Friday Finance Fact: The True Cost of Late Payments
Did you know late customer payments cost U.S. small businesses $3 trillion annually? Late payments from customers can create a ripple effect on your business, disrupting cash flow and limiting your ability to pay bills or invest in growth. QuickBooks makes it easy to stay on top of invoices and ensure payments are collected promptly.
How to Manage Late Payments in QuickBooks:
- Send Automated Reminders: Set up automatic reminders for overdue invoices under Sales > Invoices > Send Reminder.
- Offer Payment Plans: Use the payment plan feature to help clients pay over time without defaulting.
- Track Outstanding Payments: Run the A/R Aging Summary Report in QuickBooks Online to monitor overdue accounts.
A proactive approach to payments can protect your cash flow and save your business thousands. A Chandler CPA, like AZ Easy CPA, can guide you in setting up effective payment tracking systems.
Need help with your business finances? Contact Us! We offer monthly accounting and bookkeeping services, clean-up projects for past years, QuickBooks training, and phone consultations to help you stay on track.
