Get in quick to get your invoices paid

Cash flow is often a problem for small businesses. They could do a lot to improve it. Here are some suggestions about collecting bills:
1. Send your invoices as soon as you can. Never wait until the end of the month.
2. If it’s a large bill, see if you can get progress payments (include this in your quote).
3. Email your invoices. A tradesman did a job worth $15,000. He emailed the bill at 9.34pm and the bill was paid within seven minutes. Many people like to pay quickly. They also like to action their emails quickly. Take advantage of this.
4. No law says a person must pay their bill on the 20th of the month following receipt of invoice. It was just a handy convention from many years ago. You can make your terms what you like. Why not make them as short as possible, like “please pay this account within one week of receipt”.

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