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Invoices overdue for R&D

one problem that many businesses run into is getting paid on time well you're in luck because today i'm going to talk about tips to do just that hey my name is morgan law from fine point stop biz and my goal is to help bookkeepers and business owners get organized and take control their finances and i also have a youtube channel totally dedicated to that today i'm partnering with quickbooks on a video series to help business owners better run their business [Music] when you own a business late invoices can be more than just a source of frustration in this video i'm going to guide you on how to follow up on late payments if you're excited about this topic give this video a thumbs up and also subscribe to quickbooks youtube channel down below if you're more of a reader there's also going to be an article linked in the description box a past due invoice is a payment that the customer hasn't made by the date that you agreed on and this can put your business at risk after all if your client doesn't pay you you can't pay your bills well late payments can be stressful there are some steps you can take to handle past due invoices setting yourself up to get paid on time begins even before the work does make sure you communicate with your client to make sure that you're on the same page with those payment terms here are some things that you can discuss number one who you should send the invoice to this might be the client the accounting department or maybe both make sure that the invoice gets in the right hands so it's paid quickly number two ask your client how they would like to pay giving a variety of different payment options may be really helpful to your clients if they have a past due invoice maybe ask them how would you like to pay and that could speed up the payment process clients are more likely to pay if it's crystal clear on the invoice what they're paying for so make sure you spell out any hours worked really go into detail about services provided as well as clear product descriptions as a bookkeeper i use the time tracking feature in quickbooks online to record every hour i work so i put in detailed descriptions whether it is reconciling bank accounts or keeping track of someone's receipts and then all of that information feeds from those notes into the client's invoice that i make in quickbooks online so my clients really love seeing that level of detail in their invoice make sure on your invoice there is both payment terms and a clear due date otherwise it's going to be your word against your clients if an invoice is late and a due date also gives them a really great target to aim for be proactive and remind your clients about their outstanding payments in quickbooks there's a couple quick reports you could run to see who has open invoices so send your clients a reminder and you might even get paid quicker which is great for everyone [Music] having the conversation about past due invoices can be really stressful it can be kind of awkward but having a great system for following up on those past due payments can help accounting software does make it easy to follow up on late payments because you can sort by client or date and you can also set up automatic reminders for late payments are you still with me good here are a couple tips for writing a past due invoice letter make sure to include all of the following things number one the invoice number two the date that the invoice was issued number three the invoice due date number four the transaction payment terms five the amount owed including any late fees number six instructions for payment number seven your phone number and contact information this will help ensure that your customer has everything they need to pay those overdue invoices and to make it even easier quickbooks has automated messages that you can send to your clients for those polite reminders check out the article in the description box for a bunch of email templates that are going to help you write those late payment reminders they're already written for you which is a win-win no business owner wants to deal with unpaid invoices but it's most likely that at some point in your business career you're going to have to deal with late payments by proactively setting up some really great systems around accounts receivable you're going to be able to focus on growing your business and you'll avoid some of those administrative headaches about getting paid on time if you want to take manual reminders off your plate quickbooks online and quickbooks payments can simplify the payment process with tools like automated follow-ups and online invoices if you found this content valuable make sure to give this video a big thumbs up and subscribe to quickbooks youtube channel thank you so much for watching and we'll see you next time [Music]