When a business provides its client with a refund or a discount, it issues a credit invoice or a credit memo. It includes the company names of the buyer and seller, a detailed description of the product or service, the amount owed, and the payment date.Ĭredit Invoice. It is the most common form of billing that fits most industries and billing cycles. There are several major types of invoices that every company sends and receives during the course of its operations, depending on the industry, payment methods, and the frequency of payments. That's why proper billing and real-time electronic tracking of your invoices are absolutely necessary. And if large companies can hemorrhage money for long periods of time, even a month-long cash gap can bury a start-up or a small enterprise. However, especially when smaller companies are working with larger corporations, invoices can get lost or postponed. The invoice is then sent to the buyer with the expectation of being paid on time. Billing requires creating an invoice - a document covering the details of the sale (product or service description), the price, terms of the payment, and contact information of the contracting parties. Receiving timely payments for products and services sold will keep your engines running, workforce paid and happy, and market analysis and advertising properly funded. The obvious solution is to use software to centralize this data. But bits and pieces of this vital data are often scattered around different departments like lost puzzle pieces, prompting communication and management issues. If utilized properly, this information can make your employers understand the needs and circumstances of customers better, allowing your company to get a better grip on the market. They provide essential information about the customers. If you’d like to contact TimeSolv support for help, please call 1. billing and invoicing are vital not just for optimizing cash flow. To learn more about the concept of ZERO AR, click here to watch our webinar. TimeSolv calls this method ZERO AR because you can quite literally have no money in your Accounts Receivable column. You now not only have the ability to control when you get paid and but you can process thousands of dollars of revenue in seconds, saving massive amounts of time in your billing work. This method of running payments for your invoices is truly a game-changer. You’ve now been paid! If an invoice is not paid, a yellow warning triangle will apprea that when hovered over will tell you the issue, like an expired credit card, for example. Then, simply select the invoices you want to pay, and click the green Charge icon in top part of your screen. Once you have payment information stored in TimeSolv, from your Invoices>Sent screen you can select More Options at the top of the screen and select Payment Method on File to find only invoices for clients who have stored payment information. Check with your Bar association for further guidance on this subject. For example, as part of your agreement with a client, designate that invoices will be paid 5 or 10 days after invoices are sent unless the client raises questions. TimeSolv also recommends establishing payment expectations with clients. If you have multiple matters with different payment methods for the same client, simply store that information at the Matter level under the Payment Settings tab. Under the Payment Settings tab, enter their payment information. Go to Clients>Clients&Matters and select the appropriate client. TimeSolv recommends as part of your client intake you collect the preferred payment method for your client, either credit card of ACH/eCheck. The first step in this process to make sure you have a payment processing account with either TimeSolvPay or LawPay. With that in mind, TimeSolv has released a patent-pending feature that allows users to run payments on invoices in batch! This means getting paid for dozens or even hundreds of invoices with one click, revolutionizing your revenue stream. During COVID-19, getting paid for your work in a timely manner is more important than ever.
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