I’ve been keeping track of my daily earnings alongside unpaid invoices. The difference is surprising.
It highlights which clients are slow to pay and how that impacts my cash flow management.
I’ve been keeping track of my daily earnings alongside unpaid invoices. The difference is surprising.
It highlights which clients are slow to pay and how that impacts my cash flow management.
Same here. I started doing this after realizing I had invoices sitting unpaid for months while thinking business was good.
Now I write down what I actually earned each day versus what came into the bank. The reality check was brutal at first. You see patterns fast.
Like one client who orders work every week but pays every 90 days. On paper they look great but they were killing my cash flow. Started requiring a deposit from them and it solved the problem.
The daily tracking also shows seasonal dips I never noticed before. Helps me plan better for slow periods.
Tracking cash flow is key. I keep a basic spreadsheet with three columns: projects done, invoices sent, and funds received. The gaps between these figures reveal problem clients. If I notice a client taking longer than 60 days to pay, I either change them to prepay or stop working with them. That uncollectible money may as well not be there.
I just wait until people pay me. Not much tracking needed when you only got a few jobs.
I do something similar but keep it even simpler. Just mark invoices as sent or paid in my calendar.
When I see too many unpaid ones piling up, I know it’s time to chase payments or switch to asking for money upfront. Makes it obvious which clients are worth keeping around.
I just use a notebook and write down what people owe me.