Late or Missing Invoices? Read on to Find Out How You Can Start Getting Paid on Time, Every Time!

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1 Late or Missing Invoices? Read on to Find Out How You Can Start Getting Paid on Time, Every Time!

2 UK SME s were owed 55 billion in unpaid invoices in SagePay Late payments can have serious knock-on effects. 75% of companies report that they have to spend time chasing invoices, and many have to turn away new business (9%), reduce staff hours (7%), or increase borrowing (32%). - Hilton Baird Survey

3 Missing, Late or Disputed Invoices are a Problem Ensuring a steady cashflow is vital for any business that wants to survive and flourish. Yet for too many companies, especially smaller companies like electricians, plumbers, this can be a hard nut to crack. It s a fact that most people hate paperwork. Chasing your engineers for job sheets, copying information from one form to another and then re-entering the data into your accounting software is a lot of hassle and can often lead to invoices getting missed or invoices going out with incorrect details leading to disputes and late payments. But what can you do? Read on to find out how to reduce your administration and ensure your invoices get paid on time, every time!

4 Following our 5 quick tips you can implement today to start ensuring your invoices are correct and paid on time. 1 Send invoices promptly - This one s common sense, but ideally you want to send your invoice the minute the job is complete. Sending your invoice quickly means you won t miss your client s payment runs. If you re frequently sending out invoices late, you should have a rethink of your invoicing procedures whether that means creating a new spreadsheet or dedicating time to accounting at the end of each day. Alternatively, you can use AutoAlert s job management system, which notifies you when a job is complete and allows you to create your invoices with the click of a button. 2 Send invoices electronically - Delivering an invoice by or through your job management system is quick and easy, and you ll have a record of when it was sent. What s more, it prevents delays if the customer wants another copy of the invoice a problem that accounts for 10% of late payments.

5 3 Make sure your invoices are accurate - In the survey mentioned earlier, one of the most common reasons for delays is that the payment is awaiting authorisation from a manager. Always make sure that you have the correct invoice amount and PO number, as this will reduce the chance of your client invalidating the invoice. We recommend using a computerised system for generating your invoices rather than creating them manually, as this will prevent typos or human error. Using a mobile application to record job details on site rather than days later can help ensure the accuracy and completeness of the details entered into your invoice. 4 Agree payment terms in advance - Many companies will want you to abide by their payment terms, which could be up to 90 days. Knowing this in advance will help you to work around cashflow problems in advance. In a worst case scenario, you can borrow some of the funds from an invoice discounting facility, or offer your client a 5% discount for a quicker payment. Some companies have an in-house policy of always accepting such offers, and it may be worth reducing your profits once in a while to keep cash flowing.

6 5 Eliminate the potential for disputes - Many businesses that we work with find that disputes over the amount invoiced can frequently cause delays. One common reason for this is when a worker and their client disagree over the amount of time a worker spent on site, or when the worker incurred a lateness penalty. AutoAlert software can eliminate these problems by providing proof of how long a worker was on site. GPS tracking logs when your employee left the site and you ll have a timestamp on your system indicating when the employee marked the job complete. Follow our tips and ensure your invoices get paid on time!

7 We Hope You Find Our Tips Useful. Get in Touch to Find Our More. Contact autoalert.me.uk