Summer’s here – you’ve been working hard.  Time to reward yourself?  How would you like more cash in the bank so you can enjoy the holiday season?  Here are some tips to help boost the bank balance and improve cashflow:

Before you start working for a new client, make sure you have the correct invoicing details in place.  Who should you send the invoice too?  Do you need a PO number? And please add your bank details to your invoices.  It makes things a lot easier for the accounts team!

At the start of a project, get agreement from the client that you can bill upfront for any expenses you have to pay out on their behalf.  It can really dent your bank balance if you suffer costs on behalf of a client and then have to wait three months or more to get the cash back into your account.

Over large projects, agree stage invoicing and payments.  Some companies prefer to pay suppliers in this way.  Make sure this has filtered through to the client’s accounts department.

How long has it been since you reviewed your fees? Is your day rate too low? If so, have the confidence to increase it.

Be on top of your invoicing.  Don’t wait until the month end – invoice clients as soon as you can.  Find out when they need to receive invoices in order for them to make the monthly payment run.

If a client doesn’t pay on time, then be sure to follow up promptly. Check that they have received the invoice and that it has been processed.  And then ask for a payment date. Be polite but persistent – this approach usually works.

And finally, treat your suppliers with respect and pay them on time, so that they can enjoy their holidays too!