Account Keeping Plus – Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software TrainingSmall Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Cashflows Tips – 3 Tips To Help Your Cashflow

1 Comment


3 Tips To Help Your Cash Flow

3 Tips To Help Your Cash Flow

Cashflows can easily get out of hand and some studies suggest that financial miss-management is one of the top causes of business failure. We gave 4 tips HERE, now here are 3 more tips to help get cashflow under control – remember it is an on-going thing to work on and never stops!

1. Set Credit Terms of Your Invoices Carefully
If you are offering credit to clients/customers, then it is important to set clear limits to your terms of credit. The next step is to –
2. Collect Payments Fast
We must manage debtors. Try letting debtors know how much time remains before due dates. Keep close touch with major debtors as payment deadlines approach. Also consider offering small discounts for early payment as an incentive.
3. Pay Creditors to Your Strategic Advantage
You can take advantage of credit terms and prioritise payments according to the consequences involved if you go overdue. Priorities though, are wages, taxes and direct debits at the top of the list for timely payment; but sometimes key suppliers may be prepared to wait. Don’t pay early just to get a discounted price unless getting the discount is better than being without the cash.

Need help? Not sure? Call for FREE 30min advice / strategy session today!

And also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!

Wondering which software to get? Click on the “Get FREE Download” button above for your FREE report!

Advertisements

Author: accountkeepingplus

Administration, bookkeeping and compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

One thought on “Cashflows Tips – 3 Tips To Help Your Cashflow

  1. Reblogged this on Artsgeo Business Opportunities Free for Everybody and commented:
    Yes, to keep in a right order your business cashflows is very important to reach real success! Please, check this publication. It’s very useful!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s