Opting for payroll services is a crucial part of any small or large business, and you cannot neglect the importance of hiring a professional accountant for sorting out your payroll concerns. Most savvy businesses consider hiring outsourced accounting services Singapore for dealing with their outstanding payments and pending invoices and they should consider options, such as, corporate tax services and secretarial services for maximizing their services.
If you are adamant on working with the best accounting firm in Singapore, the following initiatives should help you achieve your goals regarding mitigating outstanding services:
- Ask for payment request letter
Dealing with prolonged invoices could take a toll on your business’ cash flow, and it might not justify the contribution of your employees and contractors towards your business. If you have pending invoice on your end then, you should ask for a payment request letter to ask for the invoice. Your accountant should be able to hand you over the payroll invoices within the promises deadline, and if not then, you should have a word with the accountant responsible for making your invoices.
- Send a past due invoice
If you have crossed the deadline then, you may consider sending a past due invoice. You can forward the invoice to your accountant or account manager, with “past due” stamped on the paperwork.
- Consider looking into the statement of accounts
Ask your account to show statement of accounts to you to learn about the progress of processed and processing invoices. The statement focuses on showing the outstanding amount on the respective invoices for employees. However, if you owe more than one invoice to an employee then, you can summarize the overall outstanding invoice amount into a single document.
- Ask for emergency payroll services
Most accountants are loaded with several bookkeeping and payroll projects; therefore, they don’t time to complete a particular project within a promised deadline. If you believe that your accountant is bluffing then, maybe it is time for you to make the phone call to ask for immediate results or, ask for a refund.
- Charge a late payment fees on the invoices
Dealing with late payment could be frustrating; however, if you can demand for an additional incentive to compensate for the postponed payment. Make sure that the accounting firm of your choice offers a late-fee policy to compensate for the lack of commitment for the payroll services.
- Work with a debt collector to mitigate overdue invoices
In case of outstanding payment invoices, ask a debt collector to get involved to solve the problem for once and all. While, a debt collector wouldn’t ask for additional services but, they would be inclined to take up to 25% of the outstanding money once it is paid.
One of the effective ways to resolve the problem requires a business owner to keep up with the payment of invoices on time, and if there are any reasons responsible for prolonging the payment process then, you should mitigate those before taking any other action.