5 tips to stop debt from accumulating.
5 tips to stop debt from accumulating.

July 19, 2023

Upset that your client has not paid your invoice? 

Are you bamboozled by the debt recovery process?

Debt recovery can feel complicated, but having proper checks and balances in place can speed up cash flow to your business and stop debt accumulating.

Here are 5 tips to stop debt from accumulating.

  1. Invoice

Ensure that you prepare an invoice to your client that fully sets out the product or service, the cost, whether VAT is payable, the time limit for payment, details of how to pay, and state that your terms and conditions apply.

  • Track 

Track when invoices are sent so you can diarise and plan to receive monies into your business.

  • Manage

Manage the process, review customer interactions, and include reminders.

  • Chase

Send reminders before the due date to try and avoid late invoices. Swiftly chase any late invoices.

  • Get paid quicker!

If you find yourself with a late invoice, take swift legal advice.

We regularly help business owners get late invoices paid, and the best news is, to limit your risk, you can engage us to assist you, paying low fixed fees as you go, or you can hand the entire debt to us for recovery, and we’ll agree only to be paid if you are. Does that sound good to you? If so, send me an in-mail and we can arrange a time that works best for you.

Would you like to speed up inbound cash to your businesses?  Take our free scorecard full of helpful tips and tricks to help you achieve just that. Click here.

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