Cash is
king
Keep track of your invoices
(coming in and going out) with a
software programme like Intuit’s
Quickbooks. This will give you an up to
the minute view on what you are owed/
owing.
Don’t be nervous about chasing late-payers. If you stated payment terms on the invoice (normally 30 days), it’s only right that you should follow up if the client is late in settling the bill.
Be prompt in invoicing and settling your own bills, and keep a running tally in a notebook of cash balances and projections.
See pages 62-63 of Spare Room Start Up for a sample invoice.