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It's the same for any basic mistake such as an incorrect invoice, an incomplete order, etc.
Sending out an incorrect invoice is a near guarantee that payment will be delayed, so monitor invoicing procedures for accuracy.
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Included in its estimates are ill-gotten wealth from purposefully incorrect trade invoices, the use of shell companies and tax havens and other accounting gimmicks.
Further, proving an invoice incorrect was expensive, and resolution took too long.
But the catch was, even if we did find that the invoice was incorrect, we didn't have access to the client's contract, which spelled out what they were and were not responsible for paying for.
"We estimate that 30percentt of invoicing is incorrect," Mr. Mullen said.
Incorrect names and addresses on invoices can irritate clients and result in late payment.
Technical glitches can also delay payments, where an invoice goes astray, or there is incorrect information on a document.
"Often late payments are due to a breakdown in the invoicing process - for example the non-receipt of an invoice, not quoting a purchasing order, or an incorrect address," he says.
Avoiding mistakes on invoices, such as billing the wrong group entity, incorrect purchase order numbers, or missing line items, will also help prevent delays.
Or an invoice.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com