Return to site

Are Erroneous Invoices Damaging Your Cash Flow?

By Eve Baker - Sage Accredited Partner

Many of us assume that large service providers; those that provide us with insurance, electricity, gas, broadband and telephone services have sound administrative procedures, and that errors are quite rare.

My experience suggests the exact opposite.

And once again this morning I have been battling with a well known telecommunications supplier; who has decided to invoice me twice.  Once as a residential customer and once as a business customer.

I try to apply what I preach which is to develop robust systems. These make the checking of  invoices easy. To do this I use Sage 50 software; but the same systems and procedures can be created using any other reputable accountancy software.

Thanks to this simple administrative process, the the error was picked up as soon as the invoice was received. Such simple procedures have already saved me hundreds of pounds with this service provider alone. And that is not an exaggeration.

My last refund was just below £400.

And this raises another important question about businesses losing money to questionable invoicing practices.

What about your insurance policies; relating to your business, your car, and your house that are renewed blindly every year with the same provider, or with your stationery supplier because they send you “presents”.

Saving your business from losing money to erroneous billing can make a massive difference, not just to your bottom line but also your cash flow, and whats more, diligence is free.

So my tip for today is to question every service providers bill and assume that it contains an error. Of course this can be made much easier if you use accountancy software so that it does the checking for you.

If you would like help in implementing robust systems and procedures within your business; then please contact our team at businessnirvana.co.uk.

All Posts
×

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!

OKSubscriptions powered by Strikingly