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 >>
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