To effectively collect invoices on time, follow these basic steps: 1) Send invoices out and call clients after 7 days to confirm receipt and get a payment date, 2) Diarise to follow up 5 days after the payment date to check that payment was received, getting details of anyone who can resolve queries within 7 days, 3) If there are cash flow issues, request payment within 7 days and remind clients interest may be added for late payments beyond 30 days.

1. HOW TO GET PAID - PROCEDURISE!
BASIC STEPS TO COLLECTING INVOICES ON-TIME
Is
there a
query?
Payment
date
given?
Diarise for follow-up 5 days after
payment date to check all received
what is the query? Who is best person to speak
to about it? Get their contact details and ask
them to resolve in 7 days
Negotiate, but aim to get "a" payment today
eg. Accept 50% payment today and 50% in
30 days
Is it
cashflow
issues?
Request payment in 7 days. Remind them Interest
may be added if not paid inside 30 day terms
yes
Raise invoice
Send invoice out
Call after 7 days - have they
received copy ok?
Call after 14 days - do they have
a payment date?
no
no
yes
yes
no
Keep calling every 7 days to check all okay
Taurus Collections UK Ltd
01332 565 350
enquiries@tauruscollections.com