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Speed up customer payments

Posted on July 19, 2016 by admin

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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Tips for incorporating career mentoring into your business

Posted on February 28, 2020 by admin

A career mentorship program involves partnerships between employees to develop professional skills and gain industry knowledge. Due to their requirement for a collaborative effort, career mentoring programs are often seen as powerful development tools for cultivating both leaders and employees within a business.

Whether you are a small business owner or a multinational corporate leader, the implementation of a mentorship program will always be profitable for businesses as not only does it create a harmonious workplace culture, it also helps to attract and retain employees.

As straight-forward as career mentoring sounds, there are a few key tips to keep in mind when building a mentorship program for your business:

Make sure your mentoring program is clearly defined:
To create a successful mentoring program, both mentors and mentees should have a concise understanding of their roles and what they would like to gain from the mentorship. By succinctly outlining the purpose of the mentoring program, mentors and mentees are more likely to keep organised and communicate respectfully with the guarantee of mutual rewards.

There should also be short-term and long-term goals established for all parties involved, including the business. These goals could be the narrowing of particular skill gaps or creating a more open workplace culture. By having these goals set in stone, both mentors and mentees and have a clear direction to work towards.

Personalise the match-making process:
Often times, businesses will match a mentor and mentee together depending on their skill-set and position within the company. While on paper, this may appear to be an efficient process, but the lack of chemistry between a mentor and mentee may prove to be devastating for the workplace environment.

As a result, be sure to involve both mentors and mentees in the match-making process and take into account personality traits. You could do this by asking employees to take a personality test to ensure compatibility in career goals, personal interests and preferred communication methods.

Be involved as a third-party:
Lastly, it is the responsibility of the business to check-in on the progress of mentorship programs in order to understand how mentors and mentees can grow together and what improvements can be made to the program. Remember to always refer back to the long-term goals established and consider the feedback provided by mentors and mentees from the program.

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