- Your invoices to client should be simple and easy to understand.
- Call them right after you send out the invoices to make sure they have received it.
- You should start charging a late fee if you don't receieve the payment within 7 days, 2 weeks or 30 days after sending out the invoices. The amount of late fee should be stipulated on your original contract.
- You should charge a fee for all returned checks.
- All work should stop until clients are current with their payments.
- Put a lien on your client's project if he/she still refuse to pay.
This blog is for architects to share ideas and war stories. In a small way this blog hopes to improve the business of architecture from the bottom up. I think we need to unlearn a lot thing taught to us in architecture school....
Wednesday, November 10, 2010
Cash Flow- Invoices
Cash flow is very critical to the financial health of any business. Make sure you collect payments from your clients promptly.
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