Partner Article

5 Tips for getting paid on time

Liza Minelli was right; money does make the world go round. The tricky part is getting your hands on it! For a small business owner it’s not only important to get paid, but to get paid on time so this blog takes a look at our top tips for getting paid pronto.

Don’t be shy

Your top priority might be to get paid but it’s probably not top of the to do list for the person who owes you money! Put your own interests first and don’t be afraid to follow up on your outstanding invoices.

The personal touch

You should be on first name terms with the person who deals with accounts. It’s true, you do attract more flies with honey, so mind your manners and don’t forget to say please and thank you.

The devil’s in the detail

What’s worse than having to sit down and tackle your accounts? Having to do your accounts twice because you made a mistake the first time! It might sound obvious, but make sure all the relevant details are in your invoice. Double check dates, invoice numbers, job references and purchase orders before you hit ‘send’.

Make your payment terms work for you

30- or 90-day payment terms might be the norm, but you may be able to agree a 14-day payment term with your customers. Or, ask for a deposit up front if that’s what’s needed in your industry or business to deliver the work.

Automate!

Ah, where would we be without technology! Online accounting software can help save time by setting up repeat emails, right down to that friendly, personal email with all the relevant details checked (see above).

You can even automate credit control by setting up follow up emails for those overdue invoices!

Now if only we could automate the tea making…..

This was posted in Bdaily's Members' News section by Duane Jackson .