One of the most awkward and uncomfortable situations in business is having to remind clients about late payments on a bill or open invoice. Even harder is trying to respectfully request immediate payment without the conflict associated with adding late charges or delaying work submission.
But past due or open invoices can cause your cash flow to slow to a trickle. Late customer payments are the source of cash flow problems for most small business owners, according to QuickBooks data. These cash flow and accounts receivable challenges can impact your ability to pay vendors and suppliers, disrupting your business and risking crucial vendor relationships.
To get paid faster, listen to these tips to help accounts receivable encourage clients to pay their bills and ensure open invoices are paid on time.