Late Fee Manager works seamlessly with Quickbooks & Xero
How Late Fee Manager works
LFM reviews all unpaid invoices in your Quickbooks/Xero account nightly. This is done shortly after midnight in your timezone, just as the date changes.
Based on your personalized settings, LFM automatically detects when a late fee invoice is applicable based on your late fee policy and the due dates on your invoices in Quickbooks or Xero.
LFM then creates the late fee invoices for you in your Quickbooks/Xero account. The original invoice id, amount, fee amount charged and balance forward are displayed in the invoice.
With email options enabled, the late fee invoices are automatically emailed directly to your customers immediately after being created.
Why you should use Late Fee Manager
Set it and forget it
Simply set up your fee policy and payment reminder settings, then let us go to work for you! Gone are the days of manually reviewing your accounts receivable for overdue payments, typing up emails or making those dreaded collection phone calls. Nothing motivates prompt payment like a late fee. Let us motivate your customers to pay on time while you focus on running your business.
Make AR collections less personal
Maintaining valuable personal relationships with your clients and the awkward nature of calling to collect money owed simply don't mix well. We help separate you from that uncomfortable role by allowing you to say, 'I'm sorry, that's just how our system is set up.'' It seems simple, but it can be a powerful technique to remove the personal relationship from the collection process. This helps diffuse tensions by removing any one person from collections process, while maintaining the rigidity of your net terms and late fee policy. And you always have the ability to personally waive the system generated late fee, making you the good guy/girl, but still relaying the message that prompt payment is required.
We understand that smart small business owners are always looking for the best bang for their buck. That's why we are focused on a product that not only produces a return on your investment, but often pays for itself many times over every month. The time and labor savings realized by not manually chasing overdue payments alone will typically outweigh our monthly subscription costs. In addition to the labor savings, many customers accrue enough late fee revenue in their first month to pay for months or even years worth of service. Late Fee Manager provides a very demonstrable and unique return on investment.
Personalize your late fee policy
Set your late fee policy to charge customers fees the day after the due date, or apply as long of a grace period as you would like. Fee amounts can be set to a flat amount, a percentage of the balance, a combination of the two, or the greater amount (evaluated per invoice).
Automate payment reminder emails
Automate payment reminder emails to be sent out daily based on aging invoice due dates. You can personalize email templates for before, on and past due date reminders, allowing for a varying tone in each one.
Personalized email templates for payment reminders and late fee notifications
Our personalized email templates allow you to customize the emails we send to your customers on your behalf. You can customize email templates for four types of customer email notifications – Payment reminders sent before the invoice due date, payment reminders sent on the due date invoice, payment reminders sent after the invoice due date (recurring) and late fee charge invoice notifications. You can set the tone of each email to be playful, forceful, or whatever you see fit for your customer communications.
Selectively charge late fees by customer
Apply your late fee policy to all customers or just some. We allow you to easily select your problem payers and apply your late fee policy only as needed.
What our users say about us
We are seeing desired results. People are spurred into action with a $35 late fee.
-I want to double down on my recent comment about LFMs effectiveness. Customers are getting off the snide and making payments.
Nothing motivates prompt payment like a late fee
Automate your Accounts Receivable.
Stop wasting valuable time and resources by manually managing your AR. We create payment reminders and invoices, charge late fees/service charges, and email your customers for you. You simply set up your preferences in your Account Settings, and we take from there.
Sit back, relax and get paid.
In addition to all the time wasted, chasing overdue invoices simply does not work as well as the incentive provided by a late fee. Quite simply, late fees are the most efficient means to motivate prompt payment. We take the work out the process so you can focus on your business.
Increase your cash flow.
Overdue accounts and a disrupted cash flow can choke a business and it's growth potential. Stop lending money for free. If you you are out money owed for a period of time, with our service you are at least compensated for it like any other business or institution.
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