Picture this: it’s your end of year. You’re poring over your spreadsheets, and things just aren’t adding up. You’re pulling your hair out, wondering where you went wrong in your small business’ accounting this year.
Finally, you realize: it’s not your accounting that’s off, it’s your payments. Specifically, you still have a handful of active invoices.
64% of small businesses have invoices that will go unpaid for at least 60 days. Late invoices lead to awkward conversations with customers and frustration over your business’ finances. You can do better.
By now, you might be asking yourself: how can I avoid this in the future? It’s easy. Payment terms and conditions.
These are essential for mapping out your business’ income and customer relationships simply and professionally. If you don’t have payment terms and conditions in place, it’s time to set yourself up for success.
Keep reading for eight tips on how.