Are your clients a little (or a lot) slow when it comes to paying their invoices? 😬 While you can’t pull out their credit card for them, there’s some things you can do in your invoicing process to increase your chances of getting paid – and even increase the speed of the payment! Here are 5 simple tips on how to do it: (𝟭) 𝗠𝗔𝗞𝗘 𝗬𝗢𝗨𝗥 𝗜𝗡𝗩𝗢𝗜𝗖𝗘 𝗧𝗘𝗥𝗠𝗦 𝗘𝗔𝗦𝗬 𝗧𝗢 𝗨𝗡𝗗𝗘𝗥𝗦𝗧𝗔𝗡𝗗. You may know that putting “CIA” on your invoices means “cash in advance” … but your client may read that and think “… Central Intelligence Agency…??” Make sure your terms – both for payment period AND late fees! – are (literally) spelled out on every invoice. (𝟮) 𝗦𝗛𝗢𝗥𝗧𝗘𝗡 𝗬𝗢𝗨𝗥 𝗣𝗔𝗬𝗠𝗘𝗡𝗧 𝗣𝗘𝗥𝗜𝗢𝗗. Stats show that if you give more clients more time to pay – like 30 or 90 days – they’ll take it! So, logically, if you ask for payment sooner, you’ll receive payment faster.
Month: December 2021
Did you know that good bookkeeping can help you both make – and save – money?
It’s true! And here’s 4 of my favorite profit-increasing bookkeeping tips you can start using today:
(𝟭) 𝗔𝗨𝗗𝗜𝗧 𝗬𝗢𝗨𝗥 𝗘𝗫𝗣𝗘𝗡𝗦𝗘𝗦
Expenses billed as subscriptions are especially sneaky!
Take a minute to 𝗿𝘂𝗻 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝘀 𝗽𝗮𝘆𝗮𝗯𝗹𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 spanning the last 3-6 months. Then cancel anything you aren’t using anymore (or downgrade to a cheaper and more limited version). You could save hundreds – or thousands! – a year.
(Btw – did you know there are apps that help you track recurring expenses, and even cancel them on your behalf?? I attached an article in the comments with links to a few apps like this!)
Track and Manage Subscriptions With These Apps | Saving and Budgeting | US News
(𝟮) 𝗥𝗨𝗡 𝗔𝗡 𝗔𝗖𝗖𝗢𝗨𝗡𝗧𝗦 𝗥𝗘𝗖𝗘𝗜𝗩𝗔𝗕𝗟𝗘 𝗥𝗘𝗣𝗢𝗥𝗧
How many clients do you currently have? 5? 50? And how many invoices do you send every month? Here’s my point – it’s hard to stay on top of past due invoices AND keep up with the rest of your business.