Top 3 Tips to get Paid Faster
Tip One - Get It Done Quicker
It doesn't take a genius to work out that the quicker you send your invoice the quicker you will get paid. In today’s day & age there's no need to wait until you sit down over paperwork to start sending invoices. All you need is a system that allows you to do this from the field.
Tip Two - Don't make it hard for them to pay
A survey in the UK showed ⅓ of all invoices are paid late. That costs the business owner 1.2 days a month chasing these invoices. What would your business look like at the end of the year with that wasted time reinvested making money ?
Customers will hold payments back if you give them an opportunity. In today's digital & ecommerce world customers have no issues in paying by card. Onsite payments are not the future, they are the present and will make a significant impact on the time you will save chasing payments.
Tip Three - Get A System
We’ve all done it, press send and then realise two weeks later that you haven't been paid. Systems operate businesses but people operate systems. If you send an invoice you need to know that:
a) It has been read by the customer (it has arrived)
b) You know when it is overdue
c) You can easily follow up
Have a system to build, track & monitor your payments. Have more time to concentrate on making money over chasing it. Poor management of your cashflow will kill your business.
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References: (Survey source: Federation of Small Business UK)