![]() The trick is going about it the right way, and avoiding the common invoicing mistakes. ![]() However, you CAN do something about many of the other reasons for an unpaid invoice. Unfortunately, it’s just one of those things that can happen, and there’s not a lot you can do about it. Often, there’s no reason why a customer didn’t pay the invoice on time. They forgot about it, or didn’t process it properly.The customer didn’t receive the invoice.With that in mind, the starting point is understanding the causes of overdue invoices so you can address these specific points. Ultimately, your goal is to encourage and enable all of your customers to pay all their invoices on time, all the time. In fact, poor cash flow contributes to more than 80% of business failures. In the worst case scenario, it can be enough to send businesses under. Many small businesses operate on fine margins, and may not be able to cover these costs for long. The biggest issue of long overdue invoices is on cash flow – without that money coming in, businesses have to be able to cover overheads and other costs from their own pocket. The impact of unpaid invoices on business can be extremely serious. Impact of overdue invoices on your business – Use the same language for subsequent noticesĪnd, if you want to relieve the financial pressure of overdue invoices, consider invoice financing to get you through. ![]() When chasing a late invoice payment, DONT: It’s a fine balance, and there are a few common traps that you want to avoid. You’re probably a little bit annoyed that your customer hasn’t paid on time, and you want to encourage them to pay ASAP without damaging the relationship you have. Navigating overdue invoices is one of those annoying tasks that just about every business owner has to do.
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