August 2, 2021Invoicing , Late Payments
A powerful addition to your collections toolkit is having a demand letter. This comes into play when you have tried everything to receive a payment from your customer/s. A letter of demand, also known as a dunning letter or debt collection letter, helps your B2B customers know that there are consequences for paying you late. …
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July 26, 2021Cash Flow , Late Payments
In industries, such as wholesale and distribution, credit is seen as a necessity when doing business. Credit offers you a way to sell more to your customers and grow faster. However, sending out goods before receiving payment has it’s risks. It leaves you open to late payments, and in some cases, no payment at all. …
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May 6, 2021Late Payments
The template to get paid faster: invoice reminders If your overdue invoices are building up, no doubt you have looked at ways of automating the process using some type of reminder process. This most likely has been out of your accounting software; however you may not have turned them on as they don’t provide the …
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March 22, 2021Late Payments
Do credit agreements mean anything? Does the following sound like you? Your credit agreements have evolved over time from a word doc to a PDF that needs to be printed off, filled in, signed and scanned back. Your customers are still printing, filling-in, signing, scanning and sending back incomplete credit apps. Missing information is just …
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July 22, 2020Cash Flow , Late Payments
The false economy: Pencil’s top 6 trade credit rules Victorian small businesses had a false start last week. Shop owners everywhere tried to make the best of a bad situation, big orders were placed with suppliers and storerooms were stocked. Let’s stop for a moment. You have tens of thousands of small businesses that have …
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January 13, 2020Invoicing , Late Payments
5 ways for freelancers to get their invoices paid on time Managing your cash flow as a freelancer can be a difficult task. When clients are late with payments and invoices are ignored this can really have a negative impact on your lifestyle and stress levels. Freelancers are constantly having trouble collecting payments from their …
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November 27, 2019Late Payments
How to maintain a healthy credit score For business owners who are looking to obtain a loan for their small businesses, checking your business credit score is a critical step in this process. Here is why. When you apply for a business loan, the lenders take a number of different factors into consideration, this most …
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October 29, 2019Late Payments , Subcontractors & Tradesmen
Subcontractors are not getting paid: What should you do? Many subcontractors are facing financial difficulties lately due to builders going broke or just flat out refusing to pay. In the last 5 years, 20 builders have gone bust. This has affected hundreds of subbies and leaving them tens of millions of dollars out of pocket. …
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October 21, 2019Late Payments
If Your Client Is Not Paying You, Here’s What To Do Collecting payment on a job/project you have worked on can be a difficult task at times. However, most of the time these delays happen because of simple misunderstandings and poor communication. A quick phone call can clear these things up. Although sometimes a phone …
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