HEY! I got paid!! - Printable Version
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HEY! I got paid!! - CC Solutions - 10-04-2011 03:01 PM
I finally got paid a sizable chunk of change on a job that I have been trying to get from the GC for a while (10 months)... Man the acc pay department knew how to throw up roadblocks and create delays....
And when you deal with these big companies you can't tell them you are going to charge interest. They just won't hear it. And they sure won't pay it! So what can you do? You can't sue them... That would be a career buster!
Well I'm happy I got my money. Most everybody pays promptly so I'm thankful about that. And I didn't need the money to pay my bills (thank goodness!) or I would have been freaking out...
RE: HEY! I got paid!! - eaadams - 10-18-2011 10:00 PM
I just got paid too.
We are seasonal so I was able to pay off all our working lines of credit. Our bank has just been great over the last two years.
It is interesting when you get these long term invoices. My worst invoice is $100K @ 17 months.
I use Accrual Accounting so it becomes taxable when I invoice. This helped us get up and running faster and has some benefits for inventory. But for that person who isn't paying, I had to pay income tax on it already which sucked.
I was talking to a friend in another state and he told me his accountant finally insisted he switch to Cash based accounting, taxable when he gets paid.
How do you operate?
RE: HEY! I got paid!! - CC Solutions - 10-19-2011 08:35 AM
We're cash based. It's pretty easy to see when you have too much receivable for one year and send invoices out at the end of the year so you get paid in the next year. In the end it all works out, but having a little flexibility helps.