3 quick invoicing tricks
A guide to help you speed up invoicing
From tracking invoices on the go to linking payments directly to your bank account, here are some easy ways to help you reduce invoice admin.
Receipts stuffed into a shoebox and forgotten about? Not yet nailed a decent filing system to manage payments? Seem to be doing endless late-night laptop sessions to send your invoices out? You’re not alone.
Getting paid on time is essential to growing your business, but finding the time to invoice clients can be hard.
We asked small business owners to share their top solutions for reducing invoice admin, so you can spend less time doing paperwork and more time helping your business grow.
Invoice on the go
Generating and issuing invoices while you’re out and about is a quick way to make sure you get paid as soon as possible.
Sanjay Aggarwal, co-founder of handmade spices, tea and cookware retailer Spice Kitchen1, says invoicing on the go helps ensure products reach stores quickly.
“It’s simple but really important. I’m often meeting suppliers, so invoicing and tracking payments while I’m out means we can send orders as quickly as possible, which in turn ensures our products are on the shelves in as short a time as possible.”
For small business owners often working offsite – including everyone from plumbers to photographers – getting back home or to the office before issuing an invoice can add an extra delay, particularly if it takes a while to catch up on financial admin.
John Berghout, Head of Digital, Barclays Business Banking, says he’s had experiences of tradespeople issuing invoices weeks after completing a job.
“They’d love to create the invoice then and there, but they just don’t have the tools sometimes. That’s what we’re working to do. If we can reduce the cycle time for getting paid, it helps business owners with all of their other costs.”
Find an easy way to track payments
Tracking who has paid, and who hasn’t, can also save delays in invoicing down the line. And, if you can do that in real time, even better.
“Keeping track of invoicing can be a bit of a pain,” says swimwear company l’étale1 founder Edouard Boost. “You have to be really organised with filing systems and version control – plus, because you’re often doing it late at night, accuracy is a big watch-out.”
The new invoicing tool in Barclays Mobile Banking2 can help you do this, as it’s connected to your bank account and includes real-time reconciliation features to match transactions with invoices.
“You can see when payments are due and track payments when they are made. Because we know the invoice number and the client it’s been sent to, we can suggest a match and the user just needs to confirm the reconciliation,” John Berghout says.
Ditch the shoebox (or use it only as a back-up)
It sounds simple but making the most of different tech to streamline invoicing can be a huge help, onepointtwentyone.co.uk1 founder Nik Berg says. Cloud services, external software, or simply using a combination of your tablet, mobile phone and desktop can be useful to ease invoice admin.
“Now I can have my phone in one hand looking at my bank statement while typing out invoices with the other,” he says. “The shoebox sort of still exists but you just keep it as a back-up.”
John Berghout agrees: “Time is money. We’re working to help you save time, which saves you money, which makes you more efficient.”
How we can help
Barclays Invoicing is a new free tool within the Barclays Mobile Banking app which can help you speed up the invoicing process.
It’s designed to be intuitive to use – and enables you to issue professional invoices on the spot. It’s also linked to your Barclays Business account, to help you track payments easily and quickly while you’re on the go. For more information visit Barclays Invoicing.