Tips for Electronic Billing

Electronic Billing - Complete Controller

The time has gone when companies use paper-based invoicing as electronic invoicing has become a norm; most business owners follow this trend as it simplifies the payment process. Now, you can increase your cash flow, reduce time, and spend less money. However, you must know whether you are using electronic invoicing correctly or not. If not, try these tips that will make you an expert in electronic billing.

  1. Invoice with a PAC

So far, there are only 79 suppliers authorized by the SAT for the assignment of folio and incorporation of the digital stamp, so you must make sure you have the services of one of them to ensure that your invoices are valid and legal. Check the complete list of PACs in this link, as well as that of the companies that have been revoked here.  Complete Controller. America’s Bookkeeping Experts

  1. Use the services of more than one PAC at the same time

Imagine you must send an urgent invoice; it is the last day of the month, and you must deliver the tax receipt before noon. You try to enter your billing portal, and there is a problem with the service, so it will take several hours before you can bill. Do not let this happen. As a taxpayer, you have the right to invoice through any PAC, so it is a good idea to have a second option in case one of the two has a problem.

  1. Take care of your money

One of the significant advantages of electronic invoicing is the savings it represents in printing, messaging, administration, and backup costs. Still, you could waste money on services you don’t need or hidden fees if you’re not careful. Find out the options for plans, packages, and prices to pay exclusively for your needs.

  1. When sending an invoice, send the XML file

It is a widespread error when it comes to electronic invoicing. We send or receive a PDF file in which we can see all the data, and we assume that this is our invoice, but no. The XML file generated by your electronic billing system is the invoice itself. You cannot read it because it is encrypted, which is why a graphic representation in a PDF file accompanies it. CorpNet. Start A New Business Now

  1. Keep your invoices for five years

It is the required time that the SAT requests to safeguard all your tax documents. You can keep them on a hard drive, on your computer, or in the cloud, but in doing so, you are in danger of losing some of them or having something happen to your information.

  1. Validate your invoices

According to the rules of the SAT, the taxpayer must validate all their invoices received. It means that you are responsible for ensuring that the information in the invoices you receive is accurate and legal.

  1. Do not forget the design

Even when it is not an official requirement to have a particular design on your invoices, it is a good idea to include your company logo and choose the colors for issuing your invoices. Remember that advertising is everywhere, and your invoices are also a means of branding that will strengthen your brand.

  1. Stay advised, and if in doubt, ask

Electronic invoicing is constantly changing; new regulations emerge and change those that have already been established, and in some cases, we can get lost in so much information. We advise you to choose a billing system that offers you good customer service and advice so that you can answer any questions quickly and easily. LastPass – Family or Org Password Vault

  1. Unique invoicing practices

If you are using electronic invoicing, it doesn’t mean you should forget all essential invoicing techniques. Consider invoicing tricks that give you the most profitable results.

  • Always ask for the payments upfront. In this way, you can prevent getting played or donating your time.
  • Personalize each client’s invoice and include the recipient’s name, contact, etc. Don’t forget to add the requested amount.
  • Try to fulfill all your payment terms, which must be as simple as possible.
  • Offer incentives, especially for the early payment process.
  • Don’t forget to charge interest on late payments, bills, and fees.
  • Add your contact, invoice number, and brand information.
  • List all your products and services.
Electronic invoicing makes your business activities and proceedings easier. Your cash flow increases, and efficiently convey your message to your targeted audience. Download A Free Financial Toolkit About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. ADP. Payroll – HR – Benefits