Top Ways to Get Paid Faster
In small businesses, there are many activities that need to work smoothly in order for the business to be successful. We need to make sure we create the product or service for our clients, ensure our vendors/suppliers are paid on time and collect the receivables from our clients for what was provided. Each of these areas entail a set of ways to come together in order for the activity itself to run smoothly.
In the collection of receivables, there are ways that enables your business to receive the payments faster. Some of the ways to get paid faster in your business are as follows:
Ensure each invoice is accurate and contains the correct information.
Send invoices as soon as the product/service is provided.
Email invoices to your clients to ensure secure and quick delivery of the invoice.
Enable your clients to pay you via electronic bank transfer to ensure secure delivery and avoid the lag in snail mail.
Follow up with your clients once the invoice becomes past due.
Offer discounts in order for your clients to pay early.
By following the ways listed above, you are giving your business the best possible chance of not only receiving the payments faster but also keeping your business in a cash flow positive position.