However, many of them have a direct impact on the growth and financial health of the business and one of the most important is invoicing.

It is important to avoid errors in the data of a tax receipt that is delivered to a customer, or the lack of follow-up in the sending and receipt of the document, can significantly increase the collection time, and generate problems with cash flow.

Here are the most common invoicing mistakes to avoid in your business or company:

• Not specifying payment terms:

It is not enough to just send the invoice to the customer. It is important to define beforehand, through a contract or a purchase order, the date on which the balance must be paid, and under what conditions.

• Not generating the payment supplements:

This is another common billing error is not issuing timely payment receipt vouchers each time invoiced amounts are collected.

• Not offering incentives for prompt payment:

You can offer discounts of 5, 10 and 15%, according to the invoice payment date. Also product or service bonuses, gift cards or future discounts.

Failure to determine the consequences of an invoice not being paid on time:

Another common mistake among novice entrepreneurs is not clearly stipulating in contracts or vouchers to customers about interest, conventional penalties or even interruption of the supply of goods or services in case of delays in payment.

• Not using an invoicing platform that automates processes:

The best systems allow storing all customer information, and generate securely and in seconds Comprobantes Fiscales Digitales por Internet (CFDI).

• Not offering payment options:

One of the most important tasks of companies is to make life easier for their customers and we are not going to comply with it if, for example, we only accept payments in cash or by bank deposit. The advantage that small and medium-sized enterprises (SMEs) have today is that the cost of accessing technology to accept digital payments has decreased considerably.

• Not following up on the collection process:

Establish a clear process to monitor the payment of invoices and stay in constant contact with customers through friendly reminders and thank yous for payments made. Use technological tools that allow you to monitor the aging of receivables to establish the necessary actions and improve the liquidity of the business.

• Not generating payment complements:

This is another common invoicing mistake is not issuing payment receipt vouchers in a timely manner every time the invoiced amounts are collected, which can complicate the relationship with customers and cause disorder in accounting (in addition to problems with the tax authority). Again, make sure you have a secure and easy-to-use billing system.

• Not having good cash flow management:

Finally, complement your invoicing platform with good accounting software, so you have a clear picture of the business' revenues, invoices issued, the dates by which they have to be collected, which ones were covered and through which channels, and which ones register delays in payments.