Friday, February 15, 2019

Eight ways to get clients pay accounts on time

Image source: companeo.co.uk
It’s incredibly important for a business, regardless of its size, to keep track of cash flow. If according to sales the business is doing very well, yet cash flow does not reflect this, then the disparity could be related to invoice problems.

Outstanding debt by clients needs to be paid to keep the business running. To make this possible, make invoicing a priority. Businesses should send invoices to their clients at the soonest time to get paid at the earliest date.

Avoid leaving out specific details in the invoice. Having been in business for over thirty years, Brennan & Clark LLC recommends businesses to ask their consumers what they expect to be on their invoices.

Image source: carterfunding.com
In all transactions, be courteous. Saying “thank you” reflects a business’ gratitude and appreciation toward the customer. According to business experts, politeness should be reflected in invoicing. Structure repeated billing, preferably on a monthly basis, to remind clients of their balance. Offer online payment options, making it as easy as possible for the customers to pay their bills.

Develop payment terms including late fees. Setting this up from the beginning lets the client know what they are in for. Brennan & Clark LLC suggests businesses to design payment plans adjusted to the capabilities of their customer base.

Monitor invoices and customers to get a good view of the payments received. Request for upfront payments, then proceed to ask for smaller payments, instead of demanding a lump sum. Not only will this keep the cash flowing throughout the fulfillment of the project, it also allows customers to make smaller payments on time.

Brennan & Clark LLC is a collections agency based in Villa Park, Illinois. A leader in the industry, the firm has a management staff with over 150 years of collective experience. Visit this blog for more updates on business collections.