To round-up February

To round-up cash flow month…

Cash is like oxygen for a business; you will always need a source of it to keep you going. Knowing how to resolve your cash problems is the key! Therefore, this month we dived into not only how you can resolve your cash flow problem, but also provided you with a cash flow template to get you started.

Our first tip was the hidden expenses which are killing your cash flow; this allowed us to understand the small costs that may go undetected when looking from the outside, but will make a big impact if you make some small tweaks.

What we can take from this:

  • Make sure that all your subscriptions are correct and up to date
  • Keep up to date with your stock and wastage
  • Have a regular meeting with staff to monitor wages
  • Always know what’s coming in and out of the business

To find out more on The hidden expenses which are killing your cash flow, click on the link Hidden expenses that are in your cashflow.

Woth its weight in gold, our second tip was perfecting the credit control system. The system doesn’t have to be over-complicated; it simply needs to be systematic and capable of applying increasing pressure on the late-paying customers without upsetting the good ones. This is a good insight on how to make sure you are getting the right money from the right customers.

What we can take from this:

  • The key is to be organised with all transactions
  • Have evidence of any transaction and bill that you have, or need, to pay
  • There’s nothing wrong with chasing someone if they haven’t paid you
  • Our preferred software to use for these tasks is Xero

To find out more on The Perfect Credit Control System, click on the link Credit control.

 

Our next tip is ways of dealing with cash flow problems; most business owners immediately think of the bank or loans when they’re short of cash. But there are other ways in your business to free up funds, including fixed assets, suppliers, stock, debtors and many more.

To find out more on Cash Flow Problems, click on the linkCash flow“.

 

Our final tip provided you with the essential forecast guide and template. This PDF guide is handy reference for resolving your cash problems that you can use again and again. It also provides you with a free cash flow template which will give you a head start on organising yourself and displaying any cash in the business.

What we can take from this:

  • What a cashflow forecast is
  • Why having a cash flow is vital for your business
  • The elements that make up a cash flow
  • Tips on keeping the cash flow up to date

To find out more on cash flow forecasting, click on the link “Cash flow frocasting.”

For all our blogs visit https://www.accsysltd.co.uk/blog/ to always keep up to date, next month is the relationship with your accountant so keep your eye out for more tips to come.

By |2020-08-18T11:01:15+01:00March 4th, 2020|Blog, The Organised Business|0 Comments