How to create invoices in VOGSY
VOGSY simplifies the invoicing process, enabling you to generate accurate invoices with minimal effort. The streamlined workflow ensures that draft invoices are prepared correctly from the outset, reducing the need for corrections and accelerating the entire billing cycle. Draft invoices are created, approved by the project manager, and sent to the client.
The goal is to create draft invoices that are entirely correct and need no intervention or correction.
The objective is to produce draft invoices that require no manual corrections, enabling project managers to approve them quickly and confidently. Reducing the time spent reviewing invoices can significantly accelerate your invoicing cadence.
Shifting from a monthly to a weekly or bi-weekly invoicing cadence can deliver measurable financial benefits.
Faster Payments: More frequent billing results in quicker payments and improved cash flow consistency.
Reduced Days Sales Outstanding (DSO): DSO is a measure of how long it takes to collect payment after a sale. Weekly invoicing helps reduce DSO by ensuring invoices are sent out promptly and payments are collected sooner.
Improved Cash Flow Forecasting: With a steady stream of weekly payments, cash flow is easier to predict and manage.
Reduced Risk of Late Payments: When you invoice less frequently (e.g., monthly), there's a higher chance of invoices getting lost in the shuffle or forgotten. Weekly invoicing keeps your business top-of-mind and encourages clients to pay on time.
Early Problem Detection: If a client is consistently late with payments, you'll quickly identify the issue with weekly invoicing. This gives you more time to address the problem and potentially avoid significant payment delays.
How to create correct draft invoices
The objective is to generate draft invoices that are accurate and ready for approval by the project manager without any additional adjustments.
To ensure your draft invoices are correct and error-free:
Use the appropriate invoicing template for the specific company or department.
Verify that all billing data—including hours, rates, and deliverables—is complete and up-to-date.
Ensure the invoice reflects the correct project and client details.
Ensure all invoice settings (such as currency, tax, and formatting rules) are correctly applied.
Following these steps increases the likelihood that invoices can be approved in one go, streamlining the billing process and accelerating your invoicing cycle.