• Evaluate your cash flow situation. Determine if your company is spending more money than it is earning.
• Pay attention to your accounts receivable. Are the past-due invoices being collected upon? How soon is an invoice sent to a customer after the sale has been made?
• How much time are you giving customers to pay on an invoice before a fee is assessed? Are your customers aware of the payment options?
• Who controls the company's books? Are they being balanced on a weekly or daily basis?

One of the best ways to control your business finances is to hire an accountant. Some companies are unable to hire accountants, so they turn to software programs. Create different procedures for the company by starting with the purchasing department. Make sure everyone at the company understands how to purchase materials and other items. There should be an office manger or financial assistant in charge of all the purchasing decisions.

If you want to track your customers and invoices, purchase a program like QuickBooks. This program will allow you to input all of the contact information for different customers and add them to different mailing lists. When you want to send out targeted campaigns, you can easily click on one file instead of browsing through multiple accounts. QuickBooks will also place over-due invoices into a separate folder and it will automatically print those invoices once or twice a month.

Another great software program to consider is Peachtree Accounting. You are able to manage your accounts receivable, accounts payable, inventory, payroll, job costing, fixed assets, and your general ledger. It also includes internet postage, credit card services, direct deposit, and contact management.

If you cannot afford to purchase accounting software, you can create an Excel spreadsheet. The spreadsheets can include multiple pages for different parts of the company. Some of the common items will include office supplies, client AR reports, invoice numbers, customer contact information, and inventory levels.

Starting a business will require a lot of time, money, patience, and effort on your part. You will need to contact the IRS and set up all of your tax information before you can start operating. Some companies are unable to start their businesses with accounting software and tracking programs. You can easily develop a paper system until you have the money to afford a software program.

Just be sure to monitor your books and have a clear outline for your employees to understand and you should be on your way to tracking your finances and managing your customer invoices. It is important that you stay organized and don't let things pile up. If you do not keep proper documentation of your tax information, you can be audited and it will be difficult to explain why you have deductions without receipts. Filing cabinets can help to organize your business tax information and it can also hold your customer invoices and other documents.

Some companies scan their customer invoices into the computer so they can keep electronic files of the customers. This eliminates the need for cabinet space and you will be able to retrieve the information faster.