When an invoice doesn’t get paid on time and payment is overdue, it’s not just the lack of funds coming into your business that’s costly. The time and effort that goes into chasing past due invoices reduces the amount of time you can focus on all the other important tasks required for running your business.
Your best strategy for tackling delayed invoices, and maintaining a positive cash flow, is to make paying the invoice as easy and straightforward as possible.
One way to do this is to use accounting and invoicing software that allows payments to be taken directly from your invoice. Creating invoices that are well-formatted and error-free will also help you get paid on time.
Even with your best efforts, there will be times when a client or customer doesn’t pay their invoice, for whatever reason. Amazingly, Sage survey of 300 US-based SMBs found that 34% of customers have no reason for delaying invoice payments.
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