How to collect business debt - helpful flowchart
1 like2,087 views
To effectively collect invoices on time, follow these basic steps: 1) Send invoices out and call clients after 7 days to confirm receipt and get a payment date, 2) Diarise to follow up 5 days after the payment date to check that payment was received, getting details of anyone who can resolve queries within 7 days, 3) If there are cash flow issues, request payment within 7 days and remind clients interest may be added for late payments beyond 30 days.
How to collect business debt - helpful flowchart
- 1. HOW TO GET PAID - PROCEDURISE! BASIC STEPS TO COLLECTING INVOICES ON-TIME Is there a query? Payment date given? Diarise for follow-up 5 days after payment date to check all received what is the query? Who is best person to speak to about it? Get their contact details and ask them to resolve in 7 days Negotiate, but aim to get "a" payment today eg. Accept 50% payment today and 50% in 30 days Is it cashflow issues? Request payment in 7 days. Remind them Interest may be added if not paid inside 30 day terms yes Raise invoice Send invoice out Call after 7 days - have they received copy ok? Call after 14 days - do they have a payment date? no no yes yes no Keep calling every 7 days to check all okay Taurus Collections UK Ltd 01332 565 350 enquiries@tauruscollections.com