When starting a long project, call the accounts payable department at the company you are doing the work for. Introduce yourself and explain that you are starting a new project with that company. Ask what the billing requirements are to get paid on time.
Discover whether you need specific purchase orders, signature sign offs on the bill, documentation proving that the work was done, or other requirements. This way when the bill is due in 30 days and you call because you haven’t received payment, you won’t get a “this was missing from the invoice” and have to wait an additional 30 days to get paid.
Then, when you send the first invoice, call that person again to make sure that everything is correct so that you get paid on time.
Bill every day where possible. Or for longer projects, ask for a deposit to start the project, and bill at least once a month.
Did you check your bank accounts online today? This is the first step in protecting your hard earned cash.
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Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners become profitable and stay profitable. For over 40 years she has coached, trained, and helped contractors and others achieve the business growth and goals they wanted to achieve.
Contact Ruth by emailing ruthking@hvacchannel.tv.
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