Get paid on time and keep cash coming in

Set terms clients stick to, chase what's late, and see a cash crunch coming before it lands.

Series 8 steps 1 hr 26 min of reading 1 template

Start with step 1: Set your payment terms

The 8 steps, in order

  1. Step 1 Set your payment terms Common Invoice Payment Terms and Tips on Setting Them Common invoice payment terms include Net 15, Net 60, and 2% 10 Net 30—with the most popular term being 30 days (or Net 30). Setting payment terms is an essential part of accounts receivable (A/R) management, and making terms transparent to customers by displaying them on every invoice that’s issued is an important bookkeeping task…. 8 min read
  2. Step 2 Send professional invoices 6 Best Free Small Business Invoice Generators The best free invoice generators should be easy to use and provide plenty of invoice customization options, such as the ability to choose from different templates and upload your company logo. They should be able to track outstanding invoices and offer enhanced features to simplify the billing process, like the ability to create recurring invoices,… 15 min read
  3. Step 3 Track what you're owed How To Track Invoices in Excel [+Free Template] If you want to track customer invoices and payments in Excel, the first step is to set up an invoice tracker. Just start a spreadsheet with columns like invoice number, customer name, due date, and amount owed. From there, you can use Excel tools like formulas, data validation, and conditional formatting to stay organized and… 6 min read
  4. Step 4 Tighten your receivables 13 Accounts Receivable Best Practices Maintaining an effective accounts receivable (A/R) management system is an important duty of the bookkeeper that can help your business grow, even if you expose yourself to the risks of selling goods and services on account. Creating an efficient management process can be made easier by following some well-established accounts receivable best practices—and we’ll take… 9 min read
  5. Step 5 Chase late payments How To Write a Collection Letter [+Templates] Key takeaways: A collection letter is a written correspondence informing a client of a lapsed invoice date and reminding them to settle their debt. It is typically sent within 14 days after the missed due date. The process of how to write a collection letter requires having four parts. Basic details: The names and addresses… 10 min read Template included
  6. Step 6 Forecast the next 12 months The 2026 Ultimate Guide to Building a Cash Flow Forecast A cash flow forecast shows how much money will flow in and out of your business over a specific period. It helps you predict cash shortages before they happen and make smarter financial decisions. A business’ cash position determines whether it can operate day to day. Profit matters, but cash is what covers payroll, pays… 12 min read
  7. Step 7 Fix a cash shortfall How To Solve Cash Flow Problems in 10 Ways Common methods for solving cash flow problems include identifying the amount of the shortage, understanding the impact it’s having on your company, and determining what sources of income and expenses you can adjust. For example, you might negotiate better terms, refinance debt to a better interest rate, or encourage faster payments from your clients. We’ve… 12 min read
  8. Step 8 Line up a backstop 8 Best Small Business Lines of Credit for 2026 If you're seeking a credit line for flexible access to funds, here are our picks for the best small business lines of credit. 14 min read

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