Collect your debtors faster

Did you know that you still have to pay tax on your debtors, even if you haven’t yet collected them?

This is because you pay tax on your sales figures, whether you’ve collected the cash or not.

1
Agree your payment terms at the time of sale
2
Ensure your customer signs your Terms of Trade before you start the job
3
Include a guarantee in your payment terms
4
Invoice as quickly as you can
5
Ask for a deposit prior to starting the job
6
Change your payment terms to within 7 days of invoice or on delivery
7
Send statements religiously at the start of the month
8
Have someone other than the owner be responsible for collection of debtors
9
Document any changes to your standard payment terms in writing
10
Use an integrated payment gateway app
11
Don’t provide credit to customers who’ve been late payers in the past, and don’t offer more credit to customers with outstanding payments

Don’t procrastinate on your debtors. Establish clear payment terms and ensure you stick to them.

Need help finding an integrated payment gateway app to suit your business? We can help. Get in touch!

“It’s the squeaky wheel that gets the oil.” – Anon