Invoicing and payment terms

Introduction

Getting your invoicing system and payment terms right can be key to a healthy cashflow. You need to ensure your customers understand how much they need to pay and when they must settle up. They are more likely to pay you on time if these terms are clearly set out in writing from the start.

This guide outlines the information you are required by law to include in an invoice and what terms and conditions it should cover. It also explains how to pitch payment terms to customers and some of the commonly used invoice payment terms.

Subjects covered in this guide

• Introduction
• Information that invoices must contain
• Setting terms and conditions
• Setting suitable payment terms for your customers
• Commonly used invoice payment terms and their meanings
• Here's how setting the right payment terms improved my business' cashflow

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