Getting paid on time
Unpaid debts are a major cause of financial problems for many businesses. You can improve cash flow by finding ways to collect payment more quickly. Your options could include adjusting your terms of payment, or changing your debt collection processes. Here you’ll find tips on how to get paid on time and recover unpaid debts.
Does your customer know what your terms of trade are? Getting paid on time is often affected by setting expectations with your customer early on in the transaction. Learn what your payment agreement should include and how you can present it on your invoices.
This information is brought to you by The Small Business Company
The current global economic situation is affecting everybody, and if customers owe you money you might be finding it hard to get paid. Here are some tips to help you get paid on time and avoid having bad debtors. You can also read about your options if you need to collect debts.
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If you’ve registered your interest on the PPSR, then you may have a better chance of recovering a debt when your debtors can’t pay. Searching the register can also help you assess the level of risk before you provide credit. Find out how to register a security interest and protect your business.
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Recovering debt from slow paying customers can be unpleasant and a drain on your cash flow, even at the best of times. But what can you do if a company is in liquidation, receivership or voluntary administration? Here are a few options for collecting debts from a company.
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You can improve your cash flow by decreasing the amount of time it takes to collect payment. Use this calculator to work out the average number of days it takes you to collect debt.
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This free online training module shows you how to improve the debt collection process in your business with good systems. Debt collection is a major cause of cash flow difficulties in many businesses and can contribute to business failure, poor performance and lower profits. It is designed to take 30 to 60 minutes to complete.
This information is brought to you by New Zealand Trade and Enterprise
An alternative to chasing up your debtors yourself is paying a factoring company to do it for you. Invoice discounting and debt factoring are the two main services offered by factoring companies. Read this article and find out how you can sell your debts.
This information is brought to you by The Small Business Company