7 top tips to get paid faster

  1. Discuss payment terms before you get started. Getting this sorted upfront means that there is no confusion down the track. It also sets the clients expectations around payment before you start the work.
  2. Keep detailed records of inventory and time. This saves time when it comes to creating the invoice and makes sure you don’t miss anything. It also means if things are going over budget you can let your client know, instead of sending them an expensive surprise at the end of the month.
  3. Make the invoice clear and easy to understand. List the details of the job in a way that makes sense to the client, any confusion could create a payment lag. It’s also good to personalise your invoice with your business logo – it helps carry on the professionalism of your work.
  4. Set appropriate payment terms. If you need to receive payment within 30 days, our data reveals that you will need to set your payment term 13 days or less. Keep in mind that on average, debtors pay invoices 2 weeks after the due date.
  5. Address the invoice to the person paying. Make sure your invoice goes straight to the person who makes payment to avoid getting lost in someone elses inbox. If you’re unsure exactly who that is, give them a call – it pays to know the person paying the bills.
  6. Invoice as soon as possible. Send your invoice as soon as possible, the sooner a client receives an invoice the sooner they will make payment. It also means they will receive it when the value of your work is still fresh in their mind.
  7. Keep on track with debtors. The squeaky wheel gets the oil. When things become overdue send reminders, monthly statements or make a phone call. It will help remind your client that you are serious about getting the invoice paid.

Having a process that helps streamline invoicing can reduce the amount of time you spend collecting your hard-earned money. Find out how MyTax can help you get paid quicker here.

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