The velocity in which you collect accounts receivable is critical to maintaining good cash flow.  If an invoice is due in 30 days depending on the customer, I usually make contact by the 40^th day.  If I am not satisfied with that outcome, by the 45^th day I send what’s called a 10 day demand letter threatening to put the account into collection if not paid within 10 days.  This works about 40% of the time and at the very least gets the customer thinking about giving you some priority.  By the way accepting credit cards can improve the receivable process because waiting for a check to come in the mail might never come while there is a spontaneous collection asking the customer for their credit card

For a more detailed road map go to this blog post I wrote:

http://cfo-chief-financial-officer.blogspot.com/search?q=Accounts+Receivable

In business and entrepreneurship, all you have to do is be outstandingly right, one time about a strategy within your business and you will be abundantly successful.

One great thing about being an entrepreneur is it really doesn’t matter how many times you were wrong because as long as you are outstandingly right one time about a strategy within your business you will be abundantly successful.

A big part of being outstandingly right is having good financial numbers, understanding what those numbers are telling you, and looking into the future to know your risks and opportunities.