It always makes me wonder how accurate my personal household vendors can accurately keep track of their own sales when I never receive an invoice from them. This is especially vexing for the vendors who allow me to pay once a month for four weeks’ worth of services.
For me, as the receiver of services from these providers, I wonder if I’m paying the right amount, I can’t remember if there were any service disruptions, and I don’t always remember whether I’ve paid them already for a certain time period and they just haven’t cashed my check.
As a long-time bookkeeper I have seen many businesses who are so far behind in receiving payments from their customers that they have a false picture on the health of their businesses. They may be leaving money on the table which gets harder to collect as time goes by. Your balance sheet suffers which effects your ability to buy assets and apply for loans. A business needs to be assertive in getting paid and getting paid accurately.
Call Montgomery Business Solutions if you need to set up or true-up your invoicing.
Best – Leigh Ann