27 Jun Tips and Tricks to Getting Paid Faster
Many, if not all small businesses depend on reliable cash flow. Fast is sometimes not fast enough. So how do you get paid faster?
Billing and invoicing can often be the worst part of owning a business! It’s a long and tiresome chore that takes up much of your time. As an entrepreneur and business owner, the last thing you want to do is spend time sending invoices when you could be advancing your company! The worst part is that even when those invoices leave your desk and land on your client’s, there is no promise that you will be paid on time!
According to xero.com
The most challenging aspects of invoicing are to get invoices out on time when you're busy, follow up on overdue invoices, splitting of payments and ensuring that all work is invoiced.
The Invoice: The most important method of communication when you are looking to get paid. You can speed up the payment process by adding a few extra tricks to your invoicing process. Remember that when you are looking for ways to get paid faster, some of the most effective solutions can be the most simple.
To help you, we’ve collected tips that will help your business get paid faster:
- Make invoicing your top priority
The moment you finish working on a task for a client, make sending an invoice a high priority! When you run a small business, it is very easy to put invoicing off until another day. But the best way to assure that you will be paid quickly and on time is to invoice as you work!
- Say “Please and Thank You”
It’s not a huge surprise that being polite in life will get you far. But did you know that it can get you paid faster too? Etiquette is always important and a humble “please and thank you” might end up being the little secret to getting your invoice paid quickly.
- Set up payment reminders
So many small business owners will send out their invoices and then forget to check up on them! This can cause huge payment delays and force entrepreneurs to scrape by until these payments come in, late. To speed up the payment process, set up automatic payment reminders so that you aren’t missing out on money that is still on the table!
- Automate your system
Automation is the way the business world is turning! Easy automated and computerized steps can make payments speedy and save you and your client lots of time. Some important automation tips are: store your customer’s card on file or using online invoicing and payments.
- Add positive incentives
Look past all the “late payment fees” that are so common nowadays and try to make your customers feel inclined to pay early; create and implement positive incentives. Some positive incentives to try might be giving a percentage discount for early payment. Make sure to add any incentive you pick to your invoice so that your clients are motivated to pay faster!
For all businesses, big and small, billing is the “necessary evil” that is always hovering. Don’t let it kill your efficiency or your mood! By employing some of the suggestions listed above, you can get paid faster and get back to focusing on what matters to you: your business!
Need help with running your business? By working with Accounting and Business Partners, you will not only be able to simplify your accounting process, you will also gain the freedom to concentrate on other areas – like generating new customers and growing your business. To learn more about how we can help your business thrive, call us at 727.828.9945 for more information.
About Accounting & Business Partners
Accounting & Business Partners is a CPA firm with an accurate, consistent and timely bookkeeping, payroll and tax departments. We believe that success lies in numbers. However, the drive behind the numbers is what truly matters. That’s why we look beyond the financial statements.