In businesses, the more orders the better. But sometimes, the downfall of a business could be brought about by a not so efficient system of collection and credit. Stop putting those collectibles on hold and collect their payment on time.

Map out the schedule of your delivery. If you have a lot of orders consecutively, map out the deadlines so you will also know which invoices you have to prepare. Taking note of the delivery of goods will make you more effective in keeping track of the invoices you have to issue.

What are your terms? You can ask for a down payment before starting the project. This way you’re more confident about the project’s sustainability. Any penalty for late payments? It’s important to emphasize the consequences of late payments with your partners so they can understand that you are serious with keeping your due dates. Make sure you indicate when their due date is so there will be no excuse for delayed fees.

Post unpaid accounts. Make sure you have a transparent record and details of the companies which still owe you money. This way, you can avoid working with companies with overdue. Close all accounts first before accepting new projects.

Hire a messenger who will deposit customer checks on a regular basis. Set a schedule for collecting payments, whether cash or check and have the money deposited immediately to the business account.

Hire an excellent accountant. Your money should be managed by someone with really keen skills on finance. Depending on the size of your company, hire the most competent CPA to monitor your cash flow for you.