- Give a specific date such as 7 days, 14 days or 30, 60 or 90 days. The choice depends on your business and it's worth talking to Brett about this when you come in for an appointment.
- Be fair about listening to excuses but be firm about your terms of payment.
- Don't label an invoice "payable on receipt." Offer a time period instead. This fixes your requirements in the mind of the customer.
- Send out your invoices as quickly as you can. Prompt communication from you promotes prompt payment and good responses.
Don't get angry. Get smart. Cashflow is king in business. There's no doubt. You need it to keep the wheels turning. If you are like the majority of SME's you will likely want your clients and customers to pay on time and yet tardy and slow payments are the bane of every business owner. Here's a few ideas to remedy this problem. Encourage Slow Payers to Pay Faster We often advise our accountancy clients from Hamilton and The Waikato to review their invoicing processes. We suggest using a great accounting software package like Xero which has inbuilt invoicing. You can tailor these to your needs. Slater Chartered Accountants advises: