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

Why PR agencies often get paid late by their clients - and what to do about it

The changing relationship between PR agencies and their clients means agencies risk being paid later than they are used to.

The ICCO World PR Report 2018-19 points out that clients are not allocating enough funds, and clients are too focused on the short-term.

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss what you can do about it.

PwC warns cash conversion crunch is cutting capex

Companies are having a tougher time turning revenues into cash, according to PwC. The annual global Working Capital Study shows cash conversion is down 6% YoY at a 3 year low.

And, if all companies collected on invoices faster, they would have an extra 1.3 trillion Euros at their disposal. This means, they could invest 55% more in their businesses.

So, what do companies need to do?

RIABU’s Simon Littlewood and Mark Laudi walk you through some of the Asian findings of the report, and what you can do to increase your cash conversions.

Who should pay bank fees when the customer pays your invoice - you or the customer?

Many business owners can relate to this problem: You are dealing with a customer from overseas, and they have made a payment to your local bank account. But you find you have been charged bank fees for the transfer.

Who should bear these costs? What do you when you explicitly asked your customer to cover bank fees, but are charged after all? Do you roll it over to the next invoice or do you ask your customer to pay?

RIABU's Simon Littlewood and Mark Laudi discuss how you can avoid the dilemma and ensure your relationship with your customers continue to progress.

Should you still hope for a cheque in the mail?

There's nothing like receiving a cheque in the mail for the products and services you've provided.

But at a time when there are so many payment channels available, they are increasingly a pain to deal with.

Moreover, paying by cheque gives your customers extra excuses not to pay you on time ("the cheque's in the mail...").

RIABU experts Simon Littlewood and Mark Laudi discuss the options.

Collection matching - how can you chase when you might have been paid

So, you check your corporate bank account and find a customer has paid their invoice.

The trouble is, who is the customer? Sometimes, the information supplied with the transfer is so scant you can only guess who sent it.

Or the customer is clearly identified, but they haven't specified which of your outstanding invoices they're paying.

If many of your invoices are for the same amounts, it's difficult to identify which have been paid, and which ones you still need to chase.

RIABU experts Simon Littlewood and Mark Laudi discuss how to overcome this dilemma and ensure all your invoices are settled.

What salary-earning finance people need to know about the entrepreneurs they pay

If you are a salary-earning member of a company's finance department,
this podcast is for you.

You might have instructions to delay payment to your company's suppliers, even as they press you to pay them as quickly as they can.

But is this ethical? How you do you manage your payment terms and make sure your vendors get paid on time too?

In this episode, RIABU experts Simon Littlewood and Mark Laudi explain the importance of payment policy and managing cash flow so that your business relationships with your suppliers do not suffer.

Brexit, and its impact on payments to small businesses

Brexit is not only going to change the trading relationship between companies in the UK and Europe.

It will also have a huge impact on receivables and cash flow, as customers on the continent will have yet another reason to delay payments.

So how can you overcome this issue and get paid on time?

RIABU's Simon Littlewood and Mark Laudi discuss what you should do to tackle cashflow problems ahead of Brexit, so you still get paid on time.

Assume ignorance before malice

Late payments are frustrating, and chasing your customers for overdue invoices is an emotionally-gruelling task.

But don't be too quick to blame your customer, and presume they're out there with malicious intent of not paying you.

What if your customer does not understand your payment terms clearly? What if you failed to provide accurate information on your invoice?

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss what you can do to tackle tricky situations like these and get your customers to take your invoices seriously.

Beware customers who ask you for an invoice before onboarding

When a customer says "send me the invoice!" before you've even sent them a quotation or proposal, most suppliers leap for joy.

After all: which customer thinks of paying you so quickly!

But not so fast...there are good reasons for caution, as RIABU experts Simon Littlewood and Mark Laudi discuss.

Developing a "countdown to delivery"

Most customer interactions follow the same workflow. The customer places the order, you then deliver the product or service.

But if you don't include some of these critical actions in the lead-up to delivering, you will likely have to chase for payment later.

A "countdown to delivery" is a pre-emptive measure which gives you enough time to delay or stop delivery if the customer hasn't met their deadlines.

In this podcast, RIABU experts Simon Littlewood and Mark Laudi discuss how to put such a countdown together, and how to stick to it.