A recent Due.com study found that about 16% of invoices don’t get paid at all. And for young businesses that depend on invoicing to drive cash flow, unpaid invoices can stall growth or, even worse, lead to bankruptcy.
Intuit reached out to a few unlucky business owners to hear their horror stories of clients that never paid their invoices. Here are a few of the most frustrating (and a bit funny) stories.
To ensure your invoices get paid and to avoid the hassle of collections, you’ll need a contract that clearly outlines the terms of the project and the ramifications of late payments. Then, you’ll need professional invoices and reliable management of your accounts receivable to make sure your cash keeps flowing.