As you probably know all too well, not all customers pay their invoices on time. And when they do start dragging their heels, you need to start applying the pressure. Adding costs to a payment reminder helps to get your invoices settled faster by automatically giving late payers the nudge they need. It saves time and trouble, because you don’t have to follow up by phone or write a friendly (but firm) email. And it can also save money, by getting cash into your account more quickly where it can start earning interest.
Add costs to your reminder lay-out
Printing reminders in Exact Online now automatically offer the option to add costs for late payment. First, specify how many days late the outstanding invoice should be before costs are added. Then select the type of cost to charge:
- A fixed sum administration fee
- A percentage of the outstanding amount
Keep that cash flowing!
Want to learn more tips and tricks when using Exact Online? Be sure to check back on this blog regularly!