Late or outstanding invoices will hurt your cash flow!
How often do you monitor your invoices? Keep reading to learn a few tips on how to make this process just a little less painful.
Consistency is key. Stay on top of it from the very beginning. Be sure to assign this specific task to someone in your organization and put a process in place to follow up after 30, 60, and 90 days.
Consider offering a discount to those that pay early
Consider implementing a late fee or penalty to those that pay late
Be sure to clearly communicate your billing process and expectations (in writing) from the very beginning
Never be rude! Always remain professional.
Should you need to consider the collection route, talk to your account and attorney (if you don’t have one, I’d be happy to make a recommendation! just click the link below!)
Monitoring your Accounts Receivable on a consistent basis has multiple benefits. Not only will it help you to make educated business decisions and allow you to set goals and plan more efficiently, but it will also help you to identify potential payment issues so you can be proactive before it hurts your business. Contact me to learn how I can help!