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How to ensure your painting business is paid on time

From the Resene Trade blog

For painting professionals who are overseeing two, three or many more different projects at the same time, project management become a key skill to master. As well as ensuring that your team has the right Resene paint, as well as equipment and information, it is vital to keep track of payment for work completed.

Ensure you are paid on time

If clients and customers are slow to settle invoices and quotes, this can start a chain reaction where you can't expand your own enterprise nor explore new innovative techniques or designs. Fortunately, according to the most recent statistics from Dun & Bradstreet, invoice payment times are continuing to fall in New Zealand.

Is your business paid on time?

Based on its Trade Payments Analysis, invoices were settled, on average, within 35.8 days during the final quarter of 2015. In contrast to previous results, this is three days faster than results from a year earlier.

Paid invoice
Late invoices can slow paint business cashflow.

Economic Advisor to Dun & Bradstreet Stephen Koukoulas explained that the New Zealand economy is in a good position at the moment and this is helping to lower the average payment time.

"Historically low interest rates are clearly a main influence on the speed at which bills are paid," he said.

Of the main cities, Christchurch saw the lowest payment time (35.7 days). This was slightly quicker than Wellington (37.5 days) and Auckland (37.3 days).

How can you speed payments up?

Each New Zealander made 234 debit card transactions in 2015.

Even the slightest delay to invoice payment can impact a painting business. As such, it pays to know the best ways to improve cashflow. According to the ANZ Biz Hub, early intervention is key.

If a client has not paid for paint or other materials within certain time parameters, begin to chase this up with them. They may have simply forgotten about the invoice or can explain their current financial situation and arrange a payment plan.

Of course, whatever their response, the longer you leave an invoice unchecked and unpaid, the more likely the payment will fall by the wayside.

Additionally, it might be beneficial to adopt a more technological approach to invoice payment. With many client and customers able to pay online, this is something that your painting business could take advantage of. It is quick, easy and payments can be made from many devices at any time.

Based on Payments NZ statistics, each New Zealander made 234 debit card transactions in 2015, compared to 198 in 2010 – a clear preference for the digital approach.

April 22, 2016

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