Tips to improve cash flow!

(without borrowing money) Keep your records up to date so that you can better manage your cash flow and increase profits.
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Reconcile your transactions monthly and prepare reports
  • Use an accounting system to reconcile your bank accounts regularly, at least monthly.
  • This will ensure that all your business transactions are recorded.
  • Make sure that your bank balance in your records matches your bank statement.
  • Setup bank feeds to save time on entering transactions.
  • Use bank rules to automatically allocate recurring transactions to the correct account.
  • Having correct transactions will give you accurate and useful reports .
  • Prepare and review relevant reports regularly.
Review cash flow reports to understand how your business is performing
  • A cash flow report will show your income and expenses for each month.
  • It will show you the amount of cash left after paying your bills.
  • It will identify trends in your cash receipts and payments over time.
  • Analyse your cash flow to identify areas which may need your attention.
  • Make sure that you are generating cash from your operating activities.
  • Identify problems before they get out of hand.
  • It will give you warning signs to help avoid future financial trouble.
  • You will know if your income is no longer meeting your expenses.
  • Find ways to take action so you're always making a profit.
  • Raise your prices if your business expenses are increasing.
Take control of your accounts receivable to speed up receipt of cash
  • Invoice your customers as soon as your sale is completed.
  • Look at ways to get paid faster.
  • Provide easy payment options and include these on your invoices.
  • Reconcile your accounts receivable monthly to identify who owes you money.
  • Send reminders to follow up on outstanding payments.
  • Gain consistency in getting paid, streamline your collection processes.
  • Be careful who you give credit to.
  • For special or large orders request a deposit.
  • Resolve customer disputes quickly to avoid holding up payment.
  • Spending time chasing invoices can get costly, this is time you could invest in working on your business.
Track your spending and reduce overheads
  • Prepare regular reports to summarise your expenses.
  • This will track your expenditure for each month.
  • Review your reports regularly.
  • Compare your expenses over time to identify increases.
  • Understand where you are spending money.
  • Reduce your spending where possible.
Reconcile your payables, make sure you're not paying duplicate invoices
  • Scan or take a photo of your bills and enter them into your accounting records.
  • Reconcile your supplier accounts at the end of the month so you pay the correct amount.
  • Make sure you are not paying duplicate invoices.
  • Take advantage of supplier discounts.
  • Resolve any disputes quickly to avoid disruption to future supply.
  • Up to date records will show the correct amount owing to suppliers.
How I can help:
I can make sure that your transactions are recorded correctly and prepare relevant reports so that you have important information to manage your cash flow. Additional services to help with cash flow management may include:
  • Cash flow reports to identify trends in cash receipts and payments
  • Checks to ensure that cash is being generated from operating activities
  • Review of accounts receivable reports to identify aging unpaid accounts and to speed up receipt of cash
  • Review systems to reduce exposure to debtors
  • Setup automatic reminders and send month end statements
  • Review expenses to identify trends and areas for improvement
  • Reconciliation of supplier accounts to ensure correct amounts are paid
  • Assist with preparation of cash flow forecasts and planning
Send a message if you're looking for some assistance.
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Cash flow resources: