How to Convert Unpaid Construction Invoices into Paid Invoices?

1. How to Convert Unpaid Construction Invoices into Paid Invoices?

2. Introduction • A contractor invoice is used to list down all the details including the contractor’s service charge per hour and material expenses for a specific week or month. • It is kind of a legal statement that indicates all the important details that have happened during the construction phase. • Regardless of the size of your construction company, unpaid invoices do not just create an inconvenience, but it can also break down your cash flow. • To fight with the battle, you need to have strategies in place so that you could have a smooth invoicing process. • Unpaid invoices are the most important thing that needs your immediate attention. Let us try out these six strategies. Read More: https://www.mixbit.com/construction-invoice-practices/

3. Follow The Procedure And Then Follow-Up Politely • Do not jump to the conclusions and start emailing your clients without any strategies. • First, you need to check whether you are following the right procedure to get paid. • To do that, you need to check out a few questions before moving on to the conclusion. • Did you send an invoice? • Whether the client has received your invoice or not? • Did you send the invoice to the right person? • Is the address correct? • Answering these questions will help you find out the fault at the initial stage. • There may be plenty of reasons for getting it delayed. So, before getting angry, send a polite follow-up email to just check out the reason. Then move on with the other strict actions. Read More: https://www.mixbit.com/construction-invoice-practices/

4. Give discounts and Warn about a penalty • One of the best ways to get paid is offering a good discount and encouraging your clients to pay ahead of the due date. • For example, if your customer pays you within 10 days you can offer them a 2% discount. • Unfortunately, not every client will be happy to have such a discount and still ignore the invoice for any reason. • For those clients, you can use the most effective strategy that most of the contractors use. What is that? Well, you can warn them about the late payment charges if they do not pay on time. • This step will push your clients to pay faster, it will also help you cover the cost of miscellaneous expenses that you might have done for the legal formalities. • The idea is to prevent the hassle of unpaid invoices from the first phase itself. • Keep detailed records of communication and do not hesitate to ask for a payment in advance if required. • These are some of the ways you can convert your unpaid contractor invoices into the paid invoices and keep running your business smoothly. Read More: https://www.mixbit.com/construction-invoice-practices/

5. About Us MixBit is a knowledge-sharing platform for invoicing software, invoicing challenges, and invoicing resources. Website Link:https://www.mixbit.com/ Blog URL: blog.mixbit.com Social Media Facebook:https://www.facebook.com/MixBit-106119780991598/ Twitter:https://twitter.com/MyMixbit Linked In:https://www.linkedin.com/company/mixbit/about/ Youtube:https://www.youtube.com/channel/UC_Kj1FB-7IQsMwvD5RMZQPw/about Read More: https://www.mixbit.com/construction-invoice-practices/