All businesses have to manage their cash flow and your clients are no different.
Partial payments can make account reconciliation a little trickier for you, but it makes it easier for people to spend money with you – which is a good thing.
However, if you focus on the things you can control, there’s still a lot you can do to get paid faster.
Your invoice payment terms can set the tone for the whole transaction.
Whether you give 30 days to pay, or just seven – the clock doesn’t start ticking until the invoice is out the door. Other commitments and interruptions get in the way.
As a result, most businesses only send invoices once every 2-4 weeks.
If a client doesn’t want to pay on time, it’s hard to make them.
For that reason, many business owners feel powerless to improve the speed of payment.Most small businesses do it now and expectations are changing.Our study found that: Get clients on the clock quickly It doesn’t matter how short your invoice payment terms are if you don’t send the bill on time.The 1,500 businesses that spoke to us about invoicing offered these practical tips: You may have made your first invoices in a standard software package like Microsoft Word.Maybe you even had to search the internet for tips on how to create an invoice.As you grow, however, a business’s invoicing needs become more complex.