Invoicing & Receivables Archives - Patriot Software Tue, 25 Jul 2023 17:51:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Invoicing & Receivables Archives - Patriot Software 32 32 Estimate vs. Invoice: What’s the Difference? https://www.patriotsoftware.com/blog/accounting/estimate-vs-invoice/ Thu, 29 Dec 2022 18:42:10 +0000 https://www.patriotsoftware.com/?p=60778 Do you make estimates or invoices for your business? The two terms aren’t interchangeable. In fact, you may need to make both an estimate and invoice for a project. So, what’s the difference between estimate vs. invoice? Estimate vs. invoice Both estimates and invoices are documents businesses give customers that outline product or service costs. […]]]> Need to Correct an Invoice? The Credit Memo Can Help https://www.patriotsoftware.com/blog/accounting/credit-memo/ Tue, 27 Dec 2022 13:00:00 +0000 https://www.patriotsoftware.com/?p=60683 Have you ever billed a customer for a product and realized you overcharged them? Or has one of your customers ever opened a package to find damaged or defective goods? In either case, you should know about a credit memo. A credit memo can help fix these problems. Read on to learn how. What is […]]]> What in the World Is Day Sales Outstanding (DSO)? https://www.patriotsoftware.com/blog/accounting/days-sales-outstanding/ Tue, 06 Dec 2022 13:08:00 +0000 https://www.patriotsoftware.com/?p=60217 Do some of your customers pay on credit? If so, do you know how long it takes your business to collect payments from said credit sales? If not, it’s time to get to know day sales outstanding (DOS). Learn all about day sales outstanding and how to calculate DSO like a pro below. What is […]]]> Making the Sale With a Good Faith Agreement: What Is a Pro Forma Invoice? https://www.patriotsoftware.com/blog/accounting/pro-forma-invoice/ Thu, 01 Dec 2022 20:56:43 +0000 https://www.patriotsoftware.com/?p=60207 It’s always great when a customer buys from your company. But what happens if the customer receives the shipment and realizes there’s something wrong with the order? Maybe the shipping costs are too high or the products aren’t exactly what they want. Whatever the issue may be, you’ve got to put in extra work to […]]]> That’ll Be $400, Net 30—What Is an Invoice?  https://www.patriotsoftware.com/blog/accounting/what-is-invoice-purpose-how-to-create-parts/ Tue, 29 Nov 2022 15:18:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-invoice-purpose-how-to-create-parts/ Your roof starts leaking. So, you hire a contractor to put in a new one. At the end of the job, you receive a piece of paper—an invoice—from the contractor billing you for their services. And if your business sells goods or services to customers and doesn’t collect money immediately, you’ll also have to send […]]]> Offer Credit to Customers: The Pros and Cons https://www.patriotsoftware.com/blog/accounting/offer-credit-customers-pros-cons/ Wed, 09 Nov 2022 20:48:00 +0000 https://pslohio.wpengine.com/uncategorized/offer-credit-customers-pros-cons/ Offering credit to your customers can be a risky, but rewarding, endeavor. You need to weigh the pros and cons before you offer credit to customers. Is offering credit to customers right for your small business? Deciding if extending credit to customers is right for your company can be challenging. To help you, here are […]]]> What Is the Difference Between an Invoice and a Statement? https://www.patriotsoftware.com/blog/accounting/what-is-difference-between-invoice-statement/ Wed, 09 Nov 2022 20:28:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-difference-between-invoice-statement/ Invoices and statements are regularly used in business. You send invoices and statements to bill customers. And, vendors send you invoices and statements so you know how much you owe. But, what is the difference between an invoice and a statement? What is the difference between an invoice and a statement? In order to accurately […]]]> How to Write Off Bad Debt https://www.patriotsoftware.com/blog/accounting/how-write-off-bad-debt-expense-effects/ Wed, 09 Nov 2022 18:36:29 +0000 https://pslohio.wpengine.com/uncategorized/how-write-off-bad-debt-expense-effects/ When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens. What is bad debt? Bad debt is when someone owes you money, but the debt becomes worthless (amounts to […]]]> Create a Customer Bill Payment Policy for Your Small Business https://www.patriotsoftware.com/blog/accounting/customer-bill-payment-policy-small-business/ Wed, 09 Nov 2022 15:51:02 +0000 https://pslohio.wpengine.com/uncategorized/customer-bill-payment-policy-small-business/ Do you struggle to collect customer bill payments? If you do not charge your customers the total bill at the point of sale, you need a payment policy to guide your customers through the payment process. A payment policy helps you get paid on time. Knowing when to expect payments helps you plan for business […]]]> What Is an NSF Check? | How to Handle https://www.patriotsoftware.com/blog/accounting/nsf-check/ Wed, 09 Nov 2022 15:42:00 +0000 https://pslohio.wpengine.com/uncategorized/nsf-check/ So you’ve brought your product or service to market and are generating revenue. You’re well on your way to creating the business that you dreamed about. However, there could still be bumps in the road that keep you from collecting your receivables. Such as an NSF check from a customer. Not familiar? Let’s consider the […]]]>