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Course: Getting strategic with cash flow

Part 2

 

12 minute read

Test Your Knowledge

Question 1 of 3

How often should you invoice your customers?

Answer:

Invoice as soon as possible. Don’t let distraction or fear get in your way. For larger projects, you may want to ask for a deposit up front and then invoice the remaining amount upon completion.

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Test Your Knowledge

Question 2 of 3

Which of these is a best practice for tracking payments?

Answer:

The more organized you are, the more likely you will receive payment in full and on time. A documented receivables process can help you stay focused on the tasks required to get money in the door.

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Test Your Knowledge

Question 3 of 3

Which payment incentives can you and your customers feel good about?

Select all that apply

Answer:

Customer relationships are delicate. You don’t want to do anything that will make good customers go elsewhere. However, you do need to make sure you get paid. Start out by making it easy for customers to pay their bills. If non-payment goes on too long, sit down and talk to your customers to see if there’s a way to get payments flowing.