intelligent

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 .

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 .

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

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