12/27/2023 0 Comments Cash for outstanding invoices![]() Small businesses need timely payments, as it can affect cash flow drastically. It can have a significant impact on your business. Why is it important you get paid on time?Ĭlients delaying payment is not just an inconvenience. Past due invoices can be problematic for businesses of all sizes. ![]() Comparatively, a past due invoice is one that is still awaiting payment, but the specified payment date has passed. What is the difference between outstanding invoices and past due invoices?Īn outstanding invoice is one that you have sent to a client and are awaiting payment, but has not yet exceeded the payment due date. Utilising an invoicing software can help your business track invoices to avoid late payment. It’s very easy to lose track of when invoices are due, especially if your business is very productive and serves a lot of clients. This also highlights the importance of keeping track of invoices to ensure payment in a timely manner. Once for the past due invoice and again for the cost of the staff members' time. Whenever you have to chase a client, it's costing you twice. You then have to chase the client to pay the invoice. This can become problematic for a business. If the date of payment has passed and the client has not made payment, the invoice becomes overdue. Having established what an outstanding invoice is, the next critical term is a past due invoice. From the day you send the invoice to the client, until payment, you call the invoice outstanding. It tells the client they have to pay the invoice within a certain period. While all of this information is useful to the client, the payment due date is very important. On your invoice should be the invoice number, terms of payment, date of payment and accepted methods of payment. Outstanding invoices are invoices that are awaiting payment but are within the specified payment period. As soon as you send the invoice to the client, it becomes an outstanding invoice. ![]() Which is then followed by the creation and sending of an invoice. ![]()
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