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Understand the Hidden Costs of Unpaid Sales Invoices You know that carrying accounts receivable (AR) costs you money. After all, every one of the outstanding sales invoices on your aged AR report represents your money sitting in someone else’s bank account. But the cost of financing your accounts receivable is only one part of the…
Examine Impact of Payment Terms on Cash Flow Most companies operating in a business-to-business (B2B) sector will need to offer customers credit terms. If a company insisted on cash with orders, it would be hard to win customers in a competitive B2B market. Whenever you sell goods or services on credit, though, there is an…
9 Tips to Navigate a Cash Flow Crunch When a business is short of cash, paying the bills can become a significant headache. Then, the final demand letters begin to mount up, and every phone call seems to be an angry vendor demanding payment. It would be nice to be able to pay every bill…
Implement Robust Credit Controls When a new business-to-business (B2B) customer comes to you with a large first order, your immediate inclination may be to open a bottle of champagne. However, there are risks involved in all credit accounts that it would be foolish to ignore. The most obvious risk of providing credit is that the…
Strengthen Your Balance Sheet with a Healthy Cash Reserve The COVID-19 pandemic demonstrated, yet again, that nothing is certain in business. A perfectly healthy business can be hit by the unexpected at any time. However, companies with a cash reserve to fall back on are the most likely to survive downturns in fortune. The question…
How to Keep Your Cool and Keep Your Customers Late paying customers are a constant problem for many businesses. When invoices are paid late it affects cash flow, and chasing the slow payers can waste a lot of time. It can also be frustrating to hear the same delaying tactics used again and again. Sometimes…
Controlling Cash Flow is Essential to Success Small businesses are often strapped for cash. A critical business imperative is to control cash flow and not just manage it. As any business matures, various factors affect cash flow, some being growing operating costs, direct product costs (cost of goods), staffing/labor, product and service pricing as…
Improve Cash Flow and Enhance Working Capital With These Strategies The working capital of a business is the cash available to spend immediately. In accounting terms, working capital is defined as the current assets, less the current liabilities. If you have negative working capital, your business is in serious trouble. But merely having positive working…
5 Strategies to Lessen Your Financial Problems Cash flow issues are a problem for many business owners. Even companies with steady clientele can run into this issue. Fortunately, there are ways to maintain control and keep operations running as usual. Here are five ways you can do just that: 1. Make it Easy for Clients…
From Cutting Costs to Collecting on Payments, How to Survive an Economic Downturn Since the coronavirus outbreak, we’ve seen the sharpest economic contraction in modern history with a staggering 32.9% drop in the GDP. As a business owner, you may be suffering from the effects of the extensive economic downtown and wondering what you…