Seven Tips on Collecting Your Money = Managing Accounts Receivables Effectively

Notes from There’s a Business in Every Woman by Ann M Holmes

01. Be sure payment terms are clear in contracts and invoices
02. Close out the job/order and submit the final invoice as soon as possible.
03. Review accounts receivable every week. Follow up on invoices 30 days or more overdue.
04. Call / email accounts 45 days or more overdue.
05. Establish an interest charge on late payments (included clearly on invoices and enforced.)
06. Don’t ship more inventory to the delinquent customer until payments are current.
07. Don’t be afraid to drop a customer that consistently fails to pay on time.
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18 January 2009 | Accounting, Freelancers, Lists, Personal Finance, PMBA, Tips | | Trackback | del.icio.us | Stumble it! | View Count : 590
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