What is the use of client portal

Posted on August 18, 2021 by admin

What is the use of the client portal?

The client portal is an organized way to view the invoices, estimates and retainer invoices sent to your customer. If you’ve enabled the client portal for your business in Zoho Invoice and configured it for your customers, they can view their transactions with you by logging into the portal. This includes viewing and accepting/declining their documents, adding comments to the document and making online payments.

Can I customize the portal invitation mail content?

Yes, you can. Here’s how:

Go to Settings icon on the top right and select Email Templates.
Navigate to Client Portal Invitation and select Show Mail Content .
Now you can edit the text and click Save after you’re done.

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I am getting a “Portal name already taken” message.

This is because the name that you have specified for your client portal is already taken by another Zoho Invoice user. Since portal name has to be unique, you need to specify another name for your client portal.

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Can I change my portal name? Will this cause any impact?

Yes, you can change your portal name. To do this,

Go to Settings – Organization Profile
Click on Change Portal Settings

Make the necessary changes and click on Save.

Now, the portal URL is modified accordingly. You will have to invite each of your customers again in order to enable them to view transactions and make payments through the portal.

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Can I set a password for the client portal? If yes, how do I do it?

Yes, you can. Here’s how you can do it:

Open the contact for whom you wish to set the portal password.
Click on Configure Client Portal, if you have already enabled it for the customer. If not, click on Enable Client Portal.
In the pop-up that follows, you can set the password by clicking on the Set Password option.

Note: Using this option, you can set passwords for the contact as well as the contact person associated with the contact, by checking the box next to the contact or contact person.

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An alternate method for setting portal password for the contact person is by opening the gear icon beside the contact person’s name, clicking on Edit and typing in the password (provided you have checked the box Enable portal access).

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Once the password is set, the contact and/or the contact person will receive an email with the username and the password.

Note: If you haven’t set up a password, the contact will be asked to set a password of their choice.

Also, once your client logs into the client portal with the password you have set for them, they will have an option to Reset Password anytime later.

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What is Journal & Ledger in Accounting and Bookkeeping?

Posted on August 17, 2021 by admin

Every business that does bookkeeping needs to record its transactions somewhere. When you have multiple customers and vendors, it can be a hectic task to consolidate all your sales and purchases in just a notebook. You need organization, so when tax or audit season rolls around, you are not left scrambling at the last minute. Transaction records are important because they are proof of how your money is being exchanged, how regularly, and with whom. But where do you record the movement of money to and from your business? Also, how do you record uncommon transactions like depreciation, bad debt, and the sale of assets? This is where journals and ledgers come into play. Read on to find out more about them and how you can use them for your business.

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The journal. What is it?

The journal is also known as the book of original entry. It is where a business transaction is recorded when it first happens. A journal can be physical or electronic, and sales, purchases, or any movement of money to or from your business is recorded in chronological order. A journal contains the following information:

The date of the transaction
The account or accounts that are debited, and the amount involved
The account or accounts that are credited, and the amount involved
A short description and reference of the transaction

The golden rules of accounting

Every journal entry that is made must follow the golden rules of accounting. These rules apply to three specific accounts. Let’s define these accounts and take a look at their associated rules:

Real account – an account that pertains to assets and liabilities.

Golden Rule: Debit what comes into the business, and credit what goes out of the business.

Personal account – includes all accounts related to individuals, firms, and associations.

Golden Rule: Debit the receiver, and credit the giver.

Nominal account – related to all income, expenses, losses and profits.

Golden Rule: Debit the expense or loss, and credit the income or profit.

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Journal entries – format & example

Using the accounts and rules above, let’s see how entries are made in the journal.

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On March 5th, you buy furniture for your office worth $5,000 in cash. The furniture is considered an asset, so this is affecting the real account. The golden rule states that assets are debited, so you add $5,000 to the debit column of the journal. An equal credit must be recorded to the cash account, so you add $5,000 to the credit side of the journal. Finally, you note down the description of the transaction as a purchase of furniture worth $5,000.

On March 30th, the nominal account was debited for salary expenses, and the business’ bank account was credited to reflect that. You can see that the transactions entered in the journal follow the golden rules of accounting.

The ledger. What is it?

The ledger is also known as the book of second entry or the principal book of accounts. The ledger contains the chart of accounts, which is the list of all names and account numbers in the ledger. The ledger is given special importance by auditors and must be “balanced,” where the total debits always equals the total credits. If the debits outweigh the credits, it is called a debit balance. If the credits are more than the debits, there is a credit balance.

Ledger entries – format & example

Transactions in the journal are grouped by accounts in the order of assets, liabilities, equity, income, and expenses. They are then transferred to the ledger. Ledger entries appear in the order of accounts compared to the journal’s chronological order.

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What comes after the journal and ledger?

After you have categorized transactions into corresponding accounts and recorded them in your ledger, you must check if your books are balanced. The trial balance helps you with that. It shows the ending balances of all your accounts as they appear on the balance sheet. The trial balance contains a description, account number, account name, debit balance, and credit balance. Once information from the ledger is consolidated into the trial balance, it is easy for your accountant to spot imbalances between debits and credits. It is concise, orderly, and helps remove discrepancy, proving to be a handy tool in keeping your books balanced.

Your books are balanced. Now what?

Once your books are balanced, it is time to generate financial reports to better understand how your business is performing. Every business must be aware of its growth and where it stands at any given point in time. Financial reports provide this insight. The cash flow statement depicts your cash flow trends by showing you how money moves in and out of your business. The balance sheet tells you how much your business owns, how much it owes, and its shareholder’s equity. The income statement, or profit and loss statement, focuses on the revenue gained and expenses incurred by a business over time. These are the three reports that businesses must pay most attention to.

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The importance of journals and ledgers

Why is there so much emphasis on using journals and ledgers? The answer is simple. You can accomplish your bookkeeping goals easier when you have complete records of all your transactions. Financial statements like the cash flow statement, balance sheet, and income statement provide vital information about your business trends, and they can only be generated by using information from journals and ledgers. Recording and tracking uncommon transactions like depreciation, bad debt, and the sale of assets are made easier with journals. Journals and ledgers also help you to capture both the debit and the credit sides of transactions. This is often overlooked when companies do not use books.

The bottom line

Recording business transactions forms the core of your bookkeeping. It does not make sense to record them only when taxes and audits are around the corner. Ensuring accurate accounts of your business requires diligent upkeep of journals and ledgers. They are important and useful tools that keep you on track and allow you to set performance goals. Most importantly, they help you as a business owner to understand your company’s financial operations so you can assess growth and maintain a healthy and thriving organization.

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Configure webhooks for Razorpay?

Posted on August 16, 2021 by admin

Why should I configure webhooks for Razorpay?

Razorpay supports receiving payments through multiple payment modes. If you have set up Razorpay in Zoho Invoice, your customers can make payments for invoices through the Client Portal. When the customer clicks the Proceed to Pay button, a Razorpay pop-up will open from which they can select a payment mode and make the payment. Once the customer authenticates the payment through OTP or other methods, the amount will be deducted from the customer’s account. Next, Razorpay will notify Zoho Invoice for the payment to be recorded. However, the notification to record the payment in Zoho Invoice might fail as explained in the cases below. So, configuring a webhooks for Razorpay ensures that Zoho Invoice is notified about the payment statuses and payments do not fail to be recorded.

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Case 1: Mobile browser and UPI/Wallet payments

Let’s say, your customer opens the payment URL in a mobile browser and chooses to pay via Wallet or UPI payment mode. They will be redirected to one of the mobile apps to make the payment. Once they make the payment, the payment status will be Authorised and if they return to the payment initiation screen, the payment will be captured and recorded in Zoho Invoice. However, if the customer does not return to the payment initiation screen, their payment will be in Authorised status and the payment may never be recorded in Zoho Invoice. Moreover, if the payment stays in the Authorised status, Razorpay will initiate an auto-refund of the payment based on the Default Speed of Refunds you’ve configured.

In this case, configuring the webhook ensures that the payment status is passed on to Zoho Invoice, even if your customer does not return to the payment initiation screen.

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Case 2: Late authorisation

One of your customers makes payment via Net Banking. However, due to a delay in payment authorisation response from the bank to Razorpay, the transaction times out and the payment status is updated as failed. Later, the payment could become a success and the bank might send a success message to Razorpay.

Configuring the webhook ensures that Zoho Invoice receives this success message and a payment is recorded in Zoho Invoice.

Is Razorpay PCI compliant?

Yes, it is PCI compliant.

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Are international credit cards supported?

Yes, Razorpay supports international credit cards.

All details about Razorpay account

Posted on August 16, 2021 by admin

How does this Razorpay – Zoho Invoice integration work?

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Here is a basic process flow of how the product will work:

The customer signs up on your platform for the service and selects a plan for a timely subscription.
At the time of the first payment, he fills up the card details and agrees to apply recurring payment through a checkbox.
If the customer has an Indian issued credit card, the first transaction will go through a standard 2FA flow (OTP / Mastercard Secure password / Verified by Visa Password)
If an international customer, the transaction will go through without 2FA.
Through backend APIs, at the initiation of the transaction, you can let us know transaction characteristics like amount, schedule and the duration of the recurring plan.
On the specified date, we automatically debit (without any intervention from the customer) the specified amount from the customer’s credit card and send them a confirmation of the same.

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How to create a razorpay account?

To create a Razorpay account, please click the link below, to the Razorpay Signup page

How to setup Razorpay?

To set up Razorpay, click the Gear icon > Integrations > Online Payments. Click on the Setup Now button under Razorpay and enter the information required and click on Save. As of now, Razorpay is supported only for organizations with India as their country.

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To get Merchant ID,

Login to your Razorpay account and verify that you’re in Live Mode.
Next, your Merchant ID will be displayed at the top.

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To get Key ID,

Login to your Razorpay account and verify that you’re in Live Mode.
If you’ve already generated the API Keys, you can find your Key ID under API Keys tab at the bottom-left of the dashboard.
If you haven’t generated the API Keys yet, click on the Generate Live Key button to get your Key ID and API Key (Key Secret).

To get API Key aka Key Secret,

The API Key aka Key Secret will be displayed only once when you first generate your Api keys. So, it cannot be retrieved unless you saved them.
If you didn’t save your API Key, then the only way left is to regenerate the Api Keys by clicking on the Regenerate Live Key button under the Api Keys tab and the API key and Key ID (Key Secret) will be displayed on a pop-up. If you regenerate your Api Keys make sure to use the newly generated Key ID and API Key while integrating with Zoho Subscriptions.
So, with that said, if you haven’t generated the API Keys yet, click on the Generate Live Key under button under API Keys tab at the bottom-left of the dashboard to get your Key ID and API Key (Key Secret).

Note:* It is advised to save your API Key and Key ID (Key Secret) by downloading them because Key ID will not be displayed again anywhere inside the Razorpay account.

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How do I get my Razorpay API credentials?

Login to Razorpay account and click on Api Keys tab from the left pane. Next, click on Generate Live Key button to generate your live API key.

Note: Your API key will be displayed at the top banner.

What is the per transaction fee?

For domestic cards, the fees charged is always 2% along with service tax of 15%.

For international, Diners and Amex cards the fee charged is 3% along with the service tax of 15%.

Note: In both the cases, the service tax of 15% is charged on 2%.

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In what frequency the settlement will be made?

Here is a Merchent Settlement process and details as given by Razorpay.

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Brexit FAQ: How prepared are you?

Posted on August 16, 2021 by admin

Q. What is Brexit?

Brexit stands for “British exit.” It refers to the United Kingdom’s decision to leave the European Union. On June 23, 2016, the UK voted on the Brexit referendum, and the result was a slight 51.6% majority in favor of leaving the EU.

The UK officially left the EU on 31 January 2020, which marked the beginning of a transition period that is set to last until 31 December 2020.

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Q. Why has Brexit taken so long?

David Cameron, the Prime Minister at the time, campaigned for Britain to remain in EU. After the referendum results, he resigned. To avoid leaving the EU without a deal (known as “hard Brexit” or “no-deal Brexit”), the government provided an extension twice to create time for negotiations.

A deal with the EU is important. No country has ever left the EU before, so this has created a lot of issues for the UK parliament and EU government to work out. Through negotiations, the UK hopes to retain a thriving economy and appease those that were not in favor of leaving the EU. Meanwhile, the EU provides its member countries with certain benefits, like trade agreements and the freedom for EU citizens to travel from country to country without strict visa requirements. The EU government does not believe it’s fair to allow the UK to leave but still hold on to those same benefits.

After Cameron stepped down, Theresa May took over the Prime Minister’s position. While in power, she aimed to pass the deal which she had negotiated with the EU, called the Brexit withdrawal agreement. After parliament rejected this proposition three times, May stepped down from her position on June 7, 2019.

Q. When is Brexit happening?

The UK already left the EU on 30 January 2020 at 11pm (BST). At the moment, the UK is in a transition period that will end on 31 December 2020.

Q. Is the withdrawal agreement completed? What does it cover?

Yes, the withdrawal agreement has been decided. It sets the rules for the UK to leave the EU in an orderly manner. The document covers information on common provisions, citizens’ rights, problems due to separation across borders, a negotiable transition period, financial settlement, and more.

If there is a “no-deal” Brexit, there will be no withdrawal agreement.

Q. Will a no-deal Brexit happen?

As the end of transition period draws closer, the UK is facing another no-deal situation. Without this agreement in place, the EU’s laws and other agreements will no longer be applicable during interactions between the UK and the rest of the EU.

In the absence of a deal, the EU will treat the UK as a ‘third country,’ and trade between the UK and the EU will be regulated by the World Trade Organisation (WTO). This sudden change in rules may lead to higher trade tariffs.

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Q. How else will Brexit affect trade?

The consequences of the UK leaving the EU will depend on how trade costs change post-Brexit. There are two scenarios in this situation. One, the UK could enjoy the same status as that of Norway with respect to its EU trade relations. Norway has a free trade agreement with the EU, which means no tariffs. It is also a member of the EU single market and complies to the policies and regulations in place to reduce non-tariff barriers.

Two, the UK is unable to cut a trade deal with the EU. Should this be the case, then following Brexit, trade between the UK and the EU will be governed by the World Trade Organization’s rules.

Post-Brexit, the UK will no longer be a part of the EU free trade area. This situation will have a spiralling effect. A few of the affected areas will be the import and export of goods and services, the employment of EU citizens in the UK and vice versa, transport and logistics, copyright, trademarks and patents, environmental industrial standards, and the transfer of personal information across borders.

Operation Yellowhammer mentions the worst-case scenarios in the event of a no-deal Brexit. Some of them include new immigration checks, an increase in prices for gas and electricity, and interrupted financial services across borders. Petroleum prices and the flow of data will also be disrupted.

Q. How will Brexit affect small scale business?

Small and medium scale enterprises (SMEs) are preparing themselves for Brexit however they can. The following are a few key areas that will be affected the most:

Employment: Tighter immigration rules are likely to raise concerns when it comes to talent acquisition. Small businesses have to revamp their skill strategies before hiring. Reports say that there has been a drop in the number of EU nationals joining UK based companies. The uncertainty caused by Brexit is causing a skill shortage across the country.

Finance: The Bank of England believes that UK banks can manage the turmoil due to Brexit. However, this would cause market fluctuations, thus restricting the banks ability to lend money to businesses. To ease this issue, the UK government might establish the UK Shared Prosperity Fund (UKSPF). The responsibility of this fund is to fight social inequality by raising productivity in economically backward areas of the country.

Growth: The UK was one of the fastest growing economies amongst the G7 countries until the June 2016 referendum was announced. The International Monetary Fund (IMF) has predicted that the growth rate for the UK will remain just above 1.5 percent as long as the UK leaves the EU in an orderly fashion. The sectors which are most concerned with growth are import and export firms.

Q. How long will it take for my business to adapt to these changes?

It is difficult to be specific about the time frame, although reports suggest that an average of 15 months is required to prepare for the change. The EU states an ideal period of nine months. Businesses will be in a transition period until the end of 2020.

If the UK walks out without a deal, the transition period for businesses will remain uncertain. It is important that businesses start planning and setting measures to cope with the change.

Q. How will Brexit affect UK businesses with mostly UK customers?

All businesses in the UK will be affected in some way or another. So, all businesses must prepare to make modifications to their business processes. For example, if you are a product manufacturing company serving UK customers, consider whether your parts are imported from outside Britain. Operation Yellowhammer clearly states that there could be import delays because of HGV congestion. Delays can even occur in custom clearance areas. Owners may now have to seek replacements from local suppliers to keep their business going.

Service based companies, like marketing agencies, may be able to serve only domestic customers. There might be delays in sharing data until GDPR regulations are changed because some businesses may hold personal information on their EU employees that will no longer be permissible to share.

Aside from finding measures to overcome potential problems, the scope of business opportunities will also decrease. Businesses should consider this when drafting their preparedness plans.

Q. What is the Northern Ireland Protocol?

This means that Northern Ireland will comply with the regulations set up by the EU and will also follow the VAT rules during the movement of goods to, from, or within the Northern Ireland region.

However, Northern Ireland will continue to be a part of the UK’s VAT system. During the exchange of services, HMRC will collect VAT and revenue in the Northern Ireland region. If the businesses in this region are already VAT registered, then they do not need to register separately for the sale of goods within Northern Ireland.

Q. How will VAT be applied on goods exchanged between Great Britain and Northern Ireland?

During the exchange of goods between Great Britain and Northern Ireland, the applicable VAT regulations will stay the same. Sellers will charge their customers VAT on invoices, but sellers cannot reclaim it as input VAT. The customer can produce this invoice to reclaim the levied VAT as input VAT.

If businesses need to move their own goods from Great Britain to Northern Ireland, VAT will be applicable and it will be counted as output VAT in the VAT return. On the other hand, when businesses move their goods from Northern Ireland to Great Britain, then VAT will not be applicable unless the goods need to be sold.

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Q. What is postponed VAT accounting?

In the Brexit Omnibus Bill 2020, one of the measures introduced is postponed VAT accounting. Once the UK leaves the EU on 31 January 2020, VAT and customs rules will be applicable on goods imported from 1 January 2021.

In the post Brexit scenario, you wont be required to declare the import VAT beforehand. Using, Postponed VAT Accounting, you will be able to declare and recover import VAT on goods on the same VAT return form. It will be applicable for goods imported into Great Britain from anywhere outside the UK and into Northern Ireland from anywhere outside the UK and the EU.

If you are not prepared to pay at the port, you can opt for postponed VAT accounting. You can record the import VAT in the VAT return under the reverse charge procedure. You may need to notify HMRC before you activate this process for your business. You may also be required to mention the EORI number and VAT number on your customs declaration form.

Q. How will Brexit affect business travel to most EU countries after the transition period?

If you are travelling from the UK to the EU, the UK passport holders travelling to the EU for work will have to follow the regulations set for the entry of personnel from a third country or non-EU nation. Visa-free travel is possible for UK passport holders visiting specific countries for certain business activities. This usually includes meetings with clients or attending conferences related to trade or work. Anything apart from this will require you to present your work visa.

You may need to confirm the purpose of your travel, show suitable arrangements for accommodation and funds, confirm that you have at least six month left on your passport before its expiry, and make sure that the trips are not more that 90 days in 180-day time spans.

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How do I sort recurring invoices?

Posted on August 14, 2021 by admin

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Sort recurring invoices

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Recurring invoices can be sorted under three categories – ‘active’, ‘expired’, and ‘stopped’.

‘Active’ indicates that the invoices still being sent out to the client once every recurring period
‘Expired’ invoices are inactive as they have reached the ‘End’ recurring date set, and are no longer being sent to the customer.
‘Stopped’ recurring invoices are those that have been manually stopped from being sent to the customer. You can make a recurring invoice STOP by selecting the invoice, clicking on ‘More Actions’ – ‘STOP’.

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Recurring invoices allow you to save time, plan ahead, and ensure you always get paid on schedule. They are often the most convenient solution for your regular or subscription customers. Here you’ll find a guide to creating Recurring Invoices and scheduling your cash flow well into the future.

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How can I add a date to the description field while sending a recurring invoice?

Posted on August 14, 2021 by admin

Adding date to the description field

1) You can add a date to the description field of each item, to specify start and end date of the recurring invoice. To do this, simply go to the item field, and start introducing the necessary placeholders in the ‘Item details’ section.

Days are represented with %(d)%, %(day)%, or %(DAY)%, *
Months are represented with %(m)%, %(month)%, %(MONTH)% (to depict the month as a word eg: January) or %(mm)% (to depict the month as a number eg: 1)
Years are represented with %(y)%, %(year)% or %(YEAR)%,

Note : You can also combine all three date components under a single placeholder too (Eg: %(d)(m)(y)% is a valid command).

2) Mentioning Time frames : Frame your start and end dates in any format using the above variations. The format used to represent days, months and years can be different

Eg: %(d)%,%(M)%,%(Year)% is a valid format even though days are represented with in small letters, months with capitals and years are represented with the word ‘Year’.).

3) To add or subtract days,months or years, simply use the “+” and “-” keys. Eg: %(d+15)%,%(m+3)%,%(y)% results in 15 days and 3 months being added.

Note : The placeholders functions are very context specific, so please take care with the way they’re used.

Example : To add one month, use ‘%m+1%’ rather than ‘%d+30%’ since the latter would see your date jump from March 1’st to March 31’st (an addition of 30 days) and not April 1’st like required.

4) Delimiters are used in between the date components. The valid delimiters are the comma(,), the hyphen(-), the dot(.) and white space. If none of these delimiters are specified, space is taken as the default delimiter. Three different delimiters can be used while mentioning a date, but not more than one should be used between a pair of date components

Example :-

’%(d)% , %(m)% – %(y)%’ (Two different delimiters comma and hyphen used between the components) – Valid scenario.
’%(d)% ,,%(m)% – %(y)%’ (Delimiters used twice between a pair of date components) – Invalid scenario.

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Different options to create and send recurring invoices

Posted on August 14, 2021 by admin

Follow these steps to customize how and when recurring invoices are sent out.

Click on the gear icon on the top right corner and select Preferences from the drop down.
Now click on Recurring Invoices, here you can select how you want to handle recurring invoices,

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Create Invoices as drafts – Your recurring invoices are only saved as drafts. You can review them, make changes and send them out manually.
Create and send invoices – Your recurring invoices are sent out to the customers for payment automatically once they’re created.
Create, Charge and send invoices – The customer’s credit card associated with the recurring invoice is charged automatically and invoices are sent out for their reference.

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How do we create a recurring invoice?

Posted on August 14, 2021 by admin

A Recurring Invoice can be created either from :

Recurring Invoices module
Invoices module

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To create a recurring invoice :

Go to the Recurring Invoices module.
Click ”+” icon and proceed to create a recurring invoice as usual.
You will be prompted to enter data relevant to recurring invoices, such as Start and End time, and Recurring frequency. Enter the information according to the specifications which you want your recurring invoice to possess.
Save the changes by clicking on the Save.

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To make an invoice recurring, all you need to do is :

Go to the Invoices module.
Select the specific invoice you want to make recurring.
Click on More –> Make recurring.
Fill in the appropriate fields.

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Also, a New Invoice can be made Recurring using the button Make Recurring given at the bottom right of the Invoice creation page.

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10 best invoicing practices to maintain a steady cash flow during the COVID-19 crisis

Posted on August 13, 2021 by admin

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We’re all witnessing the effect that COVID-19 is having on businesses throughout the world. As CX expert Shep Hyken remarked: “In difficult times, it is more important than ever to maintain or boost the customer experience.” While standing up for customers is definitely a priority, it’s equally important to have a positive cash flow and ensure you don’t run low on reserves. Here are a few best invoicing practices that can help you maintain a balance:

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Best Invoicing Practices

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1. Communicate clearly and candidly with your customers

Customers might have to make tough choices during these uncertain times, and they may have questions regarding cancellation and refund policies or your Business Continuity Process (BCP). A clear communication strategy can not only address those ambiguities but can also build trust with your customers.

If you offer a self-service portal where your customers can log in and view their transactions, you can display information about these policies there.

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2. Be approachable

If you are sending out automatic payment reminders but your customers are having problems paying, they need a way to contact you quickly and discuss their options. Make sure you include all your contact information in the reminder emails that you’re sending.

This extends to cancellations as well—if a customer decides to call you before canceling the service, it’s a chance to figure out a solution so you don’t lose their business. Make sure you take advantage of these opportunities!

3. Relax deadlines

Your customers’ priority at this moment will be keeping their family and loved ones safe. So your estimates might be accepted a little later than usual, and your invoice payments may come in a little later too. Instead of bombarding customers with multiple reminder emails, consider relaxing these deadlines for a little while.

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4. Allow partial payments for invoices

As a business owner, your goal is (and should be!) to get every invoice 100% paid on time, every time. However, in times like this, if your customers are willing to make partial payments rather than a bulk single payment, allowing them to do so helps improve your cash flow. And so it is one of the invoicing practices.

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5. Invoice factoring

Factoring invoices is an option that businesses can use to meet their immediate cash needs. The businesses get paid a reduced amount upfront by the factoring companies, who in turn collect payments from customers when they are due.

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6. Offer credits and discounts

By offering discounts for your outstanding invoices, you are proving that you care enough about your customers to give them a bit of a break.

Alternatively, you can offer credits to be applied on their next subscription renewal.

7. Pause, don’t cancel

With worldwide travel restrictions and shutdowns in place, businesses have already started slowing down. It’s only natural for your customers to cancel some of their services. To keep them from churning permanently, provide an option to pause the subscription for a while, instead of canceling it altogether.

Alternatively, you can extend the next subscription renewal date by a month or two without charging the customers. Think carefully before offering this, though, because not all businesses can afford to continue offering services free of charge.

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8. Write off invoices in special cases

Even after you offer a discount or extend the deadline for payment, if a customer is severely impacted by this pandemic and won’t be able to pay you back any time soon, you can try to collect partial payments and write off the remaining invoice amount.

Writing off an invoice is the last resort. To ensure you don’t write off too large a portion of your receivables, it’s good to regularly monitor your bad debt incurred during this period. And so it is the on of the best invoicing practices.

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9. Increase credit limits for loyal customers

If a customer has been with you for a long time and is sticking with you during this period, an increased credit limit is a good way to thank them for their business. By increasing their credit limit, you are letting them know that you continue to want their business.

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10. Know why your customers leave

If your customers choose to cancel their subscription, you should definitely ask them if they’d like to give a reason. This information can not only help you understand your customer trends, but also reduce your churn. Depending on the reason they enter, you can have your customer support or retention team give them a call and try to win them back.

Though some of these tips might have a negative effect on your finances temporarily, they can gain you long-term benefits like customer loyalty and customer retention, which will help your business recover more easily. And hence helpful for invoicing practices.

To help you implement these strategies, Zoho’s invoicing solutions—Zoho Invoice and Zoho Subscriptions—offer all of these functions either directly or through integrations.

Did you find these tips useful? Can you think of some other cash flow strategies that businesses can use to get through difficult times? Let us know in the comments.

Take care and stay safe! We’ll get through this together.

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