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

The Art of Chasing Money



Tried and tested process

First 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 on the 1st of the month.

The correct lanuage

The initial contact is friendly the goal is to get the invoice pain in full, however at the risk of not getting any money you may need to negotiate a payment arrangement with the client. If by the3rd week there is no resolution stronger language and tone should be used informing them of the consequences of non payment.

Using xero invoice reminders

Having invoice reminders on as this is a great way to automate the debt chasing process. You can tailor the email templates and schedule the overdue follow ups easily.

The next video in this series is: Technology Saves the Day