Four Easy Steps to Better Cashflow

23 May 2022

Managing cashflow can be tricky and if you’re in need of a hand, you’re not alone. The key with managing cashflow is to invoice correctly and as soon as you can. Also take advantage of the MYOB invoice reminders to remind customers of your invoice.  


There are some other key things you can do, to keep your cashflow in check and get your invoices paid quickly.


1.    Keep your books up to date – that way you can see at a glance your cashflow and the state of your finances.


2.    Separate business and personal finances – to better understand your true cash flow, you need to separate your personal finances from your business. Mixing the two can make the performance of your business unclear.


3.    Have a cash reserve – have a cash reserve for a rainy day, or unexpected events, so you can take advantage of any opportunities and ride out that rainy day.


4.    Be polite but professional about overdue invoices – you can be direct, but still polite, when dealing with customers who have overdue invoices. Keeping a close eye on your accounts receivable also allows you to act sooner rather than later should you have any issues.

 

So, get your invoicing right, send invoices quickly, and use the steps above to make sure invoices are paid and you know where you’re at with your finances.



Get in touch if you need guidance around invoicing, reminders or the cashflow of your business.

 

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