Staying on top of your cash flow is a great way to keep an eye on the health of your business. Business owners that watch their cash on a regular basis
will tell you that they have a clearer picture. Not just of how much revenue is coming in but also they are more in control of their business expenditure.
Check out our top tips for boosting the cash flow in your business:
Let your preferred accounting software
do the heavy lifting to save time.
We can help you consolidate and re-finance loans and assets to reduce costs.
Earn 10x more interest without the hassle of managing multiple accounts.
To truly take the pulse of your business, it’s essential you understand your working capital requirements. It’s a fundamental building block
Nobody said growing a business was going to be easy, especially against a backdrop of economic uncertainty and a fluctuating marketplace.
Different businesses face different challenges. Clients in a shop will expect to pay you, before they get to take the product home. But what if you provide services remotely or need to send invoices?
The first step is to make sure any payment milestones are clearly set out at the start. That way clients know when they are expected to pay. Let’s say you are a plumber and have done the work, you could use a mobile app to accept card payments before you leave.
Sending invoices also needn’t be complicated. Many accounting software tools now include mobile apps. Set up a template once and enter each client details’ on the go. This ensures that your invoices are timely and depending on the software you use, it may include links for online payments.
If all else fails, you may need to send reminders to chase up overdue clients. Since late payment has been a big issue for small businesses, software companies have reacted and included the option to set up alerts. These can be set up before an invoice becomes due, and in set intervals after the due date.
Do you have recurring cost for finance ? When did you last have time to review your business finance arrangements in detail? By not reviewing agreements regularly, you may be spending too much for outstanding loans or leasing arrangements.
At Finpoint we can help you consolidate and re-finance existing business loans and other funding facilities with a view to reducing your monthly costs.
Using online software to reconcile your accounts and banking data is a great way to reduce the time you spend on mundane admin tasks. Modern accounting software packages such as FreeAgent, Sage or QuickBooks help you keep your information up-to-date, which in turn means you always have a clear view of your business’s cash position.
The Finpoint business finance finder is compatible with the following software providers:
A healthy working capital buffer is a good way to fend off cash flow problems. But with bank overdrafts less and less available, it is worth looking at other options early. Thats because lenders generally take a negative view when businesses appear desperate. From their perspective, it is an indicator that the business is not spending enough time on managing their finances.
As a business owner, it is worth preparing a cash flow forecast and to review this regularly. This can serve as a great way to see crunch points ahead of time, and to provide to lenders as evidence on how you run your business. This makes it easier for you to have a discussion around unexpected costs, because it signals to the lender that you are doing your homework. But as everyone in business knows, surprises can and will happen and you can trade your way out of them if you have a good grasp of your finances.
The Finpoint business finance finder is compatible with the following banking providers:
To truly take the pulse of your business, it’s essential you understand your working capital requirements. It’s a fundamental building block
Nobody said growing a business was going to be easy, especially against a backdrop of economic uncertainty and a fluctuating marketplace.
Finpoint is staffed with impartial finance experts that speak your language and are always ready to walk you through the pro’s and con’s of each option before you proceed.
Decide without any pressure, safe in the knowledge you got the best funding solution for your business.
