By Sandra HolzOn Feb 04, 2019 Invoice Templates
Once the due-date has passed, it’s time to follow up with your clients before you begin implementing late charges. After all, it’s possible that your invoice has slipped their mind, or it’s been lost in the mail. For a start, you can send out reminders like a personalized email, a text, or a phone call. Sending these reminders lets you remind your client about the money they owe you, and that you are serious about getting your invoice paid. If you’re sending your invoices through email, start using software that updates you once the recipient opens the message.
However, setting Net-30 payment terms doesn’t mean that you’ll definitely get paid on time. Most debtors pay 2 weeks late regardless of whether payment terms are due immediately or due in 30 days. In light of this, if getting paid in 30 days is critical for your business cash flow, decreasing your payment terms could be a great way to ensure you get paid in time. After all, if you’ve tried your best to provide your customers with goods and services according to their deadlines, it’s only fair for them to pay you promptly as well.
Some business owners spend up to 10% of their work time on invoices. If you feel like you’re spending too much time on invoicing clients and chasing them for payment, it could be time to start looking into cloud accounting software like Xero and QuickBooks, especially if you’re using other cloud software like Shopify (and TradeGecko!). In addition to enabling you to prepare and send invoices quickly, cloud accounting software helps you to manage overdue invoices by automating reminders. Also, instead of needing to return to your office to send an invoice, you’ll be able to send invoices anywhere.
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