4 Ways to get in control of cashflow
WOW - Xero Victorian Bookkeeping Partner of the Year!
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We go up again the other state winners at Xerocon in September for the National Award. Wish us luck!
4 ways to get in control of cashflow
It’s a well-worn phrase, but cashflow really is the lifeblood of your business.
When your cash inflows are greater than your cash outflows, that puts you in a positive cashflow position – giving you the liquid cash needed to trade, improve and grow as a business.
But if costs start to outstrip your income, that can leave too little cash in the pot. This results in mounting debt, problems paying suppliers and (in the worst cases) the failure of your business.
So it’s vital to get proactive with cashflow management!
Fast ways to improve your cashflow
Cashflow is an ongoing process, where you need to constantly track, monitor and act on the numbers you see in your regular cashflow statements.
A negative cashflow position can be due to a number of factors, whether it’s insufficient sales, slow payment of invoices or poor cost management. The solution to these issues is to take a proactive and holistic approach to improving the company’s cash situation.
Some key ways to boost your cash position include:
Improve your sales and marketing – creating more sales and boosting income
Make it easy to get paid – using the latest in payment tech to speed up payment times
Track and manage debts – chasing any late payments to reduce your aged debt
Manage spending effectively – and start to track, review and reduce your costs
If cashflow is becoming a headache for your business, we can quickly help you get back in control of your cash position – and attain that all-important positive cashflow position.