A complaint common from many small-business owners is the never-ending chasing of overdue invoices. Research shows nearly one-third of Australian business owners spend eight hours a week collecting late payments.
So, how do you best approach overdue invoices?
1. Optimise your systems
The best way to avoid overdue invoices is to prevent them from happening in the first place. From the beginning make sure you’re clear about your payment expectations and understand your client’s usual pay cycle. This is the opportunity to negotiate mutually suitable terms that work for both sides.
Consider implementing an online accounting system which includes e-invoicing. Electronic invoices ensure an accurate record is kept and that the recipient has all the required information to make their payment instantly. It also gives you the ability to configure automatic reminders as soon as the invoice is due or late for payment.
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Who is OptiPay?
OptiPay, one of Australia’s leading business finance providers, has been dedicated to helping small business owners solve cash flow challenges for over a decade and has provided $1.5 billion in business funding to more than 500 Australian businesses. OptiPay specialises in modern financing solutions such as invoice factoring, invoice finance, debtor finance, and lines of credit. OptiPay’s mission is to support business growth providing liquidity in as little as 24 hours, ensuring they have access to tomorrow’s cash flow today. This rapid access to funds helps businesses maintain smooth operations and seize growth opportunities without the stress of cash flow constraints. At OptiPay, we believe that healthy cash flow is the lifeblood of any successful business. Our commitment to helping businesses overcome financial hurdles and achieve their growth ambitions has solidified our reputation as a trusted partner in the business finance sector. Whether you are looking to stabilise your cash flow, expand your operations, or navigate financial challenges, OptiPay is here to support your journey with innovative and efficient financing solutions.
