Your Christmas Bonus!

With summer over and eyes turning reluctantly towards Christmas, now is the time to be looking at those outstanding invoices and collecting in the cash. Here are our top ten tips for ensuring that you have year round success but predominantly have a very festive holiday.

Tip 1 - Do your legwork upfront credit check/ referenceyour prospect before your do any work for them. Make sure they are aware of your payment terms and your terms and conditions for doing business.

Tip 2 - Invoice on time!Sounds simplistic but the longer you leave invoicing the longer it will be before you get paid.

Tip 3 - Ensure you have clear payment terms on your invoiceIf you expect to be paid on receipt of invoice state this on the invoice so there can be no confusion. It will make following through with your next steps (see tip 6) much easier.

Tip 4 - Make paying you easy for your customerIn today's world cheques are now taking an average of 5 days to clear. Put your bank sort code and account number on your invoice you are making life easy for your customer to pay you. Alternatively use Direct Debit or Credit Card payment for payment up front for goods and monthly standing order for services

Tip 5 - Ensure you are protectedStraplines such as
"Disputes must be notified within x number of days"
"We reserve the right to charge interest at ......
and your terms and conditions of doing business (condensed on the back of the invoice) are all important tools to have on your invoices and show that you are serious about doing business.

Tip 6 - Ensure your statements go out on timeIf you have set payment terms (e.g. 30 days) ensure a statement goes out to your client 7 days before as a gentle reminder that payment is due shortly.

Tip 7 - Know your late payment processSpending a short period of time working out how you are going to deal with late payers will pay dividends in the long-term. A set process will stop any procrastination in chasing the debt - and ensure that you don't continue to supply while waiting for funds to come in.

Tip 8 - Get a third party to chase debts for youNo-one likes chasing money, particularly when the customer-supplier relationship can be such a sensitive one. However, someone who doesn't pay you isn't a customer - they are someone who has received goods/services they haven't paid for. Sometimes though it is easier for a third party to sensitively chase up the funds with a professional telephone call. (see our offer here)

Tip 9 - Be persistent!Let the late payer know that you won't be going away and that you expect to be at the top of their list to be paid. This will ensure that next time round they know that you mean business and you will be paid on time.

Tip 10 - Put the account on stopIf all else fails, minimise your risk. It can be done politely with a phone call advising that the account is on hold and that no pending/future orders will be processed until payment is received. A strategy for repeat buyers only.

Paper Mountain Solutions Limited