Not determining the consequences of an invoice not being paid on time is another common mistake among novice entrepreneurs since they do not clearly stipulate in contracts or vouchers to customers about interest, conventional penalties or even the interruption of the supply of goods or services in case of late payment.

5 Not using an invoicing platform that automates processes: The best systems allow storing all customer information and generating Comprobantes Fiscales Digitales por Internet (CFDI) securely and in seconds.

6 Not offering diverse payment options: One of the most important tasks of companies is to make life easier for their customers, an example of this can be accepting payments in cash or by bank deposit. The advantage that small and medium-sized enterprises (SMEs) have today is that the cost of access to technology to accept digital payments has decreased considerably.

Translated by: A.M