Keeping your cash flow under control: Dealing with unpaid invoices

There is nothing worse than spending a lot of your time and resources on a job only to find that getting paid is a lot more difficult than imagined. Unfortunately, for some people, the nature of their jobs means that this can be a more frequent occurrence than imagined and unpaid invoices can be a huge problem.

For example, those who work in the sector of property maintenance often work on holiday or rental properties and so they find themselves being unpaid for a lengthy spell of time because the owners of the properties are not within close proximity.

Unpaid invoices create huge cash flow problems

Unpaid invoices can obviously result in great problems for your business because they halt the proper flow of cash and can make it very difficult for individuals to continue with their work because they do not have the resources in order to purchase supplies for the next job they are set to work on. After all, it’s like fitting all the pieces of a puzzle – if one piece is missing then the rest of the puzzle cannot be completed.

What can you do about it?

So, what can you do if someone isn’t paying you the money you are entitled to? This is a difficult dilemma that too many people experience. After all, it can be very difficult to decipher the best way to handle this situation. Moreover, if you have many unpaid invoices or are simply very busy, then it can be hard for you to have the time to chase up each overdue payment and find a viable solution.

Nevertheless, there are actually companies available today who specialise in the area of unpaid jobs. They can utilise the tools at their disposal in order to ensure that you get the money you should have gotten a while ago. If you find a top company, then all you will need to do is simply upload your unpaid invoices and then they will do all of the rest. This is something that saves you a monumental amount of time and tends to be more effective because companies will have been trained and so they are aware of the best methods in which they can gain the desired results.

Of course, you could do all of this yourself. Begin by sending an email reminder. Follow up with a phone call. If possible, go to the business or client in question and ask them face-to-face!

Alternatively, why not be active instead of reactive? By taking out invoice insurance to begin with, you can ensure you are automatically covered should someone decide not to pay you for the work you have carried out. A lot of business owners are unaware that they can do this, so it’s definitely something worth exploring further.

All in all, unpaid invoices could cripple any business. This is why it is pivotal for you to take the steps to reduce the chances of unpaid invoices mounting at your company.