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INSIGHTS

ARE LATE PAYERS HURTING YOUR BUSINESS? HERE IS A CONSTRUCTIVE SOLUTION…

Cash flow issues are often caused by late payers or past due invoices, especially in smaller businesses. The frustration and financial implications caused by late or non-payers is often an activity that must be dealt with by business owners. The success and operational health of a business often depends on invoices which are paid on time.
30-Sept
Two constructive solutions exist to encourage late payers to process payment
  1. If you have partnered with us and have a Xero online accounting package, you can simply use Xero to send out automated invoice reminders to past due debtors. Set the tone to start off on a light manner and become firmer as the invoice ages.
  1. Make use of the Overdue Invoice Register (OIR). The OIR allows you take anonymous action against late payers by registering overdue invoices on a late payers list. The Overdue Invoice Register is a shared resource that supports SME’s in their bid to survive and remain profitable and offers SME suppliers the space to log a record of their overdue invoices that are unpaid by their major debtors. This shared platform is not for complaints, but for taking objective action in an anonymous way. The listing of Late Payers, based on aggregated data, will act as a deterrent for late payments. Your personal & company details and specific invoice details will never be exposed, which makes this a viable method for all business owners struggling with overdue payments owed.
How the OIR works
  • Visit the OIR website and register
  • Verify the link in the email sent to you
  • Choose a password to log in to the dashboard
  • Add late payers
  • Add overdue invoices
What you will need to add information to the platform
  • Details of your late payer: details of person responsible, payment terms and average monthly revenue from the late payer.
  • Overdue Invoice: invoice details, the actual invoice for upload and an option to add comment.

If you require assistance with your online accounting needs, speak to us about our innovative cloud accounting solutions. To get in touch, email paul@mmsgroup.co.za or call 011 831 2326 | 021 410 8709.