We were recently asked what the best approach was when your clients aren’t paying you on time. It always feels like such a tricky situation, you don’t want to alienate them, but at the same time you really do need to pay the bills.
Our first port of call is the Late Payment Legislation. It’s an incredibly helpful tool that calculates a per day percentage penalty charge on monies owed. It takes into account the size of the company, the amount of money and the terms of service.
We always suggest a polite nudge to your clients mentioning this and giving them a weeks grace before you follow it, will often see the money appearing into your account and no falling out with folks.