This blog post (below) is interesting. But is it only me? They do not appear to have controlled for all the variables. Their hypothesis, that the way they word an invoice determines how quickly they get paid, seems ridiculous. I forget all those stats terms I learned back when, but this just doesn't fly.
When journalists create graphs, you know you are doomed to misunderstand it!
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| The best invoice? |
The best invoice terms to get you paid faster
by Zach - March 2/2010
Recently, we looked at our data to see if we could extract some insights that might really help FreshBooks customers get paid faster. Our question: how does the wording of the “terms” section of an invoice impact the number of days it takes you to get paid and the percent of invoices you actually collect on.
In the graph above we’ve mapped two key things gleaned from the data of our paying FreshBooks users. In the bar graph, we’ve looked at how long it takes to get paid based on various wordings used in the Terms field on an invoice (e.g. “Please pay within 21 days” or “Payment terms: net 30. Interest accrued at 1.5% per month thereafter”).
This tongue-in-cheek infographic illustrates my point.
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