How To Control Your Invoice Dates
Cash flow and financial predictions aren’t always easy to navigate, but what if we told you controlling your invoice dates could make managing your finances more efficient?
Here’s our very own guide on how to implement invoice payment terms to ensure you’re getting paid on time and can better control your cash flow.
What Are Invoice Payment Terms?
Invoice payment terms allow businesses to communicate to their customers when they ought to expect their payments. We’ve listed some of the most common terms for you to consider below:
- Payment in Advance (PIA) – For this payment term, clients will be expected to pay costs prior to any work being carried out.
- Cash in Advance (CIA) – Citing the method of payment, this also outlines that money must be paid upfront to the business.
- Upon Receipt – With this payment term, the client is expected to pay once they’ve received the invoice.
- Net 7 – Payment is expected seven days after the invoice has been received.
- Net 21 – This payment term requires the customer to pay no later than 21 days after they receive the invoice from the business.
- Net 30 – Typically the standard time for businesses to wait for an invoice payment, this term sets out that customers should make payment no later than 30 days after they receive the invoice.
- End of Month (EOM) – Clients who agree to this payment term must pay the invoice balance by the end of the calendar month.
Avoid Common Delays
Ultimately, there are a few errors that can sometimes hold up the payment process, that invoice dates can’t rectify. So, make sure you don’t fall short by making one of the most common mistakes, such as sending the invoice to the wrong person, not setting appropriate payment terms, missing important information, or issuing the invoice on an inconvenient day.
Need more support? Get more advice from the FastPay team on how to get your invoice paid faster.
Regular Payment Collections with FastPay
Thanks to our services, businesses up and down the country can sit back and relax whilst we ensure hassle free payment collections – in line with your desired invoice date and payment terms.
Our team is always on hand to answer your queries, providing a tailored service where possible.
If you’d like to learn more about what we offer, speak to our team directly by calling 0161 737 5290 or alternatively, reach out to us online.