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Five steps to include in your business to get paid on time

The theory behind getting paid on time isn't rocket science: profitable business means being paid the right amount as soon as possible.

Credit control is about knowing what you’ve got outstanding, what’s coming in, and who’s been tardy or avoidant when it comes to invoices.


Why does this matter?

You can’t build a business without cash; just because someone owes you thousands doesn’t mean you have it in your cash flow.  The first steps are often the hardest, but we have devised our top 5 to help you get started and get money coming as soon as possible.


  1. Create policies and credit applications procedures

We know creating policies is not every business owner's top priority but setting aside some time to set out a procedure for customers helps your clients know where they stand and how you want to be paid.

To help you create a policy, we have a credit policy template you can customise and create in your business today; drop us a message, and we will send the policy over straight away.


  1. Create terms and conditions for your business

Setting some time aside to create general terms and conditions protects you as a business.  They have an essential role to play when it comes to two parties understanding their rights, roles, responsibilities and duties.   Each company has different requirements for terms and conditions. Still, there are some general terms you can find via google and add these to your contracts or website, or if you need something more specific, contact a solicitor who can offer bespoke advice.


  1. Automate Invoices and Cloud-based management for invoicing

 We love Xero as it helps business owners invoice quickly and accurately and helps you keep track of payments.  You can:

  • Send invoices as soon as orders are fulfilled

  • Email invoices rather than sending by post

  • Ensure that the invoice is addressed to the right person

  • Make sure that there are no mistakes in the invoices

You can also set up automatic reminders up recurring invoices to be sent to your regular clients to keep your time on the more important areas of your business. Investing your accounting processes in the cloud can save you time and get you paid faster.


  1. Accept new payment methods

It seems like a long time since we have heard “the cheque is in the post” but there are so many ways to accept and automate payments in 2025.  

Most businesses accept BACS (direct payment from their bank to yours) but if you are selling products, you may want to invest in a portable card reader. Sumup and iZettle are two options but there are many more.  If you are a service provider and bill clients regularly, you could set up a GoCardless account to set up direct debits and take payments as and when they are due.  

If you can, agree with the client upfront and offer them your preferred method of payment and if you need to, request payment upfront for new clients.


  1. Track and Review Payment Patterns

Keep track of your clients and their payment patterns on a monthly basis and if there are any who are beginning to take longer to pay, have a conversation with them before a problem arises.  If you use Xero, you can check to see how many days it is taking to pay. 


If you would like to find out more about how we can help you get paid on time, drop us an email at katie@bluearrowaccounting.co.uk




 
 
 

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