There are lots of things you can do in QuickBooks that can help you get paid faster.
My review posse came up with these awesome tips. And they won’t cost you a dime!
Tip 1: Set your payment terms to Net 15
Many businesses find the most effective term is Net 15 (due in 15 days). Why?
- Due on Receipt can be perceived as too soon/not realistic (I’m not going to pay the bill right when I receive it). Ironically, these bills are often “tabled” (put in a drawer) and treated like bills with Net 30 terms.
- Net 30 seems far away, so customers don’t pay attention to it yet, and if they don’t have a good system for tracking payables… they often forget.
- Net 15 isn’t too soon or too far and tends to drive attention/focus which drives action (i.e. make a payment). This might not work for all businesses, but where it can, it’s very effective!
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