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Business and Bookkeeping Blog

Posted on 18 September 2019 in Small Business, Advice, Cash Flow

The Art of Chasing Money

The Art of Chasing Money

Tried and tested processFirst step is to confirm all debts are correct & confirm reason for non payment. Next, send the invoice with a personal note asking for payment or if there is any reason they haven’t paid, follow up after 2 days with a phone call.Schedule regular follow ups and find a mutually acceptable payment arrangement if the client can't pay up front. Ensure statements are sent promptly…

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Posted on 18 September 2019 in Advice, Small Business, Cash Flow

Payment Terms Yours or Theirs?

Payment Terms Yours or Theirs?

Click here to watch the Video Blog on You TubeWhat does “on time” mean to you? Payment terms can vary from Cash on Delivery (COD), 7 days, 14 Days, 21 Days, 30 days, 45 Days. There a couple of things to consider when you’re working out what your payment terms should be; Are you completing a high volume of low dollar value one-off jobs?Are you providing project services and invoice at milestones?What…

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Posted on 18 September 2019 in Advice, Small Business, Cash Flow

What is a Debtor and Common Pain Points

What is a Debtor and Common Pain Points

Click here to watch the video blog on You TubeA debtor is someone who owes you money for goods or services you have provided. Seems pretty simple, but there are many loopholes that can catch out small business owners. Below we have listed a few considerations; Did the client sign a quote or letter of engagement to confirm they wanted to proceed with the work you provided?Did you complete credit check…

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