Oghale Enuku, LL.M’s Post

🚨 Don't let unpaid invoices be the Achilles' heel of your business! 💼✋ Unpaid bills can have a domino effect on your business, leading to cash flow problems, disrupted operations, and even bankruptcy. 💸😱 Whether you're a freelancer, small business owner, or part of a larger corporation, non-payers pose a significant risk. 🛑 Here's why you need to tackle this issue head-on: 1️⃣ Cash Flow Crunch: Unpaid invoices disrupt your cash flow, making it difficult to cover expenses, invest in growth, or even pay your own bills. 2️⃣ Operational Disruption: When you're not getting paid, it can halt projects, delay deliveries, and strain relationships with suppliers and employees. 3️⃣ Legal Headaches: Pursuing unpaid invoices through legal channels can be time-consuming, costly, and uncertain. 4️⃣ Reputation Damage: Late payments reflect poorly on your business's reliability and professionalism, potentially deterring future clients or investors. #BusinessTips #CashFlowManagement #DebtRecovery

🚨 Don't let unpaid invoices be the Achilles' heel of your business! 💼✋ Unpaid bills can have a domino effect on your business, leading to cash flow problems, disrupted operations, and even bankruptcy. 💸😱 Whether you're a freelancer, small business owner, or part of a larger corporation, non-payers pose a significant risk. 🛑 Here's why you need to tackle this issue head-on: 1️⃣ Cash Flow Crunch: Unpaid invoices disrupt your cash flow, making it difficult to cover expenses, invest in growth, or even pay your own bills. 2️⃣ Operational Disruption: When you're not getting paid, it can halt projects, delay deliveries, and strain relationships with suppliers and employees. 3️⃣ Legal Headaches: Pursuing unpaid invoices through legal channels can be time-consuming, costly, and uncertain. 4️⃣ Reputation Damage: Late payments reflect poorly on your business's reliability and professionalism, potentially deterring future clients or investors. #BusinessTips #CashFlowManagement #DebtRecovery

A reminder to anyone feeling awkward about chasing a late payment... 1/ You've delivered the work, and already provided them with a 30 day interest-free period to pay you. 2/ The "payment due" date on your invoice is the latest date they can pay you by, not the date they should start thinking about getting it sorted. 3/ Their lack of internal process and cash flow issues are not your problem. Even if their client hasn't paid them yet, you've done the work. They shouldn't have hired you if they didn't have the budget to pay you. 4/ It's not personal. You're a business, asking another business, to pay you for the work done. 5/ You're entitled to late payment surcharges and interest in law. You don't have to have included it in your terms or contract. 6/ If you're dealing with a larger company (50+ employees), speak to the Office of the Small Business Commissioner for advice, they can often take action or give you guidance on what action to take next. 7/ It's not going to damage your relationship with your client - they already damaged it, by not paying you on time. 8/ Even if it's not causing you cashflow issues, act promptly. Every invoice which doesn't get chased and challenged makes it that _little bit more okay_ for businesses to pay late. You can guarantee your client is chasing their late payers. I'm revising our ever popular guide to late payments, and would love to hear any stories from fellow freelancers, so we can include a diverse range of experiences. Hit me up if you'd like to share your story.

Do you ever check that you are on track financially, or just wait for your accountant’s bill and tax demand? Some do, and they operate this way as it suits their purpose. For most it doesn’t follow that this is the best way forward. There is, according to every accountant, coach and NED I know, a need to know when and where money is moving to and from for the business. Similarly, do you know when client demand is going to peak, or dwindle? Every business has some kind of cycle, even if you work from 3 or 5 years contracts. Do you also know when new clients will join and when some will leave? Doing these things are key to know when you need to increase, and/or decrease, staffing levels, or support from freelancers. When you can, work out when you will take time out to work “on the business” and when you need to roll up your sleeves and be part of the engine room and work “in the business”. The fun part for me is no two businesses are ever the same. They have a different business ethos, and different risk appetites. These are essential things for me to know as without them my support is far less effective. While I have digested so many standards and approaches to managing various aspects of businesses, I never “quote from the playbook”. The benefits that I bring are mainly that everything is done to suit your needs. I may highlight many things for you to consider, but its always your decision that counts. The last thing I would comment on, should a presented option be refused, is the risk that may be encountered from doing nothing. It usually carries a greater risk than doing something. #business #smallbusiness #change #businesssupport #success #standards

Do you struggle to track your client payments? You’re not alone. Keeping an eye on client payments might not be the most thrilling part of your day, but it’s important. If you need a simple way to see who’s paid and who hasn’t, Google Sheets can be your best buddy. Don’t worry if you’re not a spreadsheet wizard; I’ll walk you through a simple setup to get your client payments neatly organized and easily tracked. Why Should You Track Client Payment? Keeping track of client payments is essential for maintaining steady cash flow, especially for freelancers and small businesses. It helps you stay on top of who’s paid and who hasn’t, making it easier to manage finances, plan for the future, and avoid delays. Regular monitoring also lets you quickly follow up on overdue invoices, minimizing uncertainty and showing clients you’re professional and reliable. Step 1: Set Up Your Google Sheet Open Google Sheets and click “+ Blank” to open a new spreadsheet. This empty sheet will be your main dashboard for tracking all client payments. Create the following columns to match what you’ll need to track payments: Invoice Number (Transaction #) Client/Company Name Issue Date (Date when you... https://lnkd.in/dYCYYzZP

Business Owners: Do you receive cash payments for your products and services? Make sure you're recording them correctly in Quickbooks Online or you could have a big mess on your hands. Connect with me and I'll show you the right way to do it.

𝐆𝐞𝐭 𝐏𝐚𝐢𝐝 𝐅𝐚𝐬𝐭𝐞𝐫: 𝐔𝐧𝐯𝐞𝐢𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐒𝐞𝐜𝐫𝐞𝐭𝐬 𝐨𝐟 𝐈𝐧𝐯𝐨𝐢𝐜𝐢𝐧𝐠 𝐌𝐚𝐬𝐭𝐞𝐫𝐲! Hey everyone! Let's talk about the art of invoicing and how to nail it for quicker payments. As a small business owner, invoicing is a crucial part of keeping the cash flowing. But mastering the process isn't always easy. Here are some tips to help you streamline your invoicing game: 𝑩𝒆 𝑷𝒓𝒐𝒎𝒑𝒕: Send out your invoices promptly after completing a job or delivering a product. The sooner you send them, the sooner you'll get paid. 𝑲𝒆𝒆𝒑 𝑰𝒕 𝑺𝒊𝒎𝒑𝒍𝒆: Make sure your invoices are clear and easy to understand. Include all the necessary details like the services provided, payment terms, and due dates. 𝑭𝒐𝒍𝒍𝒐𝒘 𝑼𝒑: Don't be afraid to follow up on unpaid invoices. Sometimes, a gentle reminder is all it takes to get the ball rolling. By mastering the art of invoicing, you can ensure a smoother cash flow and keep your business thriving. So, let's get those invoices out and watch the payments roll in! Happy Wednesday! #finetips #entrepreneurlife #cashflow

Managing #OverdueBalances is a common challenge for many businesses. As a bookkeeping company, we understand the discomfort that can come with reaching out to customers who have outstanding payments. This can stem from reasons like: 👉 delays in your promised services 👉 hesitancy to broach the subject after a significant time lapse 👉concerns about hindering your client relationships. As #Bookkeepers, we’re happy to perform these follow-ups on your behalf. Waiting until the “right time” can lead to challenges in collecting those funds at all, and receiving those payments when you anticipated them is essential for keeping your #cashflow positive. Don't let the fear of asking for payment hold you back. Reach out to learn how our expertise can streamline your #invoicing processes and support you in achieving #PositiveCashflow!

Hey, Business Owners! Some bills change every month, but you still need to remember when they’re due. Did you know that QuickBooks Online can give you reminders when you need to record those? Let me show you how!

Hey, Business Owners! Some bills change every month, but you still need to remember when they’re due. Did you know that QuickBooks Online can give you reminders when you need to record those? Let me show you how!