Manage Self Billing Invoices for Inventory Effortlessly

Self billing invoices for Inventory

self billing invoices I supposed to be an easy and simple way for you to get paid without having the hassle of chasing for payment raising the invoice calculating the amount or calculating v80 however what do you do when your self burning invoice goes wrong when you're not being paid on time this was a question I was asked recently there's two main bits of advice I gave the first one was changed the company but if that's not an option they delved into it I asked a few more questions it turned out initially they were paid on time then they started being paid seven minutes seven days late then 14 and now we're up to nearly 21 days late for me that suggests there's cash flow problems and that they're prioritizing larger self-build people over smaller businesses now we all know that this happens but what can we do about it my suggestion to them was to write them a letter just because you're on a South Bend agreement doesn't mean that the late payment of commercial their interest Act 1998 as amended it doesn't apply it absolutely does right whoever is raising the self bill invoice a letter and say that unless your payment comes back on terms and unless you get this next payment within 7 days you'll have no alternative but to charge them under the late payment of commercial debt interest act now this allows you to charge 8 percent above the Bank of England base rate from the date the invoice was June just be careful here when you're doing the calculations I would strongly suggest you use a website to do this because the Bank of England base rate has just changed so it may be that you need two different rates in there if you using a website then the chances are that we view the wording the wording will not be for a small claims court but you can adapt it to fit your letter will also let you charge in administration fee this is to cover the time that you've spent chasing the money for self upon invoices this is really really crucial because you shouldn't be spending time chasing money with itself an invoice that's the beauty of self billing I'm waiting an update to see what happens but I do believe my contact is gonna be sending this letter do you have a query about self burning invoice is there something you are not sure about about the way your customers paying you or not paying you drop me a comment on here find me on Facebook Twitter or LinkedIn and I'd love to answer your questions so until next time don't forget you're speaking to a person not a purse bye for now