You are now leaving our website and entering a third-party website over which we have no control.
Invoice Management Tips for Your Small Business
Invoice management is the process of handling and organizing your business invoices from start to finish. It includes data entry, invoice approvals, processing and recording of payments. This is something that every business needs to do efficiently and well.
Small businesses often operate with limited resources, but that's all the more reason to handle your financial transactions with clients and suppliers systematically. Invoice management is vital for maintaining healthy cash flow, fostering strong vendor relationships and ensuring timely payments.
Sloppy invoice management with customers could mean that you don't get paid for your efforts in a timely fashion—or at all. It also could cause you to lose customers. Weak invoice management with suppliers could mean paying too much or getting hit with a late fee.
If you mismanage both sides of the ledger, you might fail to collect money for work you've done or inventory you've shipped while you pile up accounts payable that you owe to suppliers. Too much of that and it becomes hard to tell how close to the edge your business is running.