One of the most awkward and uncomfortable situations in business is having to remind clients about late payments on a bill or invoice. Even harder is trying to respectfully request immediate payment without the conflict associated with adding late charges or delaying work submission.
But past due or stale invoices can cause your cash flow to slow to a trickle. Late customer payments are the source of cash flow problems for most small business owners, according to QuickBooks data, and many say it takes more than 30 days to get paid. These cash flow challenges can impact your ability to pay vendors and suppliers, disrupting your business and risking crucial vendor relationships.
To avoid the conflict and get paid faster, here are 5 steps to successful billing and 20 tips that are designed to get clients to pay their bills by the due date or earlier.