Daniel HonanFounder, Profitable Painter CPA PLLC · I help painting contractors increase profits & cash flow while reducing taxes♦ Bookkeeping ♦ Tax

Painting Contractors: Hack to Get Paid Faster After Job is Complete

Name: Painting Contractors: Hack to Get Paid Faster After Job is Complete
Uploaded: 2023-06-08T14:10:24+00:00
Duration: 36 s
Channel: Daniel Honan
Description: In this segment, the speaker advises painting contractors to speed up the collection of final payments by offering a small monetary bonus (e.g., $50) to…

8 Jun 2023 · 1 min

Watch on YouTube

0:36

In this segment, the speaker advises painting contractors to speed up the collection of final payments by offering a small monetary bonus (e.g., $50) to crew leads who conduct a final walk‑around with the homeowner and secure payment immediately after job completion. The rationale is that the modest incentive can offset the administrative effort and time required for follow‑up invoicing, thereby improving cash flow and reducing overhead for the business.

Chapters

And I've seen a lot of successful painting businesses, they'll incentivize their crew leads to do a final walk around with the homeowner to get that payment. And if they get that payment, they get a bonus, $50 bonus for collecting the payment right after the job is done. So doing like small bonuses to your crew leads might be a way to incentivize it. And you know, it might be worth it to you to pay your crew lead $50 if it, if it's going to save you and your admin team time to following up and, and getting that customer, that homeowner to, to pay you that final payment.