Most businesses focus on product and service and while these are important factors in attracting customers, it does not guarantee you will be paid for said products and services. My making effective billing and collections a interracial part of your business, you will increase revenue, but also enhance your clientele.
• Clear and concise invoice
• Professional invoice template
• Bill client as soon as possible
• Update client contact information regularly
• Email Invoices
• Communicate frequently with clients
• If a large amount is due, call 10 days before payment is due and confirm they have received the invoice.
• If the -30, -60, and -90 day letters have been sent, and payment has not been received, turn the account over to a collections agency.
• If a client offers partial payment (within reason), consider taking it and disengaging.
All of these tips will leave you with a stronger client base, while allowing you to weed out the time consuming clients early.