{"id":2720,"date":"2022-06-15T09:02:22","date_gmt":"2022-06-15T09:02:22","guid":{"rendered":"https:\/\/www.onlineinvoices.com\/blog\/?p=2720"},"modified":"2022-06-15T09:36:46","modified_gmt":"2022-06-15T09:36:46","slug":"outstanding-invoices","status":"publish","type":"post","link":"https:\/\/www.onlineinvoices.com\/blog\/2022\/06\/15\/outstanding-invoices\/","title":{"rendered":"How To Better Chase Outstanding And Overdue Invoices In 2022?"},"content":{"rendered":"\n

Cashing Past due and outstanding invoices<\/strong> are causing real problems for businesses, especially SMEs. It is reported that late invoices are about 54%<\/a> of average business invoices. They would pay in a period ranging from 14-90 days, if not beyond. Here are the best practices that would help you better chase your outstanding invoices and avoid bad debts.<\/p>\n\n\n\n

\"How<\/a><\/figure>\n\n\n\n

What are outstanding invoices? <\/h2>\n\n\n\n

An outstanding invoice is an invoice that the customer has not yet paid but is still within the payment due date. But when the customer passes the payment due date, the invoice becomes a past due or an overdue invoice. So the difference is the timing.<\/p>\n\n\n\n

Tips to avoid making your outstanding invoices past due invoices<\/h2>\n\n\n\n

Before sending any outstanding invoices<\/strong>, you need to send ensure that you have fulfilled all the prerequisites of a valid invoice<\/a> and applied all the tips for faster-paid invoices<\/a>. If you did your job, but the client did not pay the invoice. Try to apply the best practices mentioned in this article. These tips would help you reduce the percentage of past-due invoices.<\/p>\n\n\n\n

Use Invoicing software<\/h3>\n\n\n\n

You need to utilize the features provided in the invoicing software<\/a>. They would make it easier to track, follow up, and remind your entitled employees and clients of the past-due invoices. Use automated emails, reminders, and other features in the invoicing software.<\/p>\n\n\n\n

Stop further supplies<\/h3>\n\n\n\n

If your clients do not pay your invoices, you should stop accumulating more invoices. Stop supplying them until they pay their invoices. This would urge them to pay faster, in one way, and save your inventory for better clients.<\/p>\n\n\n\n

Send early reminders of outstanding invoices<\/h3>\n\n\n\n

You need to track your outstanding invoices <\/strong>and send regular and early reminders. You could chase your invoices in different ways. For example, you can phone the clients when there are only a few days before the due date.<\/p>\n\n\n\n

Define a chasing process<\/h3>\n\n\n\n

You need to define the outline of your chasing process. When you will send early and late reminders; when you phone them; when you ask the lawyer to intervene; when you will go through the legal process .. etc.<\/p>\n\n\n\n

For example, your may say:<\/p>\n\n\n\n