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calendar    Jun 26, 2017

How to ensure your clients pay

How to draft an invoice that will ensure you can recover any debts efficiently

To protect your position and properly define the relationship, it is important that your invoice contains the following:

Scope of Work: Clearly setting out what products or services are being provided in an itemised format;

Amount: The invoice needs to set out all amounts owing, including amounts for the services or products, and amounts for delivery, tax and other items;

Refer to Terms and Conditions: Referring to your Terms and Conditions can also help to ensure that you are paid. Well drafted Terms and Conditions address your rights to be paid and the consequences if payments are not paid. This can encourage customers to pay;

Payment Time: Having a shorter payment time helps you get paid quickly. We recommend you require payment within a maximum of 14 days. A shorter period helps you get paid faster and assists you to realize quickly if a customer has not paid.

Multiple payment methods: Make it easy for people to pay by offering several payment methods like direct debit, cash, cheque, credit card and online payment platforms.

Once you have provided the service or product, be sure to invoice promptly. It seems obvious, but it may surprise you how often businesses fail to follow this important step.

If you have further questions, please contact us at frank@franklaw.com.au.

This is not legal advice. 

frank law-16

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