64% of small businesses suffer from late payments, and landscape business owners are no exception. On a recent NALP webinar, David Tulkin, of Fundbox, share some tips on how to get paid faster and stay cash-flow positive this year.
He suggests:
- Proper time tracking. Manage operations effectively by ensuring you have proper time tracking in place to accurately determine who owns each job and invoice.
- Email your invoices. Even if some clients request them to be mailed, email for instant and secure delivery. This also reduces costs.
- Accept online payments. Even if you offer net-terms, be sure to accept online payments and make sure you use a system that syncs with your accounting solution.
- Implement automated invoice follow up strategies. Even create late fees or a reward for paying early that is included in your reminders.
- Seek financing. Take control of your cash flow and look into alternative financing solutions such as online invoice financing, factoring, lines of credit or loans.
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