Your Business Health & Invoice Quality


Posted 9 months ago in Product update
by Jaren Nichols

Our goal is to help ZipBookers make even smarter business decisions. Whether it’s effortlessly preparing your financial statements, delighting your customers, or getting you paid faster, we spend all day working hard to create truly intelligent software that anticipates your business needs.

Here are two of the unique features in ZipBooks that boost your business’s intelligence right when you need it.

ZipBooks Invoice Quality Score

We dug deep into over 200,000 (and growing) invoices to create the Invoice Quality Score. This score helps you send invoices that are optimized for professional look and communication, customer satisfaction, and quick payments.

Here are a few things that affect the invoice quality score, and, based on our research, can make a meaningful difference for your business:

  • Add your logo. Memorable and professional logos build trust with customers. Customers are 15.8% more likely to repurchase from businesses that include a logo on their invoice.
  • Include appropriate details and notes. Customers appreciate clear and concise details regarding your services and your expectations. If you’re too wordy, they may lose interest. Stick to around 20-50 words for notes and description and 10-25 words for payment terms.
  • Thank your customers! This may seem obvious, but a simple thank you goes a long way. In fact, customers are 4.5% more likely to recommend your service when you thank them for doing business with you.
  • Accept credit cards. When customers have the option to pay by credit card, ZipBookers receive payment 14.6 days earlier.
  • Include your contact info. Just like with your logo, displaying your contact information helps customers feel you’re trustworthy and accessible. When you include this information, customers send payments 3.2% more frequently.

ZipBooks Business Health Score

Your Business Health Score measures data from across your ZipBooks account. For simplicity, let’s break down all of this data into two categories: success and hygiene.

Success

We define success as growing or sustaining a business.

ZipBooks combines best-of-class business metrics along with our researched leading indicators of success to score your account. We look for things like repeat customers and recurring revenue, sales growth, timely payments, sound expense management, and other important signs of success.

Once we’ve analyzed your account for those success factors, they establish that success as the first part of the Business Health Score.

Hygiene

We define hygiene as following best practices around account setup, record keeping, and billing.

Many, many businesses that show strong success indicators, but don’t have a focus on hygiene, end up becoming overwhelmed when it catches up to them. Similarly, world-class athletes don’t reach their potential by only watching their on-the-field performance. Today’s champions need to manage their diet, sleep, and medical needs—or risk falling behind.

ZipBooks monitors your account to help prevent your business from falling behind. If your books are caught up, your account is complete, and you follow best practices in billing and customer communication, your hygiene score will be strong.

Once this calculation is done, we factor it in with success to calculate your overall Business Health Score.

As you use ZipBooks more and more, your Business Health Score will change and become more accurate. We’ll also provide specific tips for your business in the Recommendations box on the right side of your ZipBooks account that can help improve your Business Health Score.

And remember, our goal is to anticipate your business’s needs and integrate smart feedback into our software. The Business Health Score and Invoice Quality Score will continue to get better as we improve our research to help you manage your business even more intelligently!

 

Bookkeeping tip light bulbIf you want to leave hygiene up to the experts, ZipBooks can cover your needs. We complete your bookkeeping and prepare tax-ready financial statements for you.


About Jaren

Jaren is the COO of ZipBooks.