￡14k Recovery…Use our Process

Before you start - here's a link to some Free Stuff helping business owners and those wanting to further their careers in tax and accountancy.

?? Hey!

Do you know the tales of sunken treasures and hidden gold??

Well, guess what??

Your business might just be sitting on a chest of unclaimed gold ????

Keep reading to find out how we helped our client find ￡14,000!

?? The Deep Dive

In my monthly catch-up with my client, the client let me know that she was worried about being able to afford the next payroll run.?

We looked at the numbers in QuickBooks and she was correct, she was almost ￡5k short.

There are various options at this stage, such as loans, credit cards, selling unused assets, pushing sales over the line and so on.?

But in my opinion, the easiest place to start is to see who owes you money!

I took a deep dive into the finances to find this hidden treasure.?

What I found was a trove of ￡14,000 in unpaid invoices, which was simply overlooked by the client.

?? The Rescue Mission

There was no magic formula, just old-fashioned diligence.?

I reached out on our client’s behalf to the clients that owed money.?

The first outreach was a simple email: ONLY FOUND IN OUR EMAIL NEWSLETTER AS INSUFFICIENT SPACE IN THE LINKEDIN NEWSLETTER ??. Subscribe here for the email newsletter.

These two invoices were paid on that day.

For the remaining unpaid invoices, I followed our usual process - sending two emails and then calling them until the payment had been settled.?

For our client...What was the result?

All invoices settled within a breathtaking 3 weeks bringing in ￡14k.?

So the payroll was covered, plus a bit extra.

?? Your Immediate Action Plan

If you don’t have a system to collect late payments, you can start with this basic plan and improve it over time.?

1?? Invoice Audit

Schedule a weekly review (Friday morning works well) of your outstanding invoices. It's the map to your buried treasure that can fall between the cracks.

2?? Prompt Follow-ups

During the weekly review, follow up on late payments.?

A simple email can set things moving.?

You can use this email:

Subject: Invoice #12345 Overdue

Dear [Recipient's Name]

I hope you’re well.

I am updating our bookkeeping and I noticed that invoice #12345 is overdue, dated [Invoice Date], for the amount of [Invoice Amount]. As of today, the payment is [Number of Days Late] days late.

Please confirm when you expect to settle this.?

If you require any further information or assistance regarding this matter, please feel free to contact me.

Warm regards

At the next weekly invoice audit, if the payment is still outstanding the follow-up email can be:

Subject: Second Reminder - Invoice #12345 Overdue

Dear [Recipient's Name]

This is a follow-up regarding invoice #12345, which remains outstanding.

I should be grateful if you would confirm when we can expect this payment.

Thank you for your cooperation.

Best regards

If the payment is still outstanding the following week, a follow-up phone call is simple and effective.

Here are some tips:

• Let them know that you are following up on your emails.
• Offer to resend the emails and let them read the emails, whilst on the phone with them.
• Ask when they can pay and put it in your diary to follow up if they do not pay by the due date.
• Always ask them is there anything to stop them from paying. This will help you identify cash flow issues with your client.
• If they have cash flow problems set up a payment plan.
• The payment plan is to let them pay you quickly as possible
• Suggest two installments to the client.

Bonus Tip - get it by direct debit so you don’t have to chase payments every month.

3?? Record Keeping

Maintain clear records of all communications.

It's your logbook and will protect you should things turn sour.

You can do this by storing emails and logging notes of your phone calls.?

A good CRM will save you time.

??? Your Personal Lookout

Feeling like you're navigating blind and you need help??

Our Invoice Control Service is for you.?

We keep an eye on the horizon for you, scouting for overdue invoices and gently nudging those who owe you so your business relationships stay as smooth as calm seas.

If you’re interested in improving your finances, book a Cash Booster Diagnostic here.

? The Parting Wave

Hidden fortunes in unpaid invoices aren't a myth—they're missed opportunities waiting for you to grab them.?

Until next time, keep your business buoyant.

Warmest regards

Tehsin

Whenever you're ready, here's how I can help?

?? The Cash Diagnostic Session - Are you ready to take control of your cash levels??

Book a cash diagnostic session now and discover how our accounting expertise can help you identify and implement strategies to optimise your finances.

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