If you are a small business, you can get through the credit crunch by putting single invoice factoring in your monthly business accounting plan.

You may have been getting "late payments" or "missed payments" notices and charges on your business credit card accounts lately, because your clients are late in paying. If so, then it may be time to listen up and make some changes.

Typically entrepreneurs often find it difficult to sun a start up business because you never know when and if people will pay your invoices on time. You probably have little money in the bank and you are not likely to get a loan, especially today in this poor economy.

Here's one tip you may not already know. If you have been late in making credit card payments lately, you do not have to worry about creditors reporting late payments to the credit reporting agencies unless they are more than 30 days late. If your payment missed the due date by a few days or a couple weeks it will not have any effect on your credit score, so you can relax.

Late-payment fees are sometimes more than what you are charged in interest for the month, which can be the equivalent of paying a 30 to 100 percent penalty. So how do you avoid this problem?

You need to get organized and choose a strategy and stick to it. If people are not paying you on time, and you need some cash, think about These tips:

Step 1) Pay your bills the same day they arrive in the mail.

Step 2) Mark your calendar with due dates for credit card bills and other accounts in bold ink. Then look back two weeks for a mailed payment or four days for an online payment. Simply pay the bill on that date.

Step 3) Determine what time of the month is best for you to pay your credit card bills and contact your creditors and ask that your due dates be changed to that time of month. Watch statements carefully and always keep good records.

If your clients are not paying you on time, think about how many bills you could pay on time if you just had some money in reserve because you have enployed single invoice factoring every month. This helps by providing small businesses like yours with immediate working capital, allowing you to increase your revenues. How? Increased cash flow means you can accept more purchase orders.

Single invoice factoring comes in especially handy when a client is on a 60 or 90 day pay cycle, and you can get up to 90 percent of what they owe you ... early. Factoring companies become involved after a company's product or service has been shipped or delivered and an invoice is produced.

You will typically get the money in 24 hours and the rates are competitive. No minimums or sales volume requirements. Most clients use the service only as needed, plus there are no maximum limits.

If you have tried accounts receivable factoring, you already know just how easy and convenient it is, and that you can rely on it for better cash flow.