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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Speed up customer payments

Posted on Jul 19, 2016 by CFL Financial

Managing debtors is often a cause of frustration for many small business owners.

Unpaid invoices can seriously disrupt cash flow. Between chasing late payments and keeping track of invoices, debt collection can be a headache.

Fortunately, there are ways to speed up your payments with a few simple adjustments to your invoicing system you can increase your chances of getting paid promptly. Here are five ways to speed up your customer payments:

Check contact details
Ensure the location and contact details are accurate and up-to-date so your invoices reach the right person. Be sure to quote any relevant customer reference number they have provided to you, or you have provided to them. Asking your customers what they require on their invoice will save time and prevent you from re-invoicing due to amendments.

Set payment terms
Set standard payment terms for when you expect to be paid after the invoice is sent out, for example, payment within 30 days. When setting your payment terms consider types of payments, credit limits and early payment incentives to encourage customers to pay early or on time.

Respond to invoice queries immediately
Great communication with your customers can make all the difference when it comes to getting paid on time. Address invoice queries immediately and keep your customers informed of any changes in billing or status on their work etc.

Provide multiple payment options
Providing customers with a range of payment options, such as online and phone payments, will increase your chances of getting paid quickly. Be sure to include step-by-step instructions on the invoice to make it simple for your customers to pay you.

Charge late fees
Late payments should be discouraged by charging a late fee to increase your customer’s urgency to pay on time. The invoice should clearly state your right to set a late fee for overdue invoices and state exactly what the fee percentage is and when it applies.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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