How To Manage Late Paying Clients
|Business : Invoicing And Managing Finances|
All businesses have late paying clients, and some have more than others. There are things that you can do to help structure your invoicing and help you to mitigate the risks of late payment.
First of all you should ensure that you set credit limits for all customers that you will not go beyond. Also be prepared to ask for references and to investigate customers before doing any large deals to ascertain their credit worthiness and their likelihood of paying for work done.
Also you will need to be disciplined to set aside some time each week to yourself or the appropriate person to chase late payers. Whilst this is not a lot of fun you need to get your money and often regular chasing is the best way to actually get that money you are owed!
Questions about invoicing: