It always interests me when people discuss problems with late payment of invoices, as happened recently on AccountingWEB. Of course this is a problem for any business. It is a particular problem for practicing accountants. But important as it is, late payment is only one small element of the issue of managing client payments in any business, and especially for accountants.
I break the problem into four stages:
1) getting the terms right;
2) getting the admin right;
3) getting the bills out;
4) getting the cash in.
Quite rightly, the issue of late payment is the last of these because it probably won't be a problem if the other three are handled properly.
Get the message across
IT sounds absurd, but the real problem for most accountants is getting the message across to the client that they expect to...