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View Poll Results: Anyone else having these same issues?
Yes 6 46.15%
No 7 53.85%
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Old 04-18-2019, 04:08 PM   #1
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Post Ton of receivables.. Is this just me?

My business is booming right now, I've got jobs lined up for the next few months but my current jobs are keeping me so busy that I havenít really had time to pay attention to my billing. I took a deposit for my newest job to my bank and noticed my account isnít nearly as healthy as it should be.

After I looked at my books I saw that I have clients from a month, two months, even three or more months ago that still owe me for jobs!!!

Is this just me or is anyone else having these same issues?
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Old 04-18-2019, 06:55 PM   #2
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You need to stay on top of this.

I know payment at service is best, but anytime someone goes past net30 you need to get on them.

Get red paper and send "Collections Notice" after 60 days.
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Old 04-18-2019, 06:58 PM   #3
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I find this kind of crazy. I get paid for all my jobs on completion of the work, but I still keep my eyes on every cent of my companyís money every single day.

A day shouldnít go by in which you donít spend some time familiarizing yourself with all of your invoices. You should be looking at your company bank accounts and credit cards online, looking for checks in the mail, and going over unpaid invoices. Every single day.

Itís like brushing your teeth, you just do it. You always find time.
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Old 04-18-2019, 07:08 PM   #4
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You stated what I was looking for. What he said.
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Old 04-18-2019, 07:23 PM   #5
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People used to be good about paying on time. Now 60 days is the norm, some are longer.
I have some that are 90 days, about 15k from one person. She is in London with her thespian son and is too busy to pay.

Another can only pay about 10k per month, they also owe 15k.

We have some invoicing in for 37k, we wont see that until May 20th or so,

We also have a job that I paid about 3k in legal fees and about 6.5k for a bond and I dont have a Notice to Proceed yet. Who knows when Ill see that.

It seems to be about who can play banker as a contractor.
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Old 04-18-2019, 07:32 PM   #6
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^You see that?^

He knows all of his numbers right off the top of his head. Thatís how you should be.
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Old 04-19-2019, 08:34 AM   #7
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I dont even do most of the billing (i do some of it now) but i know how much the jobs I churn out are, and we know whats been billed and hasnt been paid yet, or what needs to be billed.

30 days is normal, 60 is annoying, 90 is a pain in the arse, and 180 is property management companies.
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Old 04-19-2019, 09:19 AM   #8
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This will kill you. If you don’t have time to collect money, hire someone, even part time or casual. If you’re nonchalant about collecting, there are those who will be nonchalant about paying.
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Old 04-19-2019, 11:34 AM   #9
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It's getting terrible. I'm having trouble collecting on the jobs where I have never even been initially contacted to do some work by the clients yet, and the job will start sometime maybe years from now in the future. How long will they deny me my money!
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Old 04-19-2019, 11:45 AM   #10
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powerhour, do you use software for invoicing or paper?

With software, I can look at one page and see:

Estimates that I sent out but lost.
Estimates that I sent out and expect to get.
Unpaid invoices for jobs that I have not started yet.
Unpaid invoices for jobs that I finished and am waiting on payment.
Paid invoices.

I can see all of those invoices in one glance, plus a separate section telling me the totals, so I can see that I have $xx,xxx coming to me, etc.
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Old 04-19-2019, 05:53 PM   #11
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Most of my accounts are commercial clients or general contractors...after 45 days we send statements.

I also got in the habit of sending statements on retainage...one GC i regularly work for keeps 10% on every invoice....at one point last year he owed me 80k in retainage going back 2 years. It's a pain in the ass to keep track of for me but I know he does it because some sub's don't go after retainage.

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Old 04-19-2019, 06:19 PM   #12
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Quote:
Originally Posted by Tonedeaf View Post
Most of my accounts are commercial clients or general contractors...after 45 days we send statements.

I also got in the habit of sending statements on retainage...one GC i regularly work for keeps 10% on every invoice....at one point last year he owed me 80k in retainage going back 2 years. It's a pain in the ass to keep track of for me but I know he does it because some sub's don't go after retainage.
Keep up on your notices.
The owner of the property would be hearing from us in the form of a notice of intent to lien the property.
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Old 04-20-2019, 07:46 PM   #13
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Default Ton of receivables.. Is this just me?

I have that problem, I get busy and fall behind on billing. I do everything by email and some invoices or estimates fall into junk folders. This is a big problem as Iíve probably lost jobs due to this, but its tough to call clients especially on weeks where Iím sending 10-15 estimates out among other things.

Once I started in commercial I hardly see my receivables under 50K, last year it was steady at 90k-100k for 6-7 months.


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Old 04-20-2019, 07:55 PM   #14
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WronGun, Use software that lets you know when the customer opens the email. This way if you haven’t seen it opened in a few days you know it went into a spam folder and you can contact them.
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Old 04-22-2019, 06:15 AM   #15
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Quote:
Originally Posted by HackWork View Post
WronGun, Use software that lets you know when the customer opens the email. This way if you havenít seen it opened in a few days you know it went into a spam folder and you can contact them.


I use qbo but this feature only works with invoices and itís not reliable. I need to see they receive the estimates also. Can you recommend anything ?


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Old 04-22-2019, 10:32 AM   #16
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Welcome aboard @powerhour!

It's nothing new to anyone, if you don't keep on top of it and remind people they aren't going to pay.
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Old 04-22-2019, 10:34 AM   #17
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Quote:
Originally Posted by HackWork View Post
^You see that?^

He knows all of his numbers right off the top of his head. ThatÔŅĹs how you should be.
I'm sure his memory is refreshed everytime he is driving anywhere near the jobs that owe!
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Old 04-22-2019, 11:10 AM   #18
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Quote:
Originally Posted by HackWork View Post
powerhour, do you use software for invoicing or paper?

With software, I can look at one page and see:

Estimates that I sent out but lost.
Estimates that I sent out and expect to get.
Unpaid invoices for jobs that I have not started yet.
Unpaid invoices for jobs that I finished and am waiting on payment.
Paid invoices.

I can see all of those invoices in one glance, plus a separate section telling me the totals, so I can see that I have $xx,xxx coming to me, etc.
I have a similar set-up...

I do not have the Estimate portion that you have... perhaps you can explain the value in tracking that?

At a moment I can see what I have spent in a particular budget category, what my total expenses are to date, income received and outstanding income. I also have some calculated links so I know how much I am expect to pay in HST, how much I am over / under budget, how much my WSIB is going to be and how much my payroll taxes are.

In a separate system I can tell you how many of a particular widget I purchased and how much I paid for it in a particular year, tools, rentals, etc.

My system, like anyone else's, is only as good as the data that is imputed into it. If it is not kept up-to-date or there are data entry errors, the system is just a waste of electrons.

Cheers
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Old 04-22-2019, 01:46 PM   #19
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Emails also get sent out directly from QBO so how can you integrate another tracking platform ?

Qbo is unreliable , on the flip side 50% of my invoices show not viewed yet they’ve been viewed and paid.


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Old 04-22-2019, 05:03 PM   #20
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I may start another thread on this , this is a massive problem.


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