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How to climb the Invoice Hierarchy

Aug 11, 2022 | 2 min read
Finance

How to climb the Invoice Hierarchy

Aug 11, 2022 | 2 min read

Your business may be the best business in the world, making and selling the best products or services on the market. Unfortunately many small and micro sized businesses fall into the fallacy in believing that their business customers will reciprocate the efforts and hard work gone into delivering products/services with a cheery prompt payment. The harsh reality however is that to them, you are simply just one business in a long list of suppliers requesting payment.

Despite all your efforts to please, many businesses often have well guarded preferential suppliers which is seldom breached. They will of course give you the courtesy smiles and polite gestures when confronting them about outstanding invoices, but when it comes to the crunch and that business has a choice of who to pay first – then small businesses with little invoicing resources often end up being pushed to the back of the que to make way for “more important” suppliers. Essentially the question business customers often ask themselves is who can they afford to upset? And who can be sacrificed easily? This often determines the payment hierarchy.

On the outside looking in, they may fill you with empty promises or reassurances that you will get paid but the reality is they are just buying time or finding more excuses not to pay you so that they can ease their own internal financial pressures and cashflow. To them, it’s a dog-eat-dog world and they’d much rather see your businesses go under under rather than them.

Many SME’s often fall foul of these tricks and simply put up with the excuses hoping that they get paid soon whilst the suppliers simply kick their invoices into the long grass. Many small business owners simply do not want to face up to the reality that they are being treated unfairly and so continue down the path of excuses as their business continues to suffer.

Invoicey helps you climb the invoice hierarchy so that your suppliers know you are serious and have some clout when asking demanding payment. The Invoice Sales ledger arranges all your invoices into days-beyond-terms and automatically calculates the amount potentially owned in late fees per invoice - which is then automatically generated upon payment of the original balance. There are nudge techniques and systemic tools to encourage your business customer to make payment and an escalation process with a clear timeline so your customer has plenty of notice and clarity as the situation unfolds. Each email notification and updated invoices contains all the latest relevant information and shows days pending and post payment along with the latest balance which can be paid instantly.

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