Step 8: Project a Late Payment

It’s common for the business press to discuss how late payments have a serious negative impact on businesses. The occasional late payment may seem like no big deal. But depending on the size of the invoice due, even a one-off late payment can be devastating.

Sometimes the problem is less about a payment being late and more about the expectation of a business (for example if a business needs an invoice to be paid in order to meet their obligations).

Imagine a perfect storm of outgoings looming; a tax bill is just around the corner, you’re days away from payroll and a large supplier is champing at the bit for payment…

If a business has visibility into this, then plans can be made to avoid a crisis. That’s why this step is all about changing an expected date of a large invoice; to show you if you can afford a late payment (and if not, how large the deficit will be).

This Task Should Takes Less Than 4 Minutes

  • Login to Float
  • Go to Cash Manager
  • Select “Invoices”
  • Select “Due”
  • Navigate to the column called “Due” and click on it to order invoices by size
  • Select the largest invoice due by clicking on the check box to the left
  • Click on “Change Expected Date”
  • Select a date 6-8 weeks from today’s date
  • Look at the impact this has on your cash graph

If you don’t have a single large invoice, you could select a number of large invoices and perform the same task.

 

Up Next – Step 9: Download a Report >>

Ewan McCowen

I'm a marketing professional and Babson alum who loves all things business. When not in the office you might find me somewhere in the Scottish Highlands, fishing or wild camping.