Many United States companies have experience working with other companies and contractors in the Philippines—after all, it’s one of the premier global hubs for outsourced talent. But this relationship works both ways. Many companies in the Philippines also contract the services of American firms to help them grow and thrive. Or, they purchase American-made goods to import.
Transacting with an entity in the Philippines means having the ability to send an invoice: something for your customer or client to pay against. And while learning how to invoice someone in the Philippines isn’t all that complicated, it’s still something every company needs to get familiar with.
Here’s a closer look at how to generate and send invoices to the Philippines to ensure few-to-no barriers to payment, so you can maintain your accounts receivable with transparency.
Information needed to generate an invoice
Right from the start, businesses need to make sure they’re sending a detailed, accurate invoice. The recipient needs clear details about exactly what they’re paying for, how much they owe and when it’s due—both for transparency and for their own accounting. Here’s a look at the essential data every invoice needs to include:
- The issue date, payment due date and NET terms
- Sender and recipient names and contact information
- A unique and identifiable invoice number (for auditing)
- The full amount due for the products or services being invoiced
- A description of the scope of work being invoiced
- Approved modes of payment and/or ways to pay the invoice
Before you do business in the Philippines, make sure you also adjust for currency. Look up current exchange rates for the local currency—in this case, the Philippine Peso (PHP)—and factor them into the amount due to cover the cost of conversion. Make a note of the exchange rate used in the notes of the invoice, for transparency.
Use data capture technology for paper invoices
When billing someone all the way in the Philippines, paper invoices become a problem. They take too long to get to their destination—if they get there at all. Instead, businesses operating internationally have turned to digital invoices and they’re using platforms like Veem to bridge the gap between office paper and digital documents.
Using image capture technology and machine learning, Veem makes it easy to drag and drop invoice images into the platform, where the data is extracted and turned into a digital invoice. In seconds, you’ll have an invoice ready to send and the digital paper trail that accompanies it.
Create pay links and payment requests
Want an even faster way to send an invoice to someone in the Philippines? It doesn’t get any easier than Pay Links, from Veem. As the name implies, these links are a one-click solution that helps invoice recipients pay for goods and services. Everything is handled within the digital payment platform for maximum efficiency and simplicity.
Generate the Pay Link and send it via messaging app, email or text. You’ll know exactly when the link gets clicked and you’ll be able to see your funds when they’re on the way. Pay Links make invoicing abroad as simple as possible for both parties.
Don’t forget to integrate!
The process doesn’t end when the invoice gets sent—it ends when the recipient pays and that money lands safely in your business’ bank account. To make this process as simple as it is to send an invoice, businesses need to explore integrations with whatever bookkeeping software they’re using. Syncing Veem up to QuickBooks or Xero allows for time-saving automations that reflect an accurate accounts receivable process and eliminate the potential for human error. As soon as the invoice gets paid, the automated integrations do the rest!
Using Veem to invoice someone in the Philippines
When the time comes to send an invoice to someone in the Philippines, businesses need to rely on a platform that eliminates as many barriers as possible. Veem is that platform. With robust tools that make invoice creation easy and even more features to automate sending, receiving and capture, both parties will walk away with peace of mind in the transaction. The result? Strong business relationships and more reliable payment schedules.
Ready to create, customize and manage your invoices like never before? Schedule a demo with Veem today and learn how to make invoicing the easiest part of doing business abroad.
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