Getting your invoices paid

Idea

I run a small business with 8 staff and some very large clients. I've not had a bad debt due to non-payment. Here are my steps I developed from a project I once did for a debt collection agency. The key is to call the person who owes you money and ask when you can expect payment.

Paula's Top 10 Tips for Getting your invoices paid

1. Be clear before you start any work for a client what they will be expected to pay and when.
2. Send out your invoices promptly - your customer will be more likely to pay you sooner when they remember extactly what it was you sold them.
3. On your invoice, stipulate your payment terms: eg: payment due in 14 days from date of invoice. If your client is a much larger firm than you, it is likely that you will be subject to their terms rather than your own (eg: 60 days from end of month).
4. The day after the payment is due, check that it has been paid.
5. If it hasn't call your customer (or their accounts payable) and check if they have recieved the invoice). Resend if necessary.
6. Ask "When can I expect payment?" Get an exact day or date.
7. Get the name and direct telephone number of the accounts payable person.
8. Check your bank account the day after the payment is due.
9. If not paid, call again. Äsk why they did not pay when promised.
10. If there is any dispute, start to docuement your processes and followup regularly.