It is commonly said that the best way to reduce bad debt is to avoid it all together. A quick and easy way to how businesses can drastically minimize unpaid accounts is giving their billing statements and invoices a face-lift. The information provided by you in these documents can play a huge role in the determination of the number of accounts that have gone unpaid.
To illustrate, you must ensure the contact information of your company along with the clear visibility of the payment options provisional on all billing statements and invoices. After all, the good thing is to ask a business to pay you, if they are not aware of doing it in the first place.
If you are inquiring that businesses pay via check, then make sure to include your company’s mailing address. In case you offer an option of online payment, you must ensure the inclusion of the URL to your website or online portal of payment.
If you prefer businesses to pay by phone, then you should never forget to list the phone numbers and hours of operation of your company. It looks like it is quite simple, but far too often it has been observed that companies are unable to include this information in their billing statements or invoices.
Lastly, a clear explanation of the charges, which a business is responsible for paying must always be included. There has to be a description of the rendered services or the details of the unsettled debts, and then, of course, the amount owed and the payment due date has to be included.
When all of this critical information is included, it is vital that your business partners and customers are bound to know how much they owe, what date they are expected to pay by, and most importantly, how to put forward the recompense.