6 tips for how to make sure you get paid on time – without hassles.
1. Accurate and timely invoicing
Ensuring you issue accurate and timely invoices with appropriate documentation, such as delivery dockets and purchase orders, will help prevent unnecessary delays.
2. Discounts for early payments
Explore options such as discounts for early payments. And why not negotiate the same with your suppliers?
3. Give your customers payment options
Giving your customers payment options helps you to receive payments on time.
4. Use an interest bearing business account
Use an interest bearing business account for your surplus funds, linked to a transaction account and managed online. This gives you greater control over your money.
5. Constant communication
Constant communication with your customers and regular follow ups are crucial to getting invoices paid on time.
6. Develop an action plan for overdue invoices
Develop an action plan for overdue invoices. Consider your customer’s situation, but get some sort of financial commitment for full payment or a payment plan.
Reproduced with permission of National Australia Bank (‘NAB’). This article was original published at https://www.nab.com.au/business/small-business/cashflow-planning-and-tax/tips-for-getting-paid-on-time
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
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