6 Tricks To Keep Your Cash Flowing
» 6 tipsto keep your cash flowing 1. Find good accounting software & generate monthly financial statements Automating your accounting makes it easier to monitor what’s going in and what’s going out. Also using the effective financial statements tool helps you pinpoint potential problems early. 2. Send invoices promptly, make sure they’re effective |  | ||
| Customers can’t pay you if they haven’t been billed. Send invoices along with the shipped product, or as soon as a project is completed. Make sure the invoice recipient information is correct to avoid any chances for error. 3. Penalize late payers & reward early ones State on your invoices that customers will be charged a late fee for every month of payment delay. On the other hand, Offer discounts if customers pay sooner or in cash. 4. Follow up & work with late payers If a payment is not received on time, follow up immediately. Be polite, but firm. Sometimes something is better than nothing, so if a customer can’t pay the full amount, work out a payment plan. 5. Watch your spending & cut extra costs When it comes to maximizing your cash, what goes out is just as important as what’s coming in. Go over your monthly expenses and look for places to cut. 6. Keep your cash in the bank Deposit checks as soon as you get them, this keeps the money in your own account working for you. | |||