Whether you are managing your personal finances or starting a small business, organizing your cash flow will alleviate your financial stress and allow you to set up financial systems that make sense. Establishing an accounts receivable schedule, using Visa prepaid credit cards and establishing multiple income streams are a few ways to increase the constant flow of cash into your accounts receivables.
Managing Your Incoming Cash
Your cash flow may be the result of working for a company, being self-employed or running your own business. If you work for a company, you will likely get paid biweekly or monthly. As a self-employed contractor, you may have numerous clients who pay you upon completion of projects. As a small business owner, your revenue may come from the sale of products or services. At all times, using Visa prepaid credit cards allows you to spend only the funds that you already have available.
Expediting Payment Schedules
Whenever possible, you want to shorten the amount of time that you must wait to be paid. As an independent contractor, for example, you want to set the standard that you expect payment within a specified number of days of billing for services. A note on your invoice that the amount must be received within 10 days, for example, is sufficient to inform clients of your payment expectations.
Small Business Billing Practices
If you are a small business owner, ask clients to pay in advance of receiving products or services. Alternatively, you might charge half upfront and the balance after all services have been delivered. This allows you to have the transportation and material funds you may need to deliver the services.