Invoicing tips to improve your cash-flow
In these tight times cash is king. And when it comes to cash, timing is everything.
All small business owners experience the stresses of managing cashflow. You may have $5k in the bank, sell $30k of products and services in a month, spending $20k worth of costs, but still run out of cash. That’s the issue of cashflow. When do you get paid?
As a small business owner, life will be a lot less stressful if your customers pay you faster.
Here is a collection of tips to speed up the process of getting paid – which can dramatically improve your cash-flow.
- Invoice immediately
- Email your invoices
- Write detailed descriptions on your invoices
- Set your own payment terms
- Encourage direct payments to your bank account
- Use your mobile phone to access your accounting system during the day
- Have someone else call your debtors
- Send statements
- Use your Accounts Receivable reports