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Management Smarts

Tips and trends for growing your business

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This story appears in the February 1996 issue of Entrepreneur. Subscribe »

In the ongoing battle to get paid on time, two of your most effective weapons are well-designed invoices and billing statements. Start by understanding the document's purpose, advises Frank Uhlman, a collections expert at the Commercial Law League of America.

"The invoice describes a particular purchase," Uhlman says. "Statements, or bills, are usually sent monthly and list the invoice numbers and dollar amounts of purchases and payments made during the billing period."

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