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Accounts receivable: getting invoices paid on time
Written by Ilias3 min read
Finishing a job is one thing, getting paid is another. Late payments are a common problem for self-employed people and can put serious pressure on your cash flow. With good receivables management you keep a grip on your income. This article gives practical tips.
What is receivables management?
Receivables management is the process of ensuring your clients pay your invoices on time. It starts with a clear invoice and clear payment agreements, and continues through to following up outstanding amounts. Good receivables management prevents your money from being outstanding too long.
How do you prevent late payments?
Start with a correct, clear invoice with a reasonable payment term, for example 14 or 30 days. Send the invoice right after the work and clearly state your account number and the final payment date. The sooner and clearer you invoice, the faster you usually get paid.
What do you do with a late payment?
If a client doesn't pay on time, first send a friendly reminder. If that doesn't help, a formal reminder with a new term follows. If payment still doesn't come, you can start a collection procedure. Keep the communication businesslike and friendly; often a forgotten payment is simply an oversight.
How do you keep track?
Use bookkeeping software that shows which invoices are outstanding and for how long. That way you see at a glance who to follow up. By checking this weekly, you prevent outstanding amounts from rising unnoticed. A fixed moment for receivables management in your week helps enormously.
This article provides general information based on the rules known for 2026 and does not replace personal tax advice. For your specific situation, we're happy to take a look with you.
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