Use online invoicing or invoicing software

A messy, unclear or inaccurate invoice is far less likely to be paid on time, if at all. Make sure what you send out reflects care and attention to detail.

I recommend: Inexpensive, easy-to-use invoicing software can help pull in more cash. MyInvoices is an excellent choice. Web-based invoicing services are also a great solution that has come on strong in recent years. FreshBooks and Bill.com are both terrific places to send, track and collect payments quickly.  FreshBooks has been especially popular with freelancers and service providers. Not only to you save time billing, but you get paid faster.

Sign up for a merchant account

Merchant accounts allow you to take payments by credit cards. For speedier cash flow, credit cards can't be beat. You get your money fast and customers are accustomed to paying with plastic.

I recommend: Visa, MasterCard and American Express all have super helpful small business sites that can get you set up to accept credit cards. You might also consider PayPal if you are an internet business.

Use Remote Check Deposit

Remote check deposit lets you easily convert paper checks to electronic checks and have the money magically deposited into your business bank account via your computer.

I recommend: Plus, the now-electronic checks can launch your accounting software and automatically enter the check deposits and update your ledgers. Wow!  The tools for creating electronic checks, or echecks, from regular paper checks are being offered by banks and Web-based providers.  Using a special desktop scanner, you convert checks to digital images, and then deposit them to your bank account via the Internet. The efficiency is jaw dropping. DepositNow is a complete Web-based service that can set you up to use remote check deposit to your existing bank. See why it's like having a tiny ATM on your desk, and how the additional accounts receivable service can automatically enter information to help balance your books. The National ACH network is another provider of remote check deposit services.  

Crank up your collections

If you aren't having any luck collecting from clients, call in the collections cavalry. Get a collection agency specialist to help you out.

I recommend: Find one at The Association of Credit & Collection Professionals.

Get a line of credit with a bank

Tap the credit line to cover short term cash shortfalls.

I recommend: Wells Fargo, Washington Mutual and Bank of America are three major banks that cater to small business and offer credit lines nationwide. Or check out the SBA CAPlines Loan Program which helps small businesses meet short-term and seasonal cash needs with a revolving line of credit.

Create a cash-in/cash-out budget

This will allow you to estimate your cash in and cash out over a six-month period.

I recommend: Go here to download a cash flow budget worksheet template that will get it done.