Have you got your Business Finances covered?
For many businesses, including Virtual PA’s, it’s time for the last invoicing period of the year. The time that you hope for prompt payments so you can finish that shopping and get ready for the break.
Planning for this months finances may be easier than next months however. With some people not returning until the 6th of January and possibly not working during Christmas and New Year, payments could be delayed.
It may be worthwhile preparing the invoices that cover regular payments, such as retainers and contracted hours and forwarding to clients before you finish.
Consider setting up regular payments to be taken on a Direct Debit basis. GoCardless is a great system that allows;
- The Payee to register their own details directly
- The invoicer to request the payment 2/3 days before payment is taken (giving the payee time to review the invoice)
- Both parties can view their details at any time online and the invoicer can amend payment amounts
(There is a nominal charge of 1% of amounts collected making it affordable.)
For due payments of a more ad-hoc basis, that cannot be determined prior, prepare the majority of the invoice pre-Christmas and forward to clients, requesting payment on their return and advising that an additional invoice may be forwarded on your return.
If you issue statements at the end of the month, consider moving it forward to the 20th December so clients are aware of what is due.
Remember, that if you work with SMEs, they could be in the same situation as you, so keep them in the loop, talk to them about payment structures, where you stand and what you both require.
Credit Control is just one of the services we offer so if you struggle when you return in 2014, give us a call !
Coming next week….Planning your marketing, don’t let people forget about your business just because it’s Christmas, keep the momentum up and be prepared for 2014.
Do you struggle with payments around Christmas or do you have a fool proof way of dealing with them? Please leave comments below to help others.