Are Your Invoices Delaying Customer Payments?

From The Virtual Credit Manager

The Importance of Timely, Complete and Accurate Invoices

While it is true that accurate invoices are sometimes lost or paid slowly, a major cause of delinquent receivables is failing to meet the customer’s invoicing requirements. Government agencies, big box retailers or other large customers often have invoicing requirements that may differ from the industry norm. In addition, the longer you take to deliver invoices to your customers, the longer it will take for them to send you the payment.

Keep in mind that Accounts Payable (AP) departments are looking for a three way match between their Purchase Order (PO), your Invoice, and a Delivery record. No match and the invoice will not be approved for payment, but rather set aside pending further manual research, which takes time, further delaying payment. If your customer has automated AP, the payment delay due to manual handling can even be longer.  To access the full article please click here