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1) I try to have slightly weird terms so that I don't slot neatly into any standard way of ignoring invoices. 2) Yes, in principle, though (a) it complicated t
by DamonHD 10y ago
1) I try to have slightly weird terms so that I don't slot neatly into any standard way of ignoring invoices.
2) Yes, in principle, though (a) it complicated taxes and (b) none have ever taken me up on the offer. You could go to a factor to do it for you though.
3) Unless it's a huge difference, no.
When I started at RBS in 2008, having escaped Lehman Brothers just in time, I was glad that I had been switched to weekly invoicing (without being asked) since RBS' share price halved live while I watched in the first week and I wasn't sure that RBS would be alive to pay me in week 2!
- michaelflux 10y ago1) Weird how? Any examples? 2) Have you ever used factoring services before? What was the experience like?
- DamonHD 10y ago1) 21 days or 8 days or 17 days. NOT 30 days or a multiple thereof. 2) No, though I have been tempted occasionally. In one case the accounts dept was sympathetic with me over their MD being slow every invoice signing off, so I'd go and have tea with them for an hour each Friday afternoon and book it as paid time "OH:Admin". We reckoned that that easily covered any interest costs to me, and made Friday so much better!
- michaelflux 10y agoHave you found any change in how people pay the invoices after you started doing the nonstandard days?
- DamonHD 10y agoI generally end up getting to know the relevant people in accounts when they ask me "Uh, what do we do with this?" and talk to them and build enough of a relationship that payments are made as well as they can be. (Or else, in some spectacular cases, an accounts person being stupid to me gets fired.)