As our country starts to reopen, there will obviously be a few bumps as we travel down this unchartered road. Given this environment, vigilance is especially important in one area: getting paid. Getting your company paid for projects is undoubtedly the single most important thing as we
move forward in this economy. How you can get paid is highly dependent on how much homework you have done on your clients and your contract terms.
After working in this industry for many years, I have noticed that there always seems to be a natural “rub” between our clients’ sales and finance departments. Sales folks may have a natural talent for bringing in work, but the finance department has to figure out how to get paid once the work is done. In order to collect payment, get these folks working together, not when you are not getting paid, but right at the time you are entering into contracts. Before your sales team hands over a contract for the customer to sign, your finance department should have already reviewed it and
done its due diligence on the customer, investigating any obstacles that could arise in the payment process. Certain situations, as discussed below, are areas that need close attention. Read more.