Outstanding invoice meaningĪn invoice is considered outstanding when it has been sent to your customer, but it has not yet been paid. Often outstanding invoices are issued before the due date, so your client has the information in plenty of time. You and your client must understand the vital role the invoice plays in your business transaction.įor example, an invoice sets out the payment terms for the products or services purchased by the customer from your business, including the various payment methods, contact details, reference numbers, and the all-important payment due dates. That’s why you should have robust processes and procedures in place that help you move your invoice collections through various stages. Not everyone enjoys invoice collection as part of credit control. And not everyone has the experience in chasing down debtors, managing the problem effectively and efficiently so that you can move your client from the won’t pay to the paid, quickly! The pile of papers that you don’t like to think about, yet they cause you the biggest concern.Ĭoncern and stress because unpaid invoices have a negative knock-on effect on your everyday business operations.Ĭhasing outstanding and overdue invoices eats up your and your employee’s time, taking them away from the day-to-day job, cutting into your profits, and ultimately affecting your bottom line and your cash flow. That pile (hopefully small) that sits at the end of your desk.
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