If you are a small business owner or an entrepreneur you might find it difficult to pay your own bills 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 given today's economy.

If you've 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. Your payment missing the due date by a few days or a couple weeks will have little effect on your credit score.

Late payment fees are sometimes more than what you are charged in interest for the month, which is often the equivalent of paying from 30 to 100 percent in penalties.

To avoid this problem you must get organized and choose a strategy below, then stick to it. If clients are not paying you on time and you need some cash, think about accounts receivables or invoice factoring. Tips include:

1) If possible, pay your bills the same day they arrive in the mail.

2) Mark a calendar with due dates for credit card bills and other accounts in bold ink. Go back two weeks for a mailed payment or four days for an 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. You will then avoid confusion over multiple due dates.

4) Watch your statements carefully and always keep records.

5) If you are not being paid on time, think about how many bills you could pay on time if you just had some money in reserve.

6) Begin doing single invoice factoring every month. This helps by providing companies like yours with immediate working capital, allowing you to increase your revenue - because with increased cash flow you can take on more purchase orders.

Simply choose one invoice. How can this help? Single invoice factoring is effective when a client is on a 60 or 90 day pay cycle, and you can get up to 90 percent of what is owed ... early. Factoring companies get involved after the product or service has been shipped or delivered and after an invoice has been produced. You will typically get the money in 24 hours and the rates are competitive. No minimum sales volumes are required. Clients use the service only as needed, plus there are no maximum limits.

After you have tried accounts receivable factoring, you will know just how easy and convenient it is, and that you can rely on it for fast cash.