Find out how to get your invoices paid faster using three proven strategies. At the end of the day, you need to get paid for the services you and your team provide. Late invoices hurt your company, but so does spending hours every week trying to get them paid.
A study conducted by Xero showed that over 33% of all small business invoices are paid late. At Bookkeeping Unlimited, our accounts receivable systems and processes get invoices paid faster and help our clients significantly reduce this statistic.
Three Proven Ways to Get Your Invoices Paid Faster
- Set up a system to track invoices and payment deadlines
Systems help companies. We help our clients create payment systems that work for them as we set up accounts receivable processes. When you hire us, we sit down with you to go over how your company receives payments and what systems you already have in place. We work with your budget and your business model to set up a system that ensures invoices are sent right away, invoices are tracked, payment reminders are sent, and payment deadlines are observed. For law firms that work on a contingency fee basis, we work with you to make sure your payments are deposited and your clients are paid as quickly as possible. We work with you to make sure your team is trained to implement your accounts receivable system, including your invoice system. And, as your business grows, we make sure your system is growing and changing with you. Your invoice system will save you and your team valuable time each month.
- Set clear payment terms and conditions
Payment terms and conditions are important for every business, no matter the industry or size. They give you and your clients a clearly-defined contract for payments – when you will issue invoices and when payments are due. Your terms and conditions for your invoices will also include your policy for late payments. We will help you craft clear invoice late fee wording as well. If you send unpaid invoices to collections after a certain amount of time, we will make sure that information is included in your terms and conditions as well. Having clear terms and conditions on every invoice paves the way for healthy client relationships.
- Create financial incentives for paying invoices on time
You want to give your clients incentives for paying invoices early and on time. Examples of incentives include offering discounts for paying early or for setting up automatic payments. For clients who pay on time, every time, you can send a thank you gift to them every year. These three proven strategies have helped all of our clients improve the rate at which their invoices are paid early or on time. They also give you a foundation for open and honest communication with your clients when it comes to getting paid – and getting paid on time. And you and your team will have systems in place so you can focus on what you do best.
At Bookkeeping Unlimited, we provide full-spectrum outsourced bookkeeping services to small businesses. We believe in small businesses and small business owners. Find out how we can help you take your business to the next level. When you schedule your FREE consultation, you’ll also receive a comprehensive review of your books. Get bookkeeping that works for you today.