Many independent businesses run on cash-only transactions. They have to manage their expenses carefully, so they don't run out of money. A single unpaid invoice can depressing the business owner's credit score. Which explains why banks and corporations are so meticulous about their invoices. Here are some ways you can manage your unpaid invoices.
The banks act very quickly in consequence
Banks and credit card companies take a harsh view on unpaid bills. To manage their accounts, they are used to using
accounts receivable software. They consider these accounts as bad debt and will mark them as a default. They have a habit of neglecting some benefits when there are unpaid bills. That makes it harder for you to get new loans or credit cards in the future. Plus, late fees will increase over time if you don't pay your bills on time. This is why it's essential to manage your unpaid invoices efficiently.
You have to know the right reflexes for these situations
You should send out reminder notices when an invoice remains unpaid for more than three months. This gives you plenty of time to recover the money before your credit score takes a hit. You can also contact the customer directly via phone and email to remind them of the debt. It's important to nail down all loose ends with unpaid bills before sending out reminder notices.
You should also set limits on how long an unpaid bill can sit before you send out a late notice to the creditor. The general rule is seven months before you submit a formal notice to the creditor. Applying this limit helps you avoid lowering your credit score even further. Plus, keeping this limit raises your company's standing with creditors as well- it shows that you're a responsible business owner. Managing unpaid invoices is tough, but essential work for every business owner. Taking care of overdue payments keeps your credit score high and minimizes bad publicity for your company. Waiting too long can have serious consequences for your company's financial health.
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