11 strategies and templates to improve your invoicing and collections process
Struggling with cash flow? You're not alone.
82% of business failures are down to problems with cash flow (US Bank), and 8 out of 10 entrepreneurs who start businesses fail within the first 18 months of trading, with cash flow issues cited as the main reason for failure (Hiscox and Bloomberg).
Late payments are one of the main reasons for cash flow problems in SMEs. In the UK alone, 50,000 businesses fail each year due to late payments and their negative impact on cash flow (FSB).
Without healthy cash flow, you are unable to pay bills, invest in new opportunities, and grow your business effectively. So why continue to suffer with poor late payments and cash flow?
In this guide, Xero and Chaser outline practical strategies for optimising your invoicing process, speeding up your payment collections, getting cash in faster, and improving cash flow.
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See your invoicing process get simpler, disputes and queries reduce, and payment times speed up by following the actionable strategies in this guide.
- The impact of cash flow on your operations
- Best practice guidance for creating and sending invoices
- How to choose your payment terms and due dates
- How your payment follow-up speed impacts your collection rates
- Suggested payment reminder schedules
- How to identify customers who are slow to pay
- Strategies to improve your payment collection rates
- How to encourage good payment behaviour
- How Xero and Chaser can support you