If you can get your invoices paid earlier, you can be out of your operating line faster, you can save on interest charges, you can have more cash reserves, and your business will be stronger and safer.
Here are some simple tips to getting them paid faster:
- Make sure they’re going to the right person.
- Phone that person and ask them if there are any problems with your invoices. Are they easy to read and understand? Are they receiving them in time to make their cheque writing cycle? Take the opportunity to thank them for their help and make any changes they suggest. Let them know that in future, your invoices are going to be on coloured paper.
- Put your invoice on brightly coloured paper (you’ll be the only one).
- Send the invoice snail mail/on paper and also by email.
- Follow up your invoice with a call to make sure everything is in order.
Try these things, and you will get paid 7 days faster (on average).