You have worked hard, in these times usually harder then you've ever had to, to market your product. You've spent the money on the marketing, spent the time on the business development and you've built your customer base. Your company has a solid reputation and clients are coming in. Now is the time to make sure that you convert the revenues you have worked so hard to earn into money in your bank account.

Sounds basic, doesn't it? But, if you don't follow the Three Golden Rules of Revenue below, you may find that although you've done the work of bringing customers to your door, that you won't then be able to see the result in your checkbook.

1. Bill it.
Make sure customer invoices are being issued regularly and that they are accurate. If invoices are either not sent quickly or do not include all of the services or products that they should, you are not managing your client relationship properly. It is often easy to delay billing customers or bill less frequently by getting too busy or not feeling comfortable with the process of invoicing. This can cause delays in being paid and can make it more difficult to answer questions that your clients have on any invoices they receive.

2. Collect it.
Don't be afraid to collect the money you're owed. I always use the rule of thumb that if you believe in the product or service you have sold, then the job of collections is easy. Make collection calls, albeit friendly ones, to customers that aren't paying timely. Businesses are experiencing strained cash flow these days and your customers are no exception. If you pursue an open communication with your clients on the invoices that you are due, then you will be paid more quickly, completely and often.

3. Deposit it.
This not only means making sure that the deposit goes to the bank, but more importantly means that all of the deposit goes to the bank. This involves putting in place a strong system of internal controls to prevent or deter employee theft within your organization.

Accounts receivable can be an emotional topic for business owners. By establishing an open communication with your clients on when and how they will be invoiced and what their payment terms are as well as putting sound internal controls over cash into your organization's structure, you will see measurable improvements in your company's cashflow.

For more information on improving your company's cashflow, contact Tanya McCaffery, CPA at The CFO Group, Inc. 775-232-7671 or tanya@thecfogroup.com