RIABU - Tips and tools for getting paid on time by your customers

Small businesses don't chase late payments to maintain client relations

Late payment often creates big pressure on businesses.

A recent report by Loudhouse shows 52% of small business owners used their own or loved ones’ money to finance their businesses, which resulted in straining their relationship. Also, companies refrain from chasing delayed payments as they are afraid of affecting the relationship.

But what can you do to ensure that you will never in such a situation?

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss how to neither chase for late payment, nor borrow from loved ones.

You need to upskill if you want to upscale your business: Minister

Growing revenue beyond S$100 mln requires much different skills than the first S$100 mln, said Minister for Trade and Industry Chan Chun Sing at the launch of SMEICC 2019 at Suntec City.

RIABU's Mark Laudi and Simon Littlewood focus on the skills you need to ensure your receivables don't blow out as your revenue grows.

Singapore companies make the same rookie mistakes when venturing overseas: Minister

Companies venturing abroad are not learning from the experience of other companies and end up paying "tuition fees", said Minister for Trade and Industry Chan Chun Sing at the launch of SMEICC 2019 at Suntec City.

RIABU's Simon Littlewood and Mark Laudi discuss how you can ensure new overseas customers pay your invoices on time.

Freelance writer documents accounts receivable nightmare

Being a freelancer is tough. Without the backing of an organisation, you operate in a much riskier environment than salaried employees.

On top of that, it's not uncommon for freelancers to get paid late.

So, what can freelancers do to get paid punctually without the backing of an accounts team?

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss how even freelancers can get paid on time.

How to get paid on time when you invoice only on completion of delivery milestones

You might rejoice when booking a big sale as revenue.

But your enthusiasm will be dampened if you can only invoice in stages.

In this episode, RIABU's Mark Laudi and Simon Littlewood reflect on just this issue, raised by one of the many visitors to our exhibition space at the SMEICC in Singapore, and discuss how to still ensure you can get paid on time.

Do your customers pay your invoices faster when you use a factoring service?

We've had many visitors to our exhibition stand at SMEICC, one of whom claimed customers are "scared into paying faster when a factoring company chases them".

RIABU's Simon Littlewood and Mark Laudi debate whether this is true.

US-China trade war slows down demand for Singapore businesses

Singapore businesses are facing a slowdown as a result of the US-China trade war.
 
On top of that, they are facing cash flow concerns, as payments from customers are delayed.
 
So what can you do about that?

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss steps every company can take to ride through the downturn.

Can technology resolve the late payments issue?

There are many technology solutions in the market, that promise you to get paid faster. From accounting software to e-invoicing, they promise to increase the efficiency of your order-to-cash process.

While these certainly iron out the kinks in the process, they are no guarantee they will result in on-time payment.

RIABU's Mark Laudi and Simon Littlewood discuss why.

Are you sure you don't have customers who pay you late?

Surveys show 1% of SMEs have problems collecting payments from their customers, and 99% lie!

Fact is, there are very few industries where transactions are routinely handled in cash or payments are immediate.

But if you extend credit, you will invariably have customers who pay you late.

RIABU's Mark Laudi and Simon Littlewood discuss the dangers of living in denial.

Should you go easy on chasing customers for payment during times of recession?

When the economy is slowing, you might be reluctant to raise payment terms with your customers.

After all, you might fear losing them if you bring it up during your negotiations.

But as RIABU's Mark Laudi and Simon Littlewood discuss, a difficult economy is precisely the time to ensure you will get paid on time. We show you how.