The fact is, humans and animals are a lot alike. We’re creatures of habit. We do things the same way time and time again—until we learn otherwise. We’ve all been trained in various ways, and for you to get the most out of your invoicing and shorten your cash conversion cycle, you’re going to have to train your customers.
This one weird trick can increase the percentage of invoices that are paid on time by more than 5%. And it's really simple: Say please and thank you.
I come bearing news that’s good, weird, and perhaps even a little bit shocking: Your customers want to pay you. Understanding this simple truth can help you reorient your entire accounts receivable strategy so it’s not only friendlier, but also more effective.
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.
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.