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Invoice Recovery: What You Need to Know

Estimated Read Time: 1 Minutes

JESSICA LAMBERT , 27 January, 2023

We have partnered with Sage to bring you this animated infographic on best practice when you are chasing payments.

Recovering unpaid invoices can be a serious hassle for companies. There is nothing more annoying than not being paid on time. To help make this process easier, we have answered some of the most common questions and put together a simple step-by-step timeline to follow.

Can you reduce the risk of unpaid invoices?

Invoices can easily be disputed if you don’t include the crucial information. Make sure that every invoice has the correct details for your company, your client’s company, and payment amount and method. To reduce the risk of unpaid invoices and any invoice errors try using an invoice cheat sheet.

What is the best way to chase an invoice?

Tip: Document all contact (including dates/times) to ensure you have a detailed record if, by chance, you later need to bring the case to court.

Businesses are expected to pay invoices within 30 days. After this period has passed, follow the below timeframe for invoice recovery:

  • +2 days – First recovery email
  • +9 days – Second recovery email
  • +10 days – First recovery phone call
  • +17 days – Second recovery phone call
  • +24 days – First official recovery letter
  • +31 days – First formal demand letter

After 31 days, it may be time to consider seeking legal help. For more information about “best practices” for the invoice recovery process, check out the below guide on How to Recover An Unpaid Invoice from Sage.


BY JESSICA LAMBERT

1 MIN

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