Unpaid Invoices Are Crippling Your Events Business
Unpaid invoices can seriously disrupt the cash flow of your event management business. Whether it’s weddings, festivals, or corporate conferences, steady cash flow is key to keeping everything running smoothly.
According to a 2023 study by NatWest Group:
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36% of payments taken in an average month arrive late.
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27% of UK SMEs are owed between £5,000 and £20,000 in unpaid invoices.
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31% of businesses spend up to 30 hours a month chasing payments.
Invoicing may not be the most exciting part of your business, but it’s important to put the best practices in place so that you can strengthen client relationships, save time, and most importantly — get paid on time.
Invoicing Best Practices for Events Businesses
Start Off on the Right Foot
For event businesses, every project is different — one of the best ways to improve your invoicing process is to outline clear expectations with each new client.
Be sure to include details such as payment schedules and estimated amounts in each invoice. Your clients will appreciate the transparency, and it will avoid any confusion later on.
Send Invoices As Soon As Possible
Timing is everything in events — a simple way to get invoices paid quickly is to send them out at the right time. Many business owners let this crucial step slip their mind, which then causes delays.
Sending out an invoice late demonstrates a lax attitude to your clients, who are then less likely to take your deadlines seriously. Lead by example and be mindful to send your invoices ASAP.
Use Software
Events often involve multiple stages — deposits, part-payments, and post-event reconciliation. You can use cloud accounting software to automate your invoices, which will save you significant time and ensure that you don’t forget to send them out!
Automating this process will also help you to keep track of which clients have paid and which deadlines are approaching, allowing you to take action accordingly and get money in the bank sooner rather than later.
Offer Multiple Payment Options
For clients managing large event budgets, flexibility matters. Offering your clients multiple ways to pay is likely to encourage them to do so in a more timely fashion.
Online payment is convenient, and you can add a “pay now” button to digital invoices, which may even see you paid the very same day you send them out.
Furthermore, online payments are faster to process, meaning that you won’t have to wait for many days for a cheque to clear. You can also keep an even closer eye on the process by syncing them to your accounting software.
If you’re sending your invoice internationally, be sure to specify the currency that you accept.
Include the Basics
It’s important to include the following details in your invoice:
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Date of invoice creation
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The date the service was delivered or completed
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A unique invoice number
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The client’s purchase orders (if applicable, e.g., for large corporate clients)
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Contact information for both you and your client
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Payment terms
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A description of the goods or services you have provided
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An itemised list of costs
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Any late payment fees or early payment incentives
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The method of payments you accept and the appropriate currency if invoicing internationally
Also remember to include the event name, date, and location in the invoice description. Such information helps clients match your invoice to internal budgets or approval systems, especially for larger-scale corporate events.
Follow-Up
Sending a polite and professional follow-up is necessary when your client fails to meet your payment deadline. You should be able to use your accounting software to track who is late.
If you don’t use software with this capability, make a calendar of follow-up dates. It also may be worth creating personalised templates for each client.
If a client is frequently late to pay, consider introducing a fee to encourage them to be on time going forward.
Streamline Your Invoicing Process with Atek
Improving your invoicing process and following best practices can help you get paid faster and strengthen your cash flow.
At Atek, we support event management businesses by setting up and managing automated invoicing systems that reduce admin and improve payment timelines.
We also help demonstrate the real financial impact of late payments — and work with you to create practical plans to encourage prompt payment.
If late payments are affecting your business, we’d be happy to help. Get in touch for a chat.
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