Managing cash flow
When it comes to managing your finances, both large and small businesses alike have a number of challenges they have to overcome to keep on the straight and narrow as well as remain legally complaint. Managing cash flow is just one of the business essentials every organisation must undertake, but like any accounting task, cash flow management comes with its issues.
According to a recent survey, the amount owed to UK businesses in late payments is an astonishing £46.1 billion, a figure that has increased dramatically since the recession, where it stood at £18.6 billion. As a leading accountant specialising in business accounts, we are here to share our wisdom so you can maintain healthy cash flow that enables you to take your company to the very next level.
Be clear on strategy
The art of strategising doesn’t just come in handy when managing operations, exercising clear credit control, whatever stage your organisation is at, is important. Strategising to control credit needn’t be as difficult as it appears however, a qualified accountant (like us) can assist with the steps you can take every day to reduce and even avoid the risk of late payment.
Get to know your client base
With the rise (and rise) of late payment threats businesses that rely on credit have to become increasingly savvier. Running a credit check is quick, easy and could protect you from customers that aren’t so reliable on the payment front. The process can even be completed online and in a matter of seconds you can save yourself a lot of valuable time and money.
Set clear payment terms
Consistency is the key when invoicing for goods or services, regardless of the size or niche of your business. In addition to invoicing quickly and accurately, you should also specify clear payment terms to avoid any further disruptions to your business accounts. Introducing more ways to pay is also recommended, in fact, the more straightforward the payment process is, the faster your customers or clients will pay.
Seek professional advice
It’s not just VAT and tax returns that accountants can assist with, our accountants have the knowledge and experience to provide guidance and support on all aspects of your business accounts. Our service already helps small to medium enterprises and sole traders to build their business from the grassroots up, and we can assist you with a wide range of high quality services.
Let our accountants help you keep your business on track and keep cash flowing throughout your organisation. Contact us today on 0191 251 7599 to find out more.