The State of Illinois Vendor Payment Program has been put into place to relieve the cash flow burden of state vendors who are not getting paid on time. Overdue invoices cause a watershed of problems for goods and services companies. Here are nine signs you should get help with your overdue invoices.
- You have one or more invoices over 90 days past due. Past due invoices wreak havoc with cash flow. Most financial experts recommend not letting invoices go so long without getting paid.
- You’ve had to pay your vendors long, and they keep calling you, or you’ve had to pay employees long or put some on furlough. This is a major sign that you need help with managing unpaid invoices. Having to cut back on staff means your business productivity will suffer, which jeopardizes your entire company.
- You’re seeking a business loan. Are overdue invoices causing you to look for other ways to inject cash into your business? Taking on high interest loans is no way to grow your business.
- You’re trying to interest investors. Potential investors will take a close look at your financials, including your profit and loss statements. Overdue invoices could ruin your chances at attracting suitable investors.
- You’re dangerously low on inventory. Without inventory, you can’t provide the needed goods to your customers. Don’t delay in getting help with your unpaid invoices so you can top up inventory supplies.
- You stopped paying yourself. When businesses are in trouble, the first thing many owners do is sacrifice their own paycheck. Has this happened to you? It’s time to get the cash flowing back into your business.
- Your business credit is suffering. Business credit scores affect everything from interest terms from your own vendors to procuring working capital. Prevent your score from dropping further by getting help with unpaid invoices.
- Your bookkeeper has been warning you. Your bookkeeper understands your business finances better than anyone. If they’ve been warning you about impending disaster, then you know it’s time to take action.
- Clients are starting to drop you. Clients that are unhappy when you’ve been unable to provide their goods on time will look elsewhere. If you’ve had at least one client drop you, take steps now to prevent it from happening again.
Don’t delay if you notice any of these signs in your company. Help is available through VendorPayment.com. Sign up now to get the accounts receivable funding you need.