how to handle outstanding invoices
Getting paid is essential to your cash flow, so don’t let unpaid invoices build up. Here are Xero’s top 8 tips for getting those payments sorted in time.
1. Write a payment request letter or email.
2. Send an invoice with a “past due” stamp on it.
3. Send a statement of accounts.
4. Make the dreaded phone call. This is what the experts suggest to do first.
5. Charge a late payment fee on your invoices. This needs to be clearly communicated up front in your payment terms.
6. Cut them off until outstanding invoices are paid.
7. Hire a debt collector.
8. Call in the lawyers.
To reduce your chance of getting caught with unpaid invoices in the future, consider doing credit checks on prospective customers before agreeing to work with them.
Want to know more? Have a look at the full article here.
If you need a bit of help with debt collection or business credit checks, get in touch. Call us at 033795338 or send us an email.