This post is brought to you by BQE Core.

Putting up with a late-paying client every now and then is definitely annoying, but it usually won't break the bank. If late payments become a regular occurrence, however, you should take action by better communicating with your clients. Otherwise, you risk hurting your cash flow and damaging your firm. Here are 5 ways to avoid a cash crunch by doing your part to help clients make their payments on time.

Verbally read over contracts together

You just received a signed contract from your client. But does that mean your client actually read it and remembers all the details—including payment deadlines? Don't just get a signature from them and tuck the contract away in your file cabinet. Call your client on the phone (or better yet, meet in person) to verbally go over important sections of the contract, including when you're expecting to get paid.

Side note: Going through the contract with your client will also help you manage their expectations in case they start requesting major changes once the project’s underway. You’ll cut down on scope creep because they’re more likely to remember what’s covered by your contract amount—and what’s not.

Remind clients of upcoming payment deadlines

Ignoring payment due dates isn’t something most clients do on purpose. Maybe your invoice got lost with the two dozen other invoices on their desk. Perhaps someone at your client’s business entered the wrong due date into their accounting system. If progress billing is included as part of a current project you’re working on, consider a short, friendly reminder about upcoming payment deadlines about a week beforehand.

Don't be late with your invoices

Mistakes happen. It’s easy for an invoice to get overlooked by you, your office manager or another employee. With a project accounting software solution like BQE Core, though, you can easily make your billing process so much faster and more accurate.

With intuitive time and expense tracking, straightforward workflows, and more, every part of your firm’s billing cycle is made simpler. You can even automate your invoices by setting up future invoices, rules for billing, and frequency when you undertake a new project.

Make it easy to make payments

If your whole system up through sending invoices is top-notch, consider switching up your payment process. Don’t make clients write a check and snail mail it back to your accounting department. Your firm should offer at least one online option for making payments. If clients choose to use it, you’ll usually have payments in your bank account by the following business day.

Pre-qualify clients

Beware if one of the first questions from a prospective client is, “How much will this cost?” This may be a sign of price sensitivity that could create more trouble than the project is worth. Most A-list clients will always pay your invoices on time and won't question your fees. When possible, say "Thanks, but no thanks" to prospective clients who may not be a good fit for your firm.

About BQE Core:

BQE Core sets the standard for billing, time & expenses, project management, and accounting software for professional services. 

Made by award-winning BQE Software, it gives professionals the speed, flexibility, and visibility they need to accelerate productivity, boost profits, and spend more time doing what they love. Core boasts comprehensive dashboards, native mobile apps, in-depth reports, a bevy of customizable features, and a revolutionary pricing structure.

To learn more about BQE Core or schedule a walk-through demonstration today, visit www.bqe.com/core.