Summer is approaching: is your company ready for outstanding invoices?
It may still seem far away, but with the payment of holiday allowance, summer vacation is fast approaching again. For many, it is a period of relaxation, but for you as an entrepreneur, it is a moment to be extra alert. Because while your clients are on vacation, outstanding invoices simply remain unpaid. How do you ensure that your cash flow is not jeopardized during the summer months?
Extra risks during the summer months
In the business world, the months of July and August are often characterized by lower staffing levels. Many employees are on vacation, administrative processes slow down, and payment reminders sometimes remain unanswered for weeks.
This can lead to:
- Delayed payments
- Accumulating payment arrears
- Limited availability of clients
- Stalled collection processes
For companies with many business clients, this can have direct consequences for financial continuity. Therefore, it is important to pay extra attention to 'accounts receivable'. Especially in the summer...
"We are on vacation" is not a valid argument
It is a common reason given for payment arrears: "The responsible colleague is on vacation." But do not forget that invoices continue to run in July and August as well. The obligation to pay does not disappear when someone is absent. Therefore, it is wise to take measures in a timely manner.
5 practical tips to make your collection policy summer-proof
Before you, as an entrepreneur, switch to 'relax mode' yourself, it is important that you arrange a number of things properly. Below are a number of handy tips that can help you well:
- Update your debtor file in time
Ensure an up-to-date overview of outstanding items. Focus especially on invoices that have been outstanding for a longer time or whose payment term expires soon, or during the summer vacation. - Communicate with your clients on time
A friendly reminder before the vacation period prevents discussions afterward. Let them know that you expect to be paid on time during the summer as well. - Plan an active collection round yourself before the vacation period
Do not wait until it is too late. By taking action now, you prevent arrears from arising when staffing is lower. - Engage your collection partner before the summer vacation
Incasso.nl can help you start the amicable trajectory even before the summer. In this way, collection actions continue during your absence. This avoids delays in your payment process and ultimately ensures you get paid faster. - Let your own collection processes continue during the summer
Ensure that follow-ups, reminders, and formal notices keep running. If you use an (online) accounting program, chances are these processes are automated. If you have to remind clients manually, you could assign this task to another colleague, for example. This prevents your internal processes from remaining stagnant for unnecessarily long.
Do not wait too long!
At incasso.nl, we understand that outstanding invoices do not wait until September. Especially during the quiet summer months, we ensure that your accounts receivable management keeps running. Our team is accessible and active all summer to collect your invoices.
Do you want to know how we can support your company with summer-proof collection services? Please feel free to contact us for a no-obligation advisory meeting. Naturally, you can also immediately create a free incasso.nl account and submit your first unpaid sales invoice immediately.
