Business owners are constantly reminded of the
frightening statistics surrounding the number of businesses that
fail due to poor cash flow.
Successful cash flow management involves regulating the money flowing in and out of your business. An increased, consistent cash flow is not only the lifeblood of a business but also creates a predictable business pattern, making it easier to plan and budget for future growth.
myaccounts consultants are trained to assist you with Cash Flow forecasting and discuss strategies to improve your business Cash Flow.
Holding debtors costs you money.
To value the money tied up in your debtors you have to look at the opportunity cost of those funds. The $ tied up in your debtors is money that you could have used to pay your Credit Card, mortgage, or even earn interest in YOUR bank account. Do not be a bank for your suppliers - and if you are, act like a bank and charge interest... include this in your price. You have been financing this money.
Improve your business cash flow by:
Follow up clients who have not paid by the due date. If you do not have time to do this yourself, you should seriously consider using our service. Receivables Management ia core component of all our on site packages
There are a number
of things that you can do to improve your receivables.
The faster your receivables turn over, the more capital you'll be able to spend on growing your business.
Remember, the faster your receivables turn over, the more capital you'll be able to spend on growing your business.