Category Archive: Late Payment

When should I raise my invoice? Why does it matter?

A question I sometimes get asked by my clients is “when is the best time to raise an invoice” and it can vary from client to client, depending on the type of business and the terms in their contract. Ideally, an invoice should be raised as soon as your customer wants your product or service […]

How long does an average company take to pay an invoice?

Even though you could send the same invoice for the same product or service to two different companies you’ll probably find one of the companies pays you quicker than the other. You might find one company pays up front and extracting money from the other company is like squeezing water from a stone. Overall there […]

DIY Terms: 6 Things to check before writing your own terms

Having Terms is a key part of your business and while I’d always recommend you get them professionally written, I know there are a lot of businesses, often start-ups, who copy and paste their Terms from other companies. It’s absolutely fine to write your own Terms, but here are 6 things to be aware of: […]

How can you increase your cashflow on blue Monday?

Christmas has been and gone, the decorations put away and everything looks bare and empty. The weather’s cold, drizzly and the mornings are still dark and gloomy. If you turned on the radio or seen any online news today, you probably know today is Blue Monday; the day in the year when we’re supposed to […]

Do you dream of being paid on time, everytime?

Would it be a dream come true if your cash flow was always positive because your customers pay your invoices on time, every time? The main reason cash flow suffers is because of late payment and because they’re our lovely customers and we don’t want to lose or upset them, we just sit there, wait […]

How do you apply the Late Payment of Commercial Debt to your invoices?

What is The Late Payment of Commercial The Late Payment of Commercial Debts (Interest) Act 1998 is a Statutory instrument made on 4 October 1998 which came into force in November 1998. Can anyone apply late payment legislation? It applies to commercial transactions. The legislation may be applied to a business debt between a limited […]

Struggling to get your invoices paid before Christmas? (Or anytime)

8 Days ‘til Christmas It’ll will be here before you know it. Now’s the time to reconcile and check what what invoices are still outstanding and pick up the phone.  This week’s your last chance before Christmas. The pain of asking for invoice payment Unpaid invoices and late payments are a huge problem for small businesses. […]

Unpaid invoices – CCJ or debt collection?

When you’ve tried every other way to collect your money, sometimes the only option left is to go legal. Don’t worry about upsetting your customer because if things have got to this stage, ask yourself if they are type of customer you want to work with? Decide how you’re going to tackle the unpaid debt. […]

How to stop being your customers’ bank.

We’ve all heard of The Bank of Mum and Dad but one thing you shouldn’t have to be is The Bank of all your Customers. Now you’re probably wondering what on earth I mean by that so here’s a couple of examples where unknowingly, you’re acting as a bank for your customer. You can’t raise […]