Send out invoices quickly and chase for payment.
With the silage season getting into full swing, the Association of Farm Contractors of Ireland (FCI) has issued advice the owners of agricultural contracting firms.
- Know the costs involved in your running business (labour, fuel, time spent carrying out repairs) - any 100hp tractor is costing you €50/hour before you put a machine or trailer behind;
- Properly cost your silage-making operation & charge accordingly, not for reasons of cash flow, for a profit to allow to re-invest in the best machinery for your customers' future needs;
- Send out invoices quickly and chase for payment - it’s your money and extended credit costs your business dearly;
- Add interest to overdue accounts not paid after 30 days from invoicing.