Business owners, anxious about unpaid invoices?
You are not alone.
Do you have an invoicing process and why should you have one?
So, what is an invoicing process then?
Put simply, there are 3 key stages: –
- you track,
- you manage and
- you chase invoices periodically to maintain optimum levels of cash flow to your business.
But why have an invoicing process?
Here’s a made up scenario for you: –
“Heather worked incredibly hard to ensure that she properly installed IT software for his customer Star Bright Ltd. She then raised her invoice for payment and proudly sent it in good faith to Star Bright for payment. Heather then carried on servicing her other clients. A few months later, Heather noticed a dip in cash flow to her business which she could not understand as she had been incredibly busy. But upon checking, frustratingly she realised that her invoice to Star Bright remained unpaid.”
When a business is not paid on time, cash flow is disrupted which can have a knock-on effect on how the business is run.
If you do not have the time to implement an invoicing process, perhaps you can seek assistance from your accountant or you can work with my firm to help you put one in place.
There may be ups and downs in business.
Business may not always be straight forward, but you can implement proven steps to try and keep the path as smooth as possible. At Johnson May Solicitors, we’ve created a free scorecard that is full of tips and tricks to help business and property owners speed up cash flow to their businesses. You can take the scorecard by clicking here.
