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If your customers do pay you on time, it’s a good idea to send them a thank you note to let them know you appreciate their prompt payments. Establish good relationships with your customers That’s why FreeAgent lets you set up automatic late payment reminder emails for each customer, meaning your invoices will chase themselves while you get time back to focus on more important things.ĭepending on the customer, you can also customise the timing and wording of the reminders, so you can take a slightly stronger tone with your late payers when you need to give them that extra nudge. Chase late payers promptlyĬhasing customers for unpaid invoices can be both time-consuming and a little awkward, but if you want to maintain a healthy cashflow, it’s crucial. For all business types, it’s worth considering the advantages of opening a business bank account. However, it’s much easier to keep track of your cashflow if you keep business and personal finances separate - it will give you a clear idea of what’s coming and going from your business rather than from your pocket. Limited company directors need to have a separate bank account for their business, but there’s no legal requirement for sole traders or partnerships to do the same. Keep your business and personal finances separate Check out our quick guide to what your invoices should include to make sure you don’t run into trouble. To avoid any unnecessary back and forth, double-check that you’ve included the correct items, prices and customer details, and make sure your invoices include everything HMRC requires. If a customer questions an invoice and asks you to send out a new one, it can delay the time it takes for the money to reach your bank account.

We’re all guilty of the odd typo, but try to make sure that you don’t include any in your invoices. Here are six simple tips to help you stay in control and maintain a healthy cashflow. When you run a business, it’s vital to keep a close eye on the money coming in and going out of it.

2 SEPTEMBER 2021 Jump to comments 6 ways to improve your near-term cashflow