In just about every business in every industry, cash flow is crucial. And what’s the key to unlocking that cash? It’s the humble invoice.
But are you constantly waiting for your creditors to pay up? It could be that you aren’t following some basic steps when it comes to ending those damaging delays and getting back on track with your all-important cash flow.
Here at BCashflow Positive, we’ve broken down how to get those invoices paid quicker into three basic steps. So let’s get straight into it:
1. Invoice promptly and correctly
If you’re leaving a gap between doing business with someone and actually issuing them with an invoice, then all you’re doing is contributing to the delay in getting paid. Not only that, you’re sending a clear message to your client that promptness might not be something you particularly value.
When writing up those invoices, don’t make mistakes and don’t be vague. If possible, automate the process so that as much human error as possible is excluded and so you aren’t manufacturing your own delays by having to correct mistakes or explain what things mean.
Sometimes, it’s the little things that count – like saying please and thank you. Manners not only cost nothing, they can actually pay you back with respect from your customer and a promptly-paid invoice
2. Follow up on payments
Too many businesses make the mistake of sending an invoice once and then forgetting about it. But if you do that, who can blame the customer for forgetting too? So make sure you send a payment reminder a few days before it’s due, another reminder on the due date, and then some more urgent reminders after the invoice are late.
The easiest way to send reminders is if you use email invoicing. Once you’ve got a valid email address and the right recipient to send to, you know all of those reminders are going to the right place – and cutting down on delays in the snail mail system.
3. Use an invoice finance company and get your invoices paid
Sometimes cash flow is so absolutely crucial to Australian businesses that they just can’t afford to wait for clients to pay in 30, 60, or even 90 days. So just like you need a mechanic when your car has broken down, you could need a service like BCashflow Positive to turn unpaid invoices into instant cash. It takes three minutes to apply online with BCashflow Positive and you will get a response in 24 hours.
Get cash for your invoices in 24 hours
While getting money out of a client, or waiting for those slow-to-arrive due dates, can be difficult and damaging, the process of getting paid with at BCashflow Positive could not be simpler. You invoice your clients as per usual and simply send a copy to us. We’ll give you up to 80% of the value in as little as 24 hours, and pass on the rest once your client pays us.
Here ate at BCashflow Positive, we’re in business because we understand that getting invoices paid promptly is crucial in just about every industry today. Get in touch today by calling 1300 937 292 to speak to a local cash flow expert.