5 Ways to Speed Up Your Cash Flow Without Chasing Invoices
“Because your time is better spent running your business, not tracking down payments.”
Cash flow issues are one of the biggest challenges facing small and medium-sized businesses in Australia. Whether you’re running a small, medium or large business, waiting weeks to get paid can seriously disrupt your operations and peace of mind.
The good news? There are smart, simple steps you can take to keep the cash flowing, without having to chase down clients. Many of them come down to better systems, smarter payment options, and small changes in how you manage money.
Here are five effective ways to speed up your cash flow without constantly chasing invoices:
1. Review and Adjust Your Payment Terms
If your invoices still say “30-day payment terms”, it might be time for a rethink.
-
Shift to shorter payment terms, 7 or 14 days is common across many trades and service businesses
-
Request partial payment upfront or deposits for larger jobs
-
Introduce early payment discounts or late payment penalties (used sparingly) to encourage timely payments
These small shifts help set expectations upfront and reduce long delays in cash coming through (Quantum House, 2023; Prospa, 2023).
2. Automate and Streamline Invoicing
Manual invoicing leaves room for delays and forgetfulness. Today, there’s no excuse not to be sending invoices straight after the job is done.
Use cloud-based accounting tools like Xero, MYOB, or Thriday to:
This creates a smoother, faster system that doesn’t rely on memory or manual admin, and your customers will thank you for it (Westpac, 2023; Carbon Group, 2023; Thriday, 2024).
3. Offer More Ways to Pay
We live in a tap-and-go world. If your business still relies on bank transfers or cash only, you’re slowing down your income.
Offer your customers multiple ways to pay, such as:
-
Debit and credit card payments
-
EFTPOS
-
Digital wallets like Google Pay
-
QR code payments or mobile tap-to-pay apps like Nexxtap
More options = faster payments. That’s a win for you and your customers (GoCardless, 2024; MYOB, 2023).
4. Negotiate Better Terms with Suppliers
Cash flow isn’t just about what’s coming in, it’s also about what’s going out. If your suppliers are asking for payment in 7 days, but you’re only getting paid in 30, that’s a clear mismatch.
If you’ve built a good relationship, ask to extend your payment terms to 30 days or request early payment discounts. It could give you more breathing room and help smooth out the peaks and troughs in your cash cycle (Omnis Group, 2023; Business.gov.au, 2024).
5. Review Your Expenses and Inventory Regularly
For product-based businesses, too much cash is often tied up in excess stock. For service-based businesses, it’s often tools, software, or subscriptions you forgot to cancel.
-
Review inventory levels and avoid over-ordering
-
Track outgoing expenses and cancel or downgrade where needed
-
Delay non-essential purchases where possible
Smart financial housekeeping gives your business more agility, and less stress at the end of the month (Business.gov.au, 2024; QX Global Group, 2023).
Bonus Tip: Get Paid on the Spot with Nexxtap
One of the easiest ways to speed up payments? Skip the invoice entirely. With Nexxtap, you can turn your Android phone into a secure, tap-and-go payment terminal, no extra hardware or terminals needed.
It’s:
-
Affordable (just 1.25% per transaction)
-
Fast (daily settlement)
-
Perfect for mobile, on-the-go, or lean businesses
Start taking payments on the spot, and leave the late payers behind.
Ready to Boost Your Cash Flow?
It doesn’t have to be a juggling act. With the right tools and a few strategic changes, you can free up your cash, reduce admin headaches, and get back to doing what you love.
🔗 Try Nexxtap today and start getting paid faster, without the stress.
Disclaimer
This blog is for general information purposes only and does not constitute professional financial advice. Always consult a qualified financial advisor for personalised guidance.
References (APA7 Style)