Fox Business recently spoke with BKE’s Scott Rumley for tips on collecting on invoices:
One of the worst things about running a business is getting delinquent customers to pay. For small business owners it’s made worse because unpaid bills can quickly spell a company’s demise.
“During the first five years of the life of any small business effective cash flow management is one of the biggest necessities and stressors of the business owner,” says Scott Rumley, owner of BookKeeping Express Franchise in Tulsa, Oklahoma. “For many organizations the possibility of having to close their doors is a reality they face if their customers are slow to pay their bills or if they chose not to pay at all.”
You may bristle at the thought of having to chase customers down to get paid, but it is a reality that happens all the time. The pain can be alleviated somewhat by laying out the payment policy upfront, billing quickly and often — and by offering incentives to pay early or even on time.
Read more on the Fox Business Small Business Center.