In an ideal world, all your customers pay you on time. In the real world, however, you need a mechanism to encourage your defaulting customers to pay you on time. One best, proven mechanism to ensure timely payment is – charging late fees on invoices. More often than not, the complexities involved in computing and managing the late fees keeps you away from using it.
Well, that’s no more the case! With Zoho Invoice late fee calculation on invoices can be completely automated and managing it is a breeze. Let’s quickly see how to configure late fees for an invoice, but before getting into the configuration details, let’s take a look at their relationship-
- You can configure as many late fees as you want
- While creating/editing an invoice you can associate a late fee to it. Whenever there is a delayed payment for this particular invoice the corresponding late fee formula will be applied.