With the credit crunch hitting businesses of all sizes it’s more important than ever to keep an eye on aging accounts from your existing customers. Don't wait until they are 6 months behind in payment to try to collect. Send out late notices if you haven't received payment by the next billing cycle.

If you’re still manually typing up invoices, it’s time for a change. If you have to go hunt up an address, calculate fees or find your hand-written notes about a job, you are likely to delay sending out bills. Avoid the problem by using an invoicing program or an accounting program to store and generate bills, track payments and alert you to aging receivables. The faster you get the bills out, the faster you get paid.

Bill as soon as a job is done. Don't wait days to send a bill. Do it as soon as you deliver a job. This is particularly important when your customers are businesses. Businesses are likely to pay their bills on set cycles. If your invoice comes in after the checks have been cut for the month, you will have to wait an extra 30 days to get paid.

These articles have more information on keeping cash flowing in your business:

9 Ways To Alleviate Cash Flow Problems
Best Practices: In House Commercial Collections
10 Ideas to Keep Cash Flowing
When the Customer Won't Pay
Improving Your Bottom Line

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