5 Ways to Get Paid Faster and Stay Cash Flow Positive - The Edge from the National Association of Landscape Professionals

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5 Ways to Get Paid Faster and Stay Cash Flow Positive

64% of small businesses suffer from late payments, and landscape business owners are no exception. On a recent NALP webinar, David Tulkin, of Fundbox, share some tips on how to get paid faster and stay cash-flow positive this year.

He suggests:

  1. Proper time tracking. Manage operations effectively by ensuring you have proper time tracking in place to accurately determine who owns each job and invoice.
  2. Email your invoices. Even if some clients request them to be mailed, email for instant and secure delivery. This also reduces costs.
  3. Accept online payments. Even if you offer net-terms, be sure to accept online payments and make sure you use a system that syncs with your accounting solution.
  4. Implement automated invoice follow up strategies. Even create late fees or a reward for paying early that is included in your reminders.
  5. Seek financing. Take control of your cash flow and look into alternative financing solutions such as online invoice financing, factoring, lines of credit or loans.

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