Managing invoices in a company is an essential but often complex task. As a business owner, you are responsible for managing numerous administrative, financial and accounting tasks, and managing outstanding invoices is no exception. Whether it's supplier invoices, service provider invoices, or even customer invoices, each invoice must be properly processed to avoid late payments, accounting errors and ensure the financial health of your business.
In this article, we'll explain how to effectively manage your bills, including bills to pay, and how to use the app Bill Up can help you save time and simplify this process. We will discuss the management of invoices as part of your professional activity, the need to issue and receive invoices, dematerialization, and how an invoice management software can facilitate the work of the business manager.
1. Invoice management: an obligation for any business manager
Invoice management is a legal requirement for all businesses, regardless of size or sector of activity. As a business owner, you are responsible for drawing up, receiving and paying invoices. Whether you are selling a product, a service, or are a supplier in a supply chain, each transaction must be followed by a properly drawn up invoice.
Mandatory elements of an invoice
To be in compliance with the legislation in force in France, any invoice must include certain essential information, whether it is the billing of products or services. Mandatory information includes:
- Invoice number : It must be unique and follow a logical and chronological numbering, to avoid any confusion or duplication in your accounting.
- The date of issue : Each invoice must include the date of issue. It is from this date that the payment terms start to run.
- Seller and buyer information : The address, the name of the company, the intra-community VAT number, and the complete address must be present.
- Detailed description of the products or services : Each invoiced product or service should be clearly described, with the unit price, quantity, and total amount.
- The total amount to be paid : The total price including VAT, if applicable, must be mentioned. If your business is subject to VAT, you will also need to indicate the VAT rate applied.
- The terms of payment : Payment deadline, penalties in case of delay, and other conditions must be specified on the invoice.
Tax and accounting obligations
In addition to the obligations related to the invoicing of products or services, compliance with fiscal rules, in particular with regard to VAT and URSSAF, is a priority for any business manager. The good management of your invoices, whether customers or suppliers, also conditions the management of your accounts.
2. Issuing invoices: a key step in business management
When it comes to managing outstanding invoices, it is just as important to know how Issue invoices and ensure their follow-up. Indeed, correctly issuing a customer invoice is the first step in ensuring that you will be paid on time.
How to draw up a customer invoice
When selling a product or service, you need to establish a invoice which mentions all the information necessary for the customer to be able to make the payment. Here are the key steps:
- Create the invoice as soon as possible after the sale : The faster you create your invoices, the more you reduce the risk of missing a payment or creating a lag in your cash flow.
- Use invoice templates : Pre-filled templates will allow you to quickly indicate important items (prices, quantities, VAT) and save time. If you use management software like Bill Up, the application offers you models adapted to your business.
- Check the mandatory information : Make sure that all mandatory information is present, especially the invoice number and the date.
- Clearly indicate the total amount due and the terms of payment : To avoid confusion, specify the payment deadline and penalties for late payments.
The importance of electronic invoicing
Today, the electronic invoicing is not only a common practice, but it has also become obligatory in some cases for businesses, in particular in the context of transactions between companies (B2B) and relationships with the tax authorities. Since 2024, electronic invoicing is obligatory for all businesses subject to VAT, and this also applies to supplier invoices.
Why opt for electronic invoicing?
- Time saver : Creating, sending and tracking electronic invoices is done in a few clicks, saving you valuable time.
- Reduction of errors : Electronic invoicing software, like Bill Up, avoids human errors in drawing up invoices and automates the verification of legal information.
- Security and traceability : An electronic invoice is easily archivable and searchable, which allows you to ensure transparent management that complies with tax obligations.
- Respect of deadlines : Thanks to the possibility of planning the shipment and receiving reminders, electronic invoicing helps you to keep track of your customer invoices and to ensure that payment deadlines are respected.
3. Managing bills to be paid: the key steps for efficient payment
A central aspect of managing invoices is the payment of supplier invoices. Failure to meet payment deadlines may result in penalties or even breakdowns in commercial relationships. As a business owner, it is crucial to have an overview of unpaid invoices and payment deadlines to avoid any awkward situations.
How do I manage the bills to be paid?
- Receiving invoices : As soon as you receive an invoice, take the time to check it to make sure that it corresponds to the purchase made, the service requested, and that all the information is correct.
- Payment planning : Organize payments based on due dates, priorities, and the impact on your company's cash flow. It is essential to set up a system that allows you to never forget to pay a bill on time.
- Use of management software : One invoice management software, like Bill Up, helps you keep track of all your bills in real time. You can scan, save, and manage your outstanding invoices directly from the application. It also allows you to schedule the payment of your bills to avoid oversights.
- Managing late payments : If a supplier gives you additional payment terms or early payment discounts, it is important to keep a register of payment terms And of respect agreements in order to maintain a good commercial relationship.
The importance of good cash management
Managing the invoices to be paid is closely linked to the management of your cash flow. As a business owner, you need to keep a close eye on what amounts are due and when those payments should be made. In case of temporary financial difficulties, it may be useful to negotiate payment schedules with your suppliers or to review your spending priorities.
4. How Bill Up helps you manage your bills
Bill Up is an innovative application that allows you to simplify the management of your invoices to be paid and received. Here's how Bill Up can help:
- Scan and save invoices easily : Bill Up makes it easy to scan your paper bills and convert them to digital format, which helps you organize and keep them securely.
- Payment tracking : You can track your customer and supplier invoices in real time and receive alerts so you don't miss payments or deadlines.
- Payment planning : The application allows you to plan the payment of your bills according to your cash flow and the conditions agreed with your suppliers.
- Secure archiving : All your invoices are archived in a secure space, allowing you to easily find a document at any time.
- Save time : By automating certain tasks related to invoice management, Bill Up allows you to save valuable time that you can devote to other strategic aspects of your business.
5. Effective management of invoices to ensure the sustainability of the company
As a business owner, effectively managing invoices to be paid and received is essential to ensure the sustainability of your business. Good billing management, verification of mandatory information, the use of electronic invoicing and payment planning are elements that allow you to maintain good cash flow and meet your tax obligations.
The application Bill Up is an essential tool to save time and simplify the management of invoices in your daily life as an entrepreneur. By automating certain steps and centralizing all your invoices, you can spend more time on what really matters: growing your business.
