intelligent
// FEATURE // spend less than you make . Nonetheless , it isn ’ t that simple and so many great businesses with happy customers , especially smaller enterprises , suffer unnecessarily .
Five cash flow management tips
There are easy steps that businesses can take to combat cash flow issues .
Here are the five we consider important .
1
Make getting paid easy : It is a truth universally acknowledged , that the propensity to be paid is inextricably linked to the convenience of payment . Inconvenient payment methods , such as cash and bank transfers , are subject to human inertia and human error . Few businesses hurry to pay their suppliers , but if you introduce friction to the payment process you will easily lose their attention as they look to address something less painful . confident that it is an unnecessary inefficiency for cooked meals and online shopping to arrive sooner to our doorsteps than payments do in our bank accounts . Some customers may still need to pay via card , say for retail point-of-sale businesses , which have slow settlement times , but otherwise you need to be implementing instant payments to have funds settle in real-time .
3
Reconcile , reconcile , reconcile : A stitch in time saves nine . Stay on top of your outstanding invoices . This is easiest done when paid invoices reconcile automatically within your accounting software , companies like Xero and QuickBooks , as achieved by Crezco . This is the quickest and most efficient way to gauge your cash flow and potential
Ralph Rogge , CEO and Founder , Crezco
2
Get real-time : You need to be accepting real-time payments . Everything in life has become instant – we ’ re impatient and we wait for nothing or nobody . I ’ m not sure about the moral or psychological implications here across sectors and products , but I remain
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