How To: Get Invoices Paid Quicker
In most businesses, collections are made only when there’s a need to offset a pending bill. This is because collection calls are not only tedious but could also create tension with customers, thus jeopardizing the business’s future. Follow these tips to get clients to pay faster for your services:
Follow the Contract When Submitting Invoices
When getting into a contract, most companies clearly outline the invoicing process and terms of payment on the contract document.
2. Offer credit limits only to deserving customers
You should only offer credit to clients who have a record of paying their dues on time. Clients who tend to take too long to settle should either pay in advance or on delivery.
3. Include an acceptance letter in your invoicing process
Having your client sign an acceptance letter after delivering your product or service is an effective way of minimizing payment disputes or misunderstandings.
4. Track your invoices and payments
Use invoicing software that will enable you to generate invoices, set the payment terms, accept payments, and keep track of the paid and unpaid invoices from a single interface.
5. Manage late payments and any other disputes professionally
In the case of late payments, be respectful and professional. Try to find out why the client is not paying and negotiate an extension of the payment terms.
Invoice tracking can make or break your company. Make things easy by using online tools such as invoice tracking software.
Contact us today and let’s discuss an invoice tracking solution ideal for your business.
If you need further help or assistance. Always feel free to contact Fix My Books as we are here to help!