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Cash flow is crucial for every business, big or small. If you want to stay ahead, it's important to stay on top of the money flowing in and out of your business.
Many companies use cash-flow accounting to keep a close eye on their cash flow and ensure they stay afloat. But there are several other ways your business can avoid cash-flow problems.
Improve your company’s cash flow with these 5 tips.
1. Reduce Overhead Costs
The best way to cut down on your cash outflow is to reduce overheads and other non-essential costs. From wages to utilities, rent and office supplies, there are plenty of ongoing expenses that can be reduced or even avoided altogether.
Shop around between vendors to ensure you’re getting the best deal, and reconsider those weekly staff lunches. These savings can go toward assets for your business, such as staff training.
2. Introduce A Payment Policy
A great way to speed up cash inflow to your business is to set up a payment policy with your customers. Accelerate cash inflow by keeping payment terms short and encouraging your customers to pay as soon as possible.
You may need to offer an incentive – such as a small discount – for customers to speed up their payments.
3. Delay Payments To Suppliers
Some vendors may allow you to negotiate stretching out your bills. If you have a good relationship with your suppliers, there’s no harm in asking whether they’ll allow you a little more time to pay.
This will give you a chance to bill your own customers and get some more cash inflow first.
4. Manage Your Inventory
Efficient inventory management can save you a bundle. By managing your inventory, you can pay attention to selling trends and keep your customers satisfied.
The ability to forecast what will and won’t sell will save you wasting money on the wrong stock, and ensure you’re replenishing the right stock to make a sale sooner.
5. Cash-Flow Accounting
The best way to stay on top of your business’s cash flow is to create a cash-flow forecast. This will help predict the cash flowing in and out, and reduce any shocks to your bank account.
If you’re not confident with your bookkeeper skills, there are many professional bookkeeper services that can help with your cash-flow accounting.
Check out Marketplace on the Australian Bookkeepers Network Website to find a bookkeeper today!