If you're struggling with making sure that your business is getting paid on time, read our top tips for getting paid.
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Understand that a sale isn't done until you are paid and make sure that this is understood in your business. Too many sales folk will close a deal without agreeing to payment terms and processes and without getting contact details.
Be clear that you know your clients' processes for paying you: what the purchase order numbers are, who in the Accounts Department deals with payment, what their contact details are, and what the correct billing details and invoicing timescales are. It is a fact that getting an invoice in a day late or sent to the wrong place can cost you two months' delay in payment.
When possible, have direct contact with the decision maker and know who to chase once they have signed off the invoice. Don't be scared to chase an invoice if it's due. Paying on time is good business practice and there's nothing wrong with saying that you've noticed the bill hasn't been paid and asking if there's a problem.
Offer a discount for early payment. Not getting paid on time is costly. Incentivise prompt or early payment with a small discount.
Follow up payments when they are due. Track where invoices should be in the clients' processes by when and follow up the actions agreed to get payments released on time or at the time in accordance with revised timescales. Invoices that are sitting in in-trays don't get paid.
Make It Cheaper provides free help to small and medium sized businesses to save time and money and to dramatically reduce their business gas, electricity, telecommunications, and chip and PIN bills. Through our sister company, Make It Cheaper Financial Services, we can also source insurance policies for your business. Call us today on 0800 970 0077 to talk to one of our saving experts!
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