I work on accounts receivables for my clients, and I’ve seen some poorly constructed invoices. Creating a solid invoicing process and an easy to understand invoice will not only help you get paid, it provide your clients with a stress-free transaction. If your invoices are complicated to understand or confusing to read, you may do some severe damage to your cash flow. Why? Mainly because if the client can't understand your invoice they're not going just pay. Your client wants to be sure that they're being priced the proper amount of the goods or services that they requested. TERMS AND CONDITIONS Solid terms and conditions for your invoices are extremely important for your small business. The first thing that you must do before writing down your terms and conditions is to list all the probable legal obstacles or circumstances that could happen, including: What measures will you take if the client does not pay the invoice? What will happen if you're past due on delivering your services or products or service to the customer? What will you do if the client is dissatisfied with your goods and services? What will happen if the product or service is damaged when being provided by your client's delivery service? Are there any incentives if your customers pay beforehand? What kind of rate of interest would you like to charge for late payments? Can your customer request a reimbursement? If it does, what scenarios would allow for this? What will happen if the scope of the work becomes wider? If there was a mistake on a budget or quote, who is going to pay for it? Who is responsible if a product breaks after being bought? It is not unusual for any business that is selling goods and services too often give guarantees and warranties. It makes them look more legit and reputable and gives the customer assurance. If you do provide a guarantee or warranty, make sure that is clearly outlined in your terms and conditions. Never forget to address topics like situations where the client/customer loses their guarantee or warranty. Creating the most appropriate terms and conditions for your company will ensure that you are compensated and take care of your business if legal action is ever undertaken. DEVELOP A COMPREHENSIVE INVOICE Featuring the all-important elements of an invoice isn't going to only speed-up the payment process, it will also answer whatever questions that the client has with regards to the goods or services that you provided for them. When generating invoices, ensure that that you include: Your logo Invoice number Your contact information Your client's contact information The due date The products or services you provided and their costs The forms of payment that you accept Early payment invoice discounts or enforce late fees Before mailing out the invoice, ensure that all the information is right and that it's being sent to the correct person. Any errors can easily slow-up the payment process and make you appear less professional. SHORTEN YOUR PAYMENT TERMS This should be obvious, but when you give customers a lot of time to make a payment, the longer it takes for you to get paid, which in turns leads to a slower cash flow. So if you have a customer 45 days to pay an invoice, for instance, and that customer paid you a couple of weeks late, that means you've waited 2 whole months to receive a payment. A payment term of 30 days or even less is the standard when it comes to invoicing simply because it's helpful in keeping the cash flowing. Nevertheless, review your industry's invoice standards and check with the client when their pay cycle runs. These factors can help you establish your payment terms. PURSUE LATE PAYMENTS. Generally, there will be times when customers won't pay invoices by the due date. Instead of being passive, you need to be persistent by tracking down those particular late payments. Regularly keep track of your customers' payment due dates and get in contact with them by telephone, e-mail, or mail if they have not paid you by the due date and feature late-fee terms on your invoices, like charging interest on over due payments - which a trusted cloud-based invoicing software will do for you automatically. In case you can't get a hold of the late-paying client, or they are not responsive to follow-ups, you may possibly have to send a collection letter, hire a collection agency, or take them to court. Make all of this information crystal clear from the beginning. MAKE THE TERMS AND CONDITIONS UNCOMPLICATED TO READ. Keep the language in your conditions and terms simplified and intuitive. Put yourself in the shoes of your clients' customers and realize that they're not all familiar with industry terminology and even bookkeeping terms, like for example "net 30." Additionally, don't aim to hide every single thing on just one page by using a small font so that your clients are not able to read the fine print. It will look tricky to your client and will ruin your reputation (regardless if there is nothing tricky on your invoice). ALWAYS BE PROFESSIONAL AND POLITE. Being polite can have a beneficial influence on your business. Simply adding a phrase such as kindly pay your invoice within twenty-one days" or "thank you for your business" can, in fact, increase the number of invoices getting paid by more than 5 percent! This may not sound like much, but this can result in thousands of us dollars per year right into your banking account. Aside from assisting you get paid faster, being professional and polite can easily make improvements to your brand's image.

Introduction: Welcome to the Diane Hagen Accounting blog, where we're gearing up for the exciting but often daunting tax season! As the calendar flips to a new year, it's time to sharpen our pencils, gather our receipts, and get ready to tackle tax-related challenges. Diane Hagen and her expert team are here not only to assist you with your taxes but also to share some valuable tips and tricks to make this tax season a breeze. Early Bird Advantage: Beat the rush! Start gathering your tax documents early. This not only reduces stress but also provides ample time to address any discrepancies or missing information. Maximize Deductions: Diane Hagen Accounting specializes in finding every deduction you qualify for. Keep track of all potential deductions, including work-related expenses, charitable contributions, and any life changes that might affect your tax situation. Stay Informed about Tax Law Changes: Tax laws are known to change, and staying informed is key. Our blog will keep you updated on any alterations to tax regulations that may impact your filing. Being in the know can help you take advantage of new opportunities and avoid potential pitfalls. Utilize Tax Credits: Explore available tax credits. Whether it's education credits, energy-efficient home improvements, or child care credits, Diane Hagen Accounting can guide you on how to maximize these benefits. Organize Your Financial Records: A well-organized system can save you time and prevent headaches. Keep your financial records, receipts, and relevant documents in order. Diane Hagen's team can provide guidance on how to structure your records for optimal efficiency. Consider Professional Assistance: Navigating the intricacies of the tax code can be challenging. Diane Hagen, with years of experience, can provide personalized assistance tailored to your unique situation. Our team is ready to answer your questions and ensure your tax filings are accurate and optimized. Take Advantage of Technology: Embrace technology to streamline the tax preparation process. There are various apps and software tools that can help you organize receipts, track expenses, and even estimate your tax refund. Plan for Next Year: Use this tax season as an opportunity to plan for the future. Diane Hagen Accounting can help you create a strategy to minimize tax liabilities in the coming years, ensuring you stay ahead of the game.  Conclusion: As you dive into the world of tax preparation, remember that Diane Hagen Accounting is here to support you. Explore our blog regularly for tips, tricks, and insights that will make this tax season your smoothest one yet. With our expertise, your taxes will be in good hands, leaving you with more time to focus on what matters most to you.

Introduction: As we bid farewell to the old and welcome the new, it's time to embark on a fresh journey into the realm of financial prosperity. At the helm of this voyage is none other than Diane Hagen Accounting, your trusted guide in the intricate world of numbers. In this blog, we'll explore the key accounting considerations for the new year, uncovering strategies and insights to ensure a smooth and successful fiscal expedition. 1. Reflecting on the Past: Before diving into the future, it's crucial to take a moment to reflect on the past year. Diane Hagen Accounting encourages clients to review financial statements, assess budgets, and analyze spending patterns. This retrospective analysis serves as a compass, guiding businesses and individuals toward informed financial decisions in the coming year. 2. Setting Financial Goals: The beginning of a new year is the perfect time to establish clear and achievable financial goals. Diane Hagen Accounting advocates for SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound. Whether it's reducing expenses, increasing revenue streams, or optimizing tax strategies, setting well-defined objectives paves the way for a purposeful financial journey. 3. Embracing Technological Advancements: In the ever-evolving landscape of accounting, embracing technological advancements is essential. Diane Hagen Accounting stays at the forefront of innovation, leveraging cutting-edge accounting software, automation tools, and cloud-based solutions to streamline processes and enhance efficiency. This not only reduces the risk of errors but also allows for real-time financial insights. 4. Tax Planning and Compliance: Diane Hagen Accounting emphasizes the importance of proactive tax planning. As tax regulations evolve, staying informed and compliant is paramount. This involves understanding tax law changes, exploring available deductions and credits, and optimizing tax strategies to minimize liabilities. Early planning ensures a stress-free tax season and maximizes financial returns. 5. Financial Education and Empowerment: Empowering clients with financial literacy is a cornerstone of Diane Hagen Accounting's approach. In the new year, consider investing in financial education for yourself or your team. Understanding financial concepts and staying informed about industry trends equips individuals and businesses to make informed decisions and navigate economic fluctuations with confidence. 6. Prioritizing Cash Flow Management: Cash flow is the lifeblood of any entity, and Diane Hagen Accounting underscores the significance of effective cash flow management. Monitoring cash inflows and outflows, optimizing payment terms, and implementing sound invoicing practices are crucial for maintaining a healthy financial position throughout the year. Conclusion: As we embark on this new financial chapter, Diane Hagen Accounting stands ready to guide you through the challenges and opportunities that lie ahead. By reflecting on the past, setting clear goals, embracing technology, prioritizing tax planning, investing in education, and managing cash flow effectively, you can ensure a prosperous and financially resilient new year. Here's to a year of financial success and growth with Diane Hagen Accounting! At Diane Hagen Accounting, we understand that your family's journey is unique, and we are here to support you through every financial milestone. Whether you're starting a family, buying a home, planning for education, or navigating retirement, our team is committed to ensuring your family's financial success. If you have questions or need assistance with any financial matters, don't hesitate to reach out. Your family's financial journey is our priority, and we're here to help you make it a seamless and prosperous experience.

As the end of the year approaches, businesses of all sizes are gearing up for a fresh start. For many, this means celebrating successes and setting new goals and taking the time to tidy up their financial records. Fear not if you’re feeling overwhelmed about where to start! Diane Hagen Accounting is here to guide you through the process of cleaning up your books and ensuring a smooth transition into the new fiscal year. 1. Review and Reconcile Accounts: The first step in the year-end bookkeeping process is to review and reconcile all your accounts. This includes bank statements, credit card statements, and any other financial accounts. Check for discrepancies and ensure that all transactions are accurately recorded in your accounting system. Diane Hagen Accounting recommends using accounting software to streamline this process and catch any errors. 2. Update Vendor and Customer Information: Over the course of the year, contact details for vendors and customers may change. Take the time to update this information to ensure that invoices and payments are sent to the correct addresses. Diane Hagen Accounting suggests creating a checklist to systematically review each vendor and customer account, updating names, addresses, and contact information as needed. 3. Reassess Asset and Liability Accounts: Your business assets and liabilities can change throughout the year. Conduct a thorough review of these accounts to ensure that all assets and liabilities are accurately reflected on your balance sheet. Diane Hagen Accounting emphasizes the importance of staying on top of these numbers to make informed business decisions and maintain financial health. 4. Close Out Income and Expense Accounts: Closing out income and expense accounts is crucial for accurately assessing your business's financial performance. Diane Hagen Accounting recommends closing these accounts at the end of the year to start the new fiscal year with a clean slate. This involves ensuring that all revenue and expenses are correctly categorized and accounted for. 5. Check for Tax Compliance: Year-end is the perfect time to ensure that your business is tax-compliant. Diane Hagen Accounting advises reviewing your financial records to identify any potential tax liabilities or deductions. This proactive approach can save you time and stress during tax season. 6. Backup and Archive: Once you've completed the cleanup process, don't forget to back up your financial data. Diane Hagen Accounting suggests creating a secure backup of your accounting records and archiving the information for future reference. This step is crucial for compliance and providing a historical record of your business's financial journey. Conclusion: Cleaning up your books at the end of the year is essential for any business, big or small. Diane Hagen Accounting encourages you to approach this process with diligence and attention to detail. By following these steps, you can ensure that your financial records are accurate, up-to-date, and ready for the challenges and opportunities that the new year may bring. Remember, a well-organized and clean set of books is not just a regulatory requirement; it's a valuable tool for informed decision-making and sustained business success. At Diane Hagen Accounting, we understand that your family's journey is unique, and we are here to support you through every financial milestone. Whether you're starting a family, buying a home, planning for education, or navigating retirement, our team is committed to ensuring your family's financial success. If you have questions or need assistance with any financial matters, don't hesitate to reach out. Your family's financial journey is our priority, and we're here to help you make it a seamless and prosperous experience.

Welcome to the Diane Hagen Accounting blog! At Diane Hagen Accounting, we understand the importance of family in your life and how vital it is to secure their financial well-being. Our mission is to work behind the scenes to help your family achieve financial stability and prosperity. In this blog, we'll explore various ways in which our accounting services can make a significant difference for your family's financial future. From tax planning to budgeting, we've got you covered. Understanding Your Family's Unique Financial Goals At Diane Hagen Accounting, we believe in a personalized approach to accounting. We'll work closely with you to understand your family's unique financial goals. Whether it's saving for your children's education, buying a home, or planning for retirement, we'll tailor our services to align with your aspirations. Tax Planning for Maximum Savings Taxes can take a significant chunk out of your family's earnings if not managed efficiently. We'll discuss the importance of proactive tax planning to minimize your tax liability and keep more of your hard-earned money in the family's pocket. Budgeting for Family Financial Success Managing a family budget can be challenging. We'll provide practical tips and strategies for creating a budget that helps you save for the future while still enjoying your present. Effective budgeting can bring peace of mind to your family's financial situation. Investing for Your Family's Future Diane Hagen Accounting can help you make informed investment decisions. Whether you're saving for your children's education, a dream vacation, or retirement, we'll guide you through the investment options that align with your family's long-term financial goals. Supporting Family Businesses If your family runs a business, we'll discuss how Diane Hagen Accounting can help you manage your business finances effectively. We offer a range of services tailored to family-owned businesses, from bookkeeping to strategic financial planning. 6. Financial Education for Your Children Teaching your children about finances is a vital part of securing their future. We'll provide tips and resources on how to educate your kids about money, savings, and investments. At Diane Hagen Accounting, we are committed to supporting your family's financial well-being and helping you navigate the complexities of finance. With our expertise and personalized approach, we'll be with you behind the scenes to make sure your family's financial future is as secure and prosperous as possible. If you have specific questions or need assistance with any financial matters, don't hesitate to reach out to us. Your family's financial success is our top priority, and we're here to help you achieve it.