A business needs to have a strong cash flow in order for it to operate smoothly. However, there are times when this is overlooked by the business owner which may lead the business to have a difficult time. That is why it is important to remember these tips that will help your business have a smoother cash flow.

  1. Talk to your suppliers. Your suppliers come in different forms. There are those who pay on time while there are also those who make their payments very late. It is for these reasons that you have to talk to them and specify your payment schemes. This will entice them to make more transactions with you since you are clear with your terms.
  2. Check your cash flow everyday. If you do this by the week or month, you might end up missing days of creditor payment deadlines. This money should have already made it to your company’s coffers but are sadly still in the hands of your customer.
  3. Change your business telephone to VOIP. With the increasing speed of the internet today, VOIP is also becoming an effective tool for telephone service which is much cheaper than the land-line telephone.
  4. Use second-hand chairs. If you are thinking about adding more furniture to your office, then don’t buy expensive brand new chairs and other materials. Opt to buy those that have already been used but are still in good condition.
  5. Before you let customers buy your products and make them pay later, do make a background check to know how good they are at paying their debts. This will give you an idea if they deserve a credit or not.
  6. Use accounting software or online accounting software.  These will surely help you make the process of checking and sending invoices easier and more accurate. It also helps you organize the files and records of each customer and remind you of the collectibles of your business.
And if you are looking for bookkeeping software, then choose Shoebooks. It is the best in Australia when it comes to providing software for accounting. It has models to choose from that will surely meet the unique demands of your business.


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