FreeAgent Adds Handy Late Payment Statistics

FreeAgent* has just added some rather nice late payment features to its accounting software, as part of its new Insights feature.

I’m going to borrow their images to demonstrate, rather than blurring out my own images, since I think they show the functionality better than a half-obscured screenshot could.

1. How late (or early) do your clients pay?

Now you know, thanks to the new Invoice Payments panel. I *love* this.

It shows late payment data at a glance on the right-hand side:

FreeAgent invoice payments panel showing late payments
Image originally posted on the FreeAgent blog.

I’ve spent many frustrating evenings trying to work out how often people pay late. Now FreeAgent does it for me.

It also shows if they pay early… and we all know the early payers are the heroes when it comes to small businesses. Now I know who to send free doughnuts to!

2. Who pays the latest?

FreeAgent also now shows you who your biggest sinners are:

FreeAgent late payers report
Image originally posted on the FreeAgent blog.

This is another very handy report.

It doesn’t just show you who costs you the most time and effort chasing payments — although that’s handy.

It also gives you some valuable insight as to:

  • whether your late payment reminders are working
  • whether you’d benefit from reducing the time between reminders.

Fortunately, I don’t have to deal with Nelda Wilkeman and her tardy payment practices. But if you spend too much time managing your overdue accounts, this report is going to help you to see exactly where your biggest time-sucks are.

 

I’ve always been a fan of FreeAgent; I’ve tried its competitors, but I’ve always come back into the fold. It’s one of the few tools that provides free, automated reminder emails for overdue invoices, which was one of the main reasons I originally trialled it.

However, I have been a tad disappointed in the lack of data that I can get out of it. Sure; I can get accounting reports, but I’m not an accountant. And late payments are undoubtedly the most difficult thing to manage when you’re running a small business. So it’s good to see Insights being rolled out.

The asterisk after FreeAgent* denotes a referral link. I’ll get a discount off my subscription if you use it.

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