SMART IDEAS TO DEAL WITH UNPAID INVOICES

POINTS FOR DISCUSSIONIntroduction

Points to be discussedWho We Are

Contact Us

The continuous cash flow is very important for any business. If any business faces insufficient funds, then it will leave a bad impact on the business. It is very important that your clients pay on time so that you do not face problems due to insufficient funds. It is very important that your clients pay on time so that you can increase production and earn a good profit. The outstanding invoices exert pressure on your payment cycle.Here, we will discuss some smart ways to deal with unpaid invoices

INTRODUCTION

Send Humble RemindersAsk For Advance Payments

Hire Accounts Receivable Staff MemberSend Billing Statements

Call Your CustomersDetermine Right Time To Escalate

Build a Positive AttitudeCharge Late Payment Fees

POINTS TO BE DISCUSSED

1. SEND HUMBLE REMINDERS

It is very important to send humble reminders to your customers through emails and SMS. Make sure that the message of the reminder will include the details of the purchase and overdue payment. You should also mention the last date of payment and late payment fees. Invest in the accounts receivable solutions that automatically generates reminders and send to your customers.

2. ASK FOR ADVANCE PAYMENTS

Some business owners set policy for upfront or early payments. The upfront payment is a percentage of total payment amounts. You have to pay a small amount before purchasing products or services and make the rest of the payment after receiving products or services. The upfront payment will help you to ensure that there will be no unpaid invoices.

3. HIRE ACCOUNTS RECEIVABLE STAFF MEMBERAll business owners should hire a dedicated staff member to take necessary follow up and ensure continuous cash flow. The experienced staff members will make sure that your business will not have a huge volume of outstanding invoices. You should also invest in the cloud accounts receivable software. This software will automate the process of collecting payments from customers.

You should send billing statements to your customers and this can be done through automated invoice automation software. It is important to make sure that your customers should know the billing statuses, which are overdue. You should attach the billing statements to your customers as a reminder. The billing statements should be focused on the invoices that have not been paid.

4. SEND BILLING STATEMENTS

You should call your customers for a to follow up. These calls will help to maintain good relationships with customers, and you can also tell them about the delayed payment status. If you want to build a good relationship with your customers, then you should ensure that it is important to call your esteemed customers. You can have a chat with them and ask the reasons for the delayed payments.

5. CALL YOUR CUSTOMERS

You should know your customers and understand their behavior. Also, you should send them payment reminders and start taking the follow-up. All clients have different behavior, temperament, and different time schedule to make payments. Some clients pay after 35 days and ensure to pay before the deadline. You should prepare a good follow up strategy and get payments at the right time.

6. DETERMINE RIGHT TIME TO ESCALATE

7. BUILD A POSITIVE ATTITUDE

You should never let your customers feel that you are worried. You should always stay positive and confident in your work. Also, you should make sure that your customers do not find any silly reasons to delay the payment process. You should encourage your customers to make on-time payments.

WHO WE ARE

At Troveworks, we offer the easiest way to collect invoices faster through our free collection management software automation solution. Troveworks automated accounts receivable software application simplifies the collection process for Zuora, Netsuite, Quickbooks and many more billing solutions.

https://troveworks.com

WEBSITE ADDRESS

sales@troveworks.comEMAIL ADDRESS

+1 (669) 244 4160PHONE NUMBER

REAC

H OU

T