Chasing Invoices

Introduction

Tagmin helpfully keeps track of the status of invoices. Any overdue invoices will automatically pop up on the dashboard. Any invoice that is more than 1 day overdue should be chased.  

Every Tuesday, there is a task set to ask DRS if any payments have been made to the ACT account. This gives people the weekend, plus one day for funds to have cleared.

If no payments have been made and invoices are showing as overdue, this is when to chase.

Special note from Equity on commercial usage payments: “15.3.1 The Advertiser shall pay to the Featured Artist the appropriate Use Fees (subject to the provisions of 15.3.5 below) not later than the end of the second month following that in which a transmission of the commercial occurs, e.g. transmissions occurring in the month of January shall be payable by the 31st March”. 

What to do

  1. Send a First Chase
  2. Send a Second Chase
  3. Send a Thirds Chase
  4. Call Equity and let Ican Team know

How to do it

First chase

  1. Before making the chase, be sure to read all Agency Comments, Emails and Invoice Notes pertaining to the job, so that you have a clear understanding on the situation as it stands.
  2. Call the person we sent the invoice to, let them know you are inquiring as to the status of the payment and ask if they can indicate when we can expect payment (and resend invoice as needed). Their contact details should be easy to find on TagMin, if for some reason they are not, search through Outlook until you find a contact and phone number and update our TagMin contacts with any information you find.
  3. Then make your notes on the ‘Invoice’ record using the notes field (not to be confused with the ‘notes on invoice field’), make sure you date and initial the information and copy and paste the notes then into the Agency Comments on the ‘Job’ record.
  4. Finally, make a note in the weekly journal under the ‘Invoices’ header, DATE AND INITIALS, to say you have chased it and what the outcome was (or ‘refer to notes in TagMin’) 

If after a week (or however long they said it would take them to process payment) we still have not been paid, it is time for a….  

Second chase: 

  1. Call whoever the first chaser spoke to, and let them know we still have not received payment. Tell them that if we do not receive payment within seven days, we will have to issue them with a late payment letter, and start charging them interest on the amount owed.  
  2. Immediately follow up the phone call by emailing a Late Payment Warning letter. You will find a template letter in Finance/Late Payments Letters & Info
  3. Then make your notes on the ‘Invoice’ record using the notes field (not to be confused with the ‘notes on invoice field’), make sure you date and initial the information and copy and paste the notes then into the Agency Comments on the ‘Job’ record.
  4. Finally, make a note in the weekly journal under the ‘Invoices’ header, DATE AND INITIALS, to say you have chased it and what the outcome was (or ‘refer to notes in TagMin’) 

Third chase

  1. Go to Finance/Late Payments Letters & Info, where you will find a template Late Payment Letter, a GOV.UK info sheet and a useful Excel calculator for you to enter in the relevant amounts to calculate interest owed.
  2. Add the extra details to the invoice in TagMin and save it in All Invoices Saved By Number with the same file name but ADD “ Late Payment”. 
  3. Then make your notes on the ‘Invoice’ record using the notes field (not to be confused with the ‘notes on invoice field’), make sure you date and initial the information and copy and paste the notes then into the Agency Comments on the ‘Job’ record.
  4. Finally, make a note in the weekly journal under the ‘Invoices’ header, DATE AND INITIALS, to say you have chased it and what the outcome was (or ‘refer to notes in TagMin’)   

What happens next?

If a third chase has been issued and we still see no results, if the client owed is an Equity member, we can involve Equity (in some cases, this may have already happened). If not, we will start looking at small claims court proceedings. By this stage, iCan will be involved and will create a plan in discussion with client owed.