How to get payments after event
When you are running an event planning business then your accounts should be in higher condition and cash must be flowing all the time. If you want that your bank balance should not be zero then event manager should follow the following tips and tricks.
What is Accounts Receivable?
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How to reserve partner hotel for eventAccounts receivable means the money and payment that you get from your client and it make a remarkable difference in the success and failure of your business; you have to keep a good and balance relationship with your client to get all payments on time.
Accounts Receivable Tips
1. Make your payment policy up
Tell about your terms and conditions to your client before giving and offering your services. Write all polices and rules on the contract paper. Include all the issues like when you want money of your bills? Do you want some advance deposit in your account? Before staring anything have a meeting with your client and start your work when he agrees upon all terms and conditions. Make your acclaim policy before meeting with client.
2. Have a fast system.
Now keep the records and track of your payment always. Either use simple excel sheets or use some online system for it. You must always know that how much is coming and going in your account.
3. Send bills without hesitation
It is one of the important and critical tip for event manager. After the end of the event send all bills and invoices to your client, because still event is fresh in his mind. After sometime he will forget all and you won’t be able to receive your payments on time. If you overlooked to send the bills on time then keep some record on your calendar.
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4. Cash flow
Make some method of cash flow, means after any event get payment on spot, 15 days after due date, 30 days after due date or 60 days after due date. You have to pay bills and pays of your team members as well so you need a cash to flow in. if your invoices will get late you won’t be do any expenses on time.
5. Communication barrier
The most common problem of event manager is the communication barrier between them and client; they really don’t chase the clients for bills and payment. If they keep environment friendly will be easy for them to ask about payments. Just call them or email them and remind about the late invoices. Ask all question and queries to make payment process rapid.
6. Understanding all Things
Be friendly and understandable to your client, there can be many reasons for late payments like some emergency, family issues, health issues etc. Develop some good business relationship with your client and understand all problems he having.
7. Other way out in the case some bad thing happens
If something bad happens like client refuses to give money then you must having some other way out as well like some legal representative, legal action and court inquiry? Hopefully you will not face such bad circumstances but hope for best and prepare for worst always
