Strategic invoices
Invoices should clearly represent what is expected from the customer. The invoice be easy to understand. Highlight the important details, like the amount due, the due date, the work completed, and where to pay.
Clear due dates
Your invoice should clearly identify the due date to avoid confusion about when the payment is expected. Make sure your terms are consistent with the terms outlined in your contract
Late fees
Be sure to include a late payment policy to encourage your customers to pay in a timely manner. Late payment terms should be negotiated in writing with each client.
Manage past due clients
It’s vital to regularly communicate with clients who have past due invoices. Send follow-up emails to your clients to confirm that they’ve receive the invoice and resolve any issues the client may have.
Monitor cash flow
Keep an eye on your cash flow to keep your operation running smoothly. Invoice factoring is a great way to stimulate cash flow. American Funding Solutions provides invoice factoring with additional back-office benefits, assisting with past due follow-up to ensure that your invoices are being paid in a timely manner.