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Business Advisory

Optimise Your Cashflow: Six Actionable Payment Strategies

Posted by: Ewen Fletcher on

Late payments can wreak havoc on a small business’s cashflow, causing unnecessary stress and financial strain. If you are struggling with overdue invoices, fear not! We can help you optimise your cashflow. Here are six straightforward tips to expedite payment processing and get your cash flowing smoothly:

Invoice Without Delay:

Don’t wait to send out invoices. Promptly issue invoices as soon as the goods or services are delivered. Seize the opportunity when goodwill is high to increase the likelihood of fast payment.

Include Comprehensive Information:

Ensure your invoices contain all the necessary details, such as a clear description of the work or product, delivery date, and any specific customer requirements. Clarify the payment due date to avoid confusion.

Request Prompt Payment:

In today’s fast-paced business environment, requesting payment within a shorter timeframe is becoming increasingly common. Consider setting a payment term of seven days to encourage prompt settlement from customers. Read more about the importance of payment terms here.

Provide Convenient Payment Options:

Make it easy for customers to pay by offering a variety of payment methods, such as credit card, PayPal, or other preferred options. Catering to their preferences increases the likelihood of timely payment.

overdue accounts concept

Follow Up Diligently:

Sending out invoices is just the first step. Follow up with customers to ensure they have received and processed the invoice. If a payment becomes overdue, don’t hesitate to make a polite but firm phone call to prompt action.

Consult with Us for Invoicing Solutions:

If you’re struggling to streamline your invoicing process, we’re here to help. Our team can provide guidance and assistance to optimise your invoicing system, ensuring faster payment turnaround and improved cashflow.

Don’t let late payments hinder your business’s financial health. Implement these strategies today and watch as your cash flow improves. Get in touch with us to learn more about optimising your invoicing process and accelerating payment processing.

Our next complimentary breakfast seminar, Getting Paid, is on Wednesday, 5 June at 8:00am. We will share practical and proven strategies for getting paid as fast as possible. Click here to find out more.

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