Late payments are an unavoidable fact of business life. Taking steps to ensure the prompt collection of unpaid invoices is an essential part of doing business.
Unpaid invoices can seriously affect your business by slowing cash flow, reducing inventory turnover, harming credit ratings and even tarnishing your company’s reputation. And the longer debts remain outstanding, the harder debt collection can be.
The key is to find resources to ease the inconvenience of managing and collecting late payments while also speeding up resolutions of these unpaid invoices.