Tips to improve your Cash Flow from Ashley Commercial

Wednesday, 11 March 09

Whatever your business size it’s vital to keep on top of your cash, it’s easy to do the work or supply goods but getting paid can be a nightmare, so with careful planning and organisation you can leave yourself free to do the things you are best at. Remember taking action through the courts or using legal services can be very expensive on your pocket and use up a lot of your valuable time. You can turn your invoices into cash quickly using INVOICE FINANCE and get free credit checks and someone to chase payments on your behalf.

1. Chart your accounts and produce a cash flow forecast.
2. Monitor your cash flow and collect payment more efficiently.
3. Establish debt chasing procedures.
4. Understand customers payment cycles.
5. Invoice accurately send regular statements.
6. Use a third party to collect your debts consider invoice finance.
7. Check customer credit history and legal status – sole trader, partnership or limited company ?
8. Give clear terms and conditions to your customer.
9. Cut internal costs and spread payments.
10. Monitor your cash flow daily.
11. Make rules that you and your team will always follow and don’t be tempted to break these, even if you’re put under pressure to supply urgently.
12. Confront potential problems early.

If you would like to hear more from us or have an informal chat phone 0161 741 7429 or email your details to sharon.johnson@ashleyfinance.co.uk who can phone you back.