Last week, cloud accounting expert and business strategist Danetha Doe led a special Kashoo webinar that shared cash flow best practices and tips for small business. Here are a few quick highlights...
Bill Payment Scheduling
Are your bill payment due dates consolidated to one or two days out of the month? If not, reschedule them and make it so! Vendors want to get paid too! Most are most than happy to reschedule your due date to something that works better for your cash flow schedule.
Make it Personal
Do you know who pays you? Not just the company, but the actual person? It’s worth it to figure out who that person is, and introduce yourself! People like doing business with people, and saying “hello” is a little thing that can go a long way. Make a list of the contacts who pay your invoices and send one of them a “hello” email.
Get in the Cloud, Already!
Are you using a cloud accounting program? If not, Danetha suggests signing up with Kashoo. And while it's tough for us to disagree with this suggestion, a cloud accounting solution will help you keep track of your invoices, expenses, and bank transactions (aka, all the data you need to manage your cash flow—and your business). Cash flow issues are usually blamed upon lack of sales, but can often times be solved by improving the company's accounting procedures and technology. And accountants love it too: cloud accounting helps accountants become business partners to their clients which makes room for more clients! The cloud is how Danetha helps companies get paid faster by reducing their outstanding invoices, consolidating their bill payments and creating a business plan based upon real-time financial reports.
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