Chasing Christmas Debt

It’s time for what a lot of business owners find harder to do than swallowing the last bite of Christmas dinner – chasing Christmas debt.

Over the festive period invoicing, accounting, and bank reconciliation can take a dip. But now we’re into a New Year – and those debts need to be paid.

So, where do you start? The highest value debt? The oldest debt?

Work through your debts logically, in an ideal world your oldest debts will be able to cover your businesses upcoming expenditures. But, this isn’t an ideal world.

Payment terms.
It shouldn’t need saying – ensure your payment terms are clear on your invoices, especially when it comes to late payment fees. If your debtors are late in paying, speak with them to find out why, it may be as simple as they received your invoice during their festive holidays and didn’t see the invoice. Or, maybe they’re waiting on payments themselves. It is at your discretion to apply late payment fees, or not.

Planning for next Christmas.
No-one wants to even think about next Christmas yet, but if you’re a business owner or manager then it’s worth putting in some extra effort throughout the year.

Schedule. Schedule. Schedule.

To avoid late payments and having to chase Christmas debt – be more aware when invoicing from November to January. Ensure your invoices are correct, supported with relevant paperwork and issued promptly.

Alternative Funding
Invoice financing provides funding, without taking out a loan or signing up for a repayment plan which can last up to 36 months (or more!).

After the initial set up, you can receive up to a true 80% funding on your upcoming invoices within 48 hours of your application.

Depending on which service suits your business needs more, we can include personal management of your sales ledger. Our humancentric approach to customer service ensures that your clients receive a quality service, by forming a connection with your clients we ensure a prompt payment of the debts. On occasion, you may have to step in to work with your clients – this only comes into play if there are disputes or dishonoured payments, etc.

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