[LRUG] [FINANCE] Startup/finance question around invoices

Niklas Richardson niklas at kyan.com
Fri Aug 8 03:19:21 PDT 2014


If you have it clearly stated in your terms that you'll start charging them
interest I'd follow through with that with clear letters after they're late.

Send a reminder that payment is due in 7 days.
Send them a letter when they're 7 days late telling them that if they don't
pay within 7 days you'll start charging them interest as per your T&Cs
If they still don't pay send them a letter telling them interest is now
accruing and you'll be sending them a separate invoice for that interest.

I'll dig out the link to the proper templates.

I'd send this direct to the accounts department. Cut out your contact. Let
accounts escalate.

Regards

Niklas

--

Niklas Richardson
Kyan Ltd.

Main number: 01483 548 282
Mobile: 07590 568 417

http://kyan.com

Registered office: 171 High Street, Guildford GU1 3AJ. Registered in
England: Company number: 4575679


On 8 August 2014 10:59, Sleepyfox <sleepyfox at gmail.com> wrote:

> Apologies if this is off-topic, but I know a lot of people on the list run
> their own startups or consultancies and so may be interested in the
> discussion.
>
> # Challenge
> I have a client that for the third time running is late with paying their
> invoice. They have one of our team members working for them out with one of
> *their* clients (DWP), but despite our client being a multi-national
> consultancy employing 1600 people our best attempts to try and gently
> escalate the issue within their organisation have met with responses
> ranging from "stop rocking the boat", "why are you wasting my time", "go
> through proper channels" and "this is business as usual".
>
> I'm wondering if anyone here has any helpful advice on how to persuade
> clients to be more prompt with paying up. We're very clear with our T&Cs
> (payment due within 14 days of receipt, interest due afterwards at X% rate
> etc. etc.) and we're very prompt with issuing invoices and very responsive
> to any queries from clients' finance departments or accountants.
>
> I'm at a loss for what I can be doing better/differently - any clues?
>
> Thanks, and apologies again if this is [too] off-topic,
>
> Fox
> --
> "What does the @sleepyfox say?"
>
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