MG Bookkeeping Solutions

”Growth must be chosen again and again;
Fear must be overcome again and again.”

—Abraham Maslow

CLIENT TESTIMONIAL

"Mary is my shining star! She does amazing work, on time, is reliable and has helped me in more ways than just data entry. I can trust her to do a good quality job, and trust her with the client data that I have."

Client - Christine D.
Bookkeeping Firm Owner in New York

What can I do when my customer doesn't pay.

Having overdue from customer can affect your cash flow.

Sometimes it can be frustrating...

But communicating with your customer is important, know their reason and be empathetic with them.

Maintaining a good relationship with your customer will benefit both you in the long run.

They may encounter problem now but understanding their situation can also lead to referral.

Turn into an opportunity those not so good situation

To prevent this happening in your business here what you can do

1. Know your client, make research on them, have business relationship only that fits to your criteria as customer

2. Prepare contract. The contract should detailed the project or service you'll be doing, how much the client will pay you, and when payments are expected to be paid.

3. Get Payment Upfront at least 30% . This way, if the client doesn't pay the first invoice on time, you can stop working and refuse to finish the project or service until you get paid

4. Charge Late Fees. Ideally this is included in a written contract or invoices

5.Communicate with client. Send a reminder to your client they need to pay your invoice.

Hope this tips help you to minimize your outstanding overdue invoices.

Are liabilities bad?

Liabilities isn't necessarily bad.

If you owed money to purchase an asset that will help your business grow and has good cash flow then it is good.

But too much liabilities can also hurt your business.

Knowing your capacity to pay is important in making decisions.

Liabilities turned into asset if used properly in business growth.