A company should issue invoices on time and these should state the credit policy and payment terms. Outstanding payments should be chased promptly. It may also be worth offering a small discount for early payment. You need to keep on top of payments from your customers. If you don’t remind them they may just not bother to pay! Your financial software system will let you print out information about late invoice payments to enable a regular follow up. Usually a reminder letter or copy invoice is sufficient but a polite follow up phone call may be needed. It is not good practice to keep on supplying a company who has several outstanding invoices. [Read more...]