Chasing your client for payment can be awkward and time consuming. Is it imperative to keep on top of sending invoice and keeping account when they need to be paid. Follow the steps below to find out how.
Steps
- Be sure to record how much they owe you and the date of the service. You can write it down in a notebook (for small businesses) or try some computer software for larger companies. Quickbooks is very helpful because it rids of double entering. Try out a few and see what works best for you.
- Give them some time after the service so you don’t rush them, but don’t wait too long or the customer might forget about it and not have your money.
- Send out the invoice. Mailing it to them is the most effective. Make sure you clearly state what they are paying you for. Include you company name, date, and amount owed.
- Thank them for their business and leave on a good note. Don’t make a big fuss over if they give you the wrong amount accidentally; just politely tell them that there is a mistake and do not argue with them.
Tips
- If they don’t fix the problem resend the note. Don’t assume that they are blowing you off. It might have gotten lost in the mail.
- Give the people some space. You have to be patient.
- Be aware of invoicing terminology:
o Net 30 means all the money is due 30 days after the date of the invoice.
Net 15 ROI means it’s due 15 days after Receipt Of Invoice.
Net 10 EOM means it’s due 10 days after the End Of Month. - There are a variety of other designations, but those are the most common.
Warnings
- Handling money is a very serious thing; don’t play around.
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