Inside Waddle

Inside Waddle


January 2018
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Slow Paying Debtors? Here’s 7 tips to help.

Tips and tricks to getting paid on time.

Jorja CreightonJorja Creighton

Slow paying debtors, the misery of every business owner at some point. Payment terms are not being met, receivables blow out and the money that could so usefully be put back in the business is just sitting tickling their fancy. Torture.

There are so many reasons for a client to put off paying a due invoice – but often the reason behind letting the invoice age in the first place is because the supplier doesn’t want to damage the client relationship.

Businesses big and small are attempting to reclaim that one-on-one customer relationship of bygone days. 

Suppliers are putting so much effort into avoiding giving their customers any excuse to leave. With so much competition around these suppliers will pretty much go to any length short of bumping uglies to keep the customer feeling good and loving life so as to win repeat business. This means the already entitled customer can get away with murder if the right procedures aren’t set up.

To avoid crushing the business relationship it is important to establish (quick smart) the rules and regulations you are going to operate under.

For some really sound advice on this topic here is a related article from Xero – https://www.xero.com/ie/resources/small-business-guides/invoicing/invoice-payment-terms/

If you want to automate the process there are plenty of options for you – find some clever software in this previous blog post – //blog.waddle.com.au/how-will-you-handle-late-invoice-payments-this-year/

Of course Waddle is in the business of helping reduce the stresses of poor cash flow, if you have your cash tied up in late paying debtors and need it now we are able to give you fast and confidential access to it.

Visit : Contact team@waddle.com.au to find out more.

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