Step 8: Project a Late Payment
Late payment can have a devastating impact on businesses.
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 chomping 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
- Log-in to Float
- Select “Invoices Due”, or “Bills To Pay”
- Select whichever invoices or bills you need to update the expected dates for – either choosing them individually or selecting multiple
- If you select multiple then go to the “Batch Actions”
- Click on “Set Expected Date”
- Either push your invoices/bills out by a set number of days or select a specific date
- Go back to the Cash Flow Tab and see the impact that this has on your cash flow
Getting paid on time is a good way to keep on top of your cash flow. But if you do experience the curse of the late-payer then there are ways and means of avoiding the damaging impact on your cash flow by pushing out the expected date to when you think you will actually be paid.
Up Next – Step 9: Download a Report >>