Getting your invoicing right by invoicing customers as soon as possible and using tools such as payment reminders is the key to a better cash flow.

There are a few other simple rules you can apply to manage your cash flow and get your invoices paid even faster:

1. Keep your books accurate and up to date – You will see your businesses financial position at a glance.

2. Don’t be too lenient with your customers – Be direct and still polite with your customers. Always keep an eye on your receivables and act sooner rather than later.

3. Keep your accounting simple

4. Keep your business and your professional finances separate – Mixing business and personal finances can impact your business performance. It can leave an uncertainty and not give you a true cash flow position.

5. Build a cash reserve –  Prepare yourself for unexpected events and opportunities.

Firstly, you want to send your invoices quickly. Don’t wait a week to raise the invoice to the customer! Then follow the steps above to keep your finances up to date and organised.

If you need any help or have any questions, please don’t hesitate to contact us.