Not all invoices are created equal. Not even close. What seems like (and really should be) a straightforward, hardworking document is often a breeding ground for unnecessary confusion, ambiguous directions, or—even worse—self-expression.
We all want to get paid faster, don’t we? And while there are many ways to increase the speed with which your invoices get paid, one of the best ways is re-examining your invoice design.
InvoiceCare was a company built to address a frustration. That small business collections is tough is not shocking. What is shocking is the lengths businesses sometimes have to go to just to get paid, and how few services there are that actually solve this problem.
Have you ever sat down at a restaurant and had the waiter deliver exactly what you wanted without you even asking for it? The odds of this magical event happening are approximately the same odds as you getting paid without sending out an invoice. So what are you waiting for? The single biggest lever you have in getting paid quickly is invoicing quickly.
Despite everything you may have heard or believed about following up on invoices, the fact is that it pays to be nice. Seriously. Forget “getting tough” or “laying down the law.” When it comes to getting a customer to pay you, those manners your mother taught you weren’t too far off the mark.
In 1736 Benjamin Franklin organized Philadelphia’s first fire department, and from that effort arose one of his more famous quotes: “An ounce of prevention is worth a pound of cure.” Here at InvoiceCare we see the results of that adage every day.
Days Sales Outstanding, or DSO for short, is one of the most useful barometers to understanding a business’s financial health. If you’re new to DSO, read on to understand how it works and what it means for your business. And if you’re already a pro at calculating DSO (you are, right?), consider this a helpful refresher.
We talk a lot about being proactive when it comes to invoicing, but now let's talk about a specific practice that can make an enormous difference in getting paid faster, lowering Average Days to Pay (ADP) by 10 days for a typical business.
Are repeated email reminders not getting your “please pay me” message through? Do your weekly voicemail reminders seem to be going into a black hole? One of the most important parts of training your customer to pay is diversifying your communications channels.
Everyone has "that vendor". You know, the one that will, without fail, call you if your payment is even one day late. They may be the nicest person in the world, but you know without a doubt that they will call. Every. Single. Time. That's the vendor that will eventually work their way to the top of the payment list. You want to be that vendor.