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Cashflow tip – Top ways to have better cashflow – 5 top tips

images/CashFlow.jpgOne of the top problems many businesses find a burden, is that cashflow can easily get out of hand , so what are some top ways to have better cashflow?

Several studies suggest that financial miss-management is one major contributor to business failure. Here are 5 tips to help get cashflow under control – remember it is an on-going monitoring that keeps you on top – measure and tweak, measure and tweak…!

  1. Look at who owes you WEEKLY – check your debtors/accounts receivable report every week – get onto those tardy payers – send Statements every Fortnight! A month is too big a gap and easy to slip the mind.
  2. Plan for highs and lows - Be aware of possible lean cashflow patches coming up and plan for them!. Avoid major purchases from your business’ working capital unless you are sure you have cash to cover it. A cashflow budget will help you see this – eg when revenue is down on forecast you expected (eg the average monthly required, or based on same time last year, or certain % growth if that is the current trend).
  3. Have finance products working to your benefit - Overdrafts, premium funding, lease facilities and cashflow funding products can all be excellent tools to help boost a business’ cash. Even the business credit card can be a good way to ease the squeeze as long as you are sure the debt can be paid before interest kicks in, which is the best way to handle credit cards!
  4. Avoid penalties -Keep on top of taxes and compliance to save the cost of fines… and the stress!
  5. Keep your hands out of the till - Make cash drawings for personal purposes as minimal and follow conservative cashflow forecasts. Take a weekly set wage for yourself so it’s easier for the bookkeeper/accountant, and gives stability to regular expenses and drawings so you can PLAN better!

Question? Email i This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia
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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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