Manage cash flow with bookkeeping services, Geelong - Call Assist - ContactCenterWorld.com Blog
One of the keys to running a successful small business is to understand cash flow – in fact it is the inward and outward cash flow that keeps your business going.
You need to ensure that the business model you run is one that is profitable and that you have cash on hand when bills and (if you have employees) wages need to be paid and other obligations such as superannuation and taxation payments are due and payable.
When it comes to cash flow, it’s Call Assist’s bookkeeping services Geelong and district businesses regularly turn to but we’re prepared to share a few standard cash flow management principles that every good small business should adhere to. They include:
Setting cash flow targets
Prepare and maintain a cash flow forecast up to 12 months in advance. You should review and update this forecast on a weekly basis.
Establish clear payment terms with your clients
This is a vital part of your cash flow management plan. You need to know when you are going to receive payments from clients and your clients need to know when they need to make payments. If your client or customer is having difficulty making payments, you will be able to factor this in to your cash flow plan and make allowances for late payments and potential cash shortages. One tip is to specify a “pay-by” date on your invoice rather than just “Due within 30 days”. That way both you have a fixed date to add to your cash flow plan rather than a vague date. “Due within 30 days” could be taken by the client to mean “due within 30 days of invoice being received” – this could add a number of days to receipt of payment and impact your cash flow.
Estimate your likely sales and costs
If you are an existing business, look at your previous sales and expenditure history. You will be able to project any seasonal patterns and make allowances for any ups and downs in your plan.
Management of your cash flow is vital to the smooth running and profitability of your business, but it is a time-consuming task to keep on top of. If you feel your business would be better served by outsourcing your bookkeeping obligations, why not take advantage of the professional bookkeeping services Geelong small businesses rely on? Call Assist have qualified, experienced bookkeepers who can free you from the burden of business bookkeeping, giving you back precious time to concentrate on your business products or services, as well as your customers.
Publish Date: November 11, 2014 5:00 AM
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