It’s time to march on to get back your payments. It is absolutely important that you chase your unpaid Invoices before you close your books for 2017-18 for the Happy 2018-19.
In reality, you might have many who are unlikely to pay you their dues. Not everyone remembers to pay you on time. You will have to remind them about it. And practically, this is not a one time job! It is your everyday task! Throughout the year, you need to send out reminders to your customers on their pending payments. This helps you get paid you on time so you can stay on top of your cash flow.
Doing this, you can save yourself a lot of the last-minute stress that comes along the financial year end.
Firstly, to follow up with your customers you need to be a superhuman. The other option is to set up automatic reminders in vyapar, so that customers will receive follow-up emails/sms periodically. Yes! You heard it right. Automatic and easy!
Follow up on the outstanding payments using vyapar
Without a proper accounting system in place, you’ll have a tough time managing your business accounts; you could miss out on a few payments ( sometimes huge), and could generate defective reports which will cost your business.
However, if you are using a business management software like vyapar, the entire process becomes much easier. With vyapar, you can quickly find any of your invoices that have not yet been paid and can also notify your clients whose payment is pending with just a few clicks.
Unfortunately, not all of your clients are going to pay you even after many reminders. When this happens, you can write the invoices off as bad debts, if you think they are never going to pay you.
To make sure that you have waited sufficient time before writing an invoice off (usually this is after six months have passed since the due date), go to the transaction report details and see how long a payment has remained unpaid. Customers who have not paid their invoices for a long time , can be found in this report. You can send them a final reminder, just in case, but if you don’t get a response, write these overdue invoices off.
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Happy Financial Year End!