Expense and Invoice Management Tips for Your International Clients
Managing a global business is challenging, and sometimes tedious as well. While it’s true that dealing with clients from different countries can make it difficult to organize the invoices and expenses because of different currencies and taxes, there are many things you can do to streamline the process:
- Support for Multiple Currencies
If you want to make your business successful, you can’t just stick to your preferred currency and send the invoices converted to that currency. You need to charge your customers in their local currencies to make it easier for them. So, you need a software that can support multiple currencies with ease. Ideally, it should have the following:
- Invoice templates with multi-currency support
- Currency converter that works as per latest exchange rates
- Mind the Taxes
Taxes are an essential part of every business which cannot be overlooked when you are doing business globally.
It’s important to learn about the tax regulations and standards, as even a small mistake can invite a lawsuit or a direct legal action from the government.
Here are a few things you can do to ensure the safety of your business from potential violations and regulatory breaches:
- Get an invoice-expense management software that’s GST ready. The new regime is still in a nascent stage in the country. So, you need a cutting-edge software that is frequently updated and makes sure that you are paying the right amount of taxes in the right manner.
- Your invoice-expense software should also have support for multiple products and services as according to the GST rates. So, when you are creating the invoices you can easily add the applicable taxes by selecting the product/service category.
- Multiple and Easier Payment options
You wouldn’t want your international customers to face any problem when making the payments. In that regard, these are your two options:
- You can email the invoices along with your banking details, which leaves your customers to enter the same in their banking portal for every payment.
- You can use an integrated payment gateway for your invoices. This way your clients need to enter the banking details just for once and for all the future payments they just have to authenticate the transactions.
It’s not hard to see which is a better option- the second one, of course.
- Picking the Right Software
Thanks to the high demand, there are a variety of expenses and invoice management software available today. However, it’s important the select the best one for your business that can help dealing with the foreign clients by keeping the following things in mind:
- Operation costs can have a huge impact on the cash-flow. So, it’s important that you choose a program whose integrated payment gateway has the lowest transaction fees.
- You want an invoice program that offers a variety of professional templates that are easily customizable for branding purposes.
- Support for invoice clearance reminders can be incredibly helpful when dealing with clients that tend to put off payments. Thus, automating the reminder process will not only keep off the unnecessary hassle of reminding the clients individually but also help to deal with the problem in a professional manner.
It takes grit and ambition to make your business a success overseas. However, making the right expense and invoice management decisions is also important when your customers are scattered in the various corners of the world. So, be sure to apply the techniques given above. You will surely benefit.