Entrepreneurs know the challenges of running a small business. However, even your best clients can face hardships at times. To avoid unwanted cash flow surprises, it is essential to stay on top of your accounts receivables – “A/R.” Promptly addressing a customer falling behind can help avoid an overwhelming situation for both of you.
We have found that good communication is key when the time comes to reach out to your customers. Once an invoice is past due more than a week, send a friendly e-mail reminder. This is a non-threatening first step to bringing the overdue bill to a customer’s attention. They may have just forgotten to pay the bill, or they have it set up on their next check run. This will allow them to let you know what is going on.
If you have not received a response to your e-mail in a few days, pick up the phone. A quick 5 to 10 min call can help you resolve a lot. This will allow you to work with the customer and help get them current with their balance. A friendly and understanding voice on the other end of the line can go a long way.
Financial Management Services
ZümiFi can help you create the Financial Management discipline and the routine to flex your business muscles. Our services can show you how to get the desired results for your business. Like a personal trainer at the gym, ZümiFi’s extensive financial and business expertise can save you time and money in managing your business. We’ll help you achieve your success more efficiently and more effectively.
The Scope of ZümiFi’s Financial Management Services
With our Outsourced CFO services, we can help you:
Monitor your business financial performance with customized criteria and metric tracking.
Create budgets and cash flow projections so you can strategically monitor your most critical resources.
Design and implement internal controls to ensure that the information you gather is clean, concise, and worth the efforts you put into gathering that information.
Advice regarding the technology your business uses and business process optimization.
Provide advice/ support to the CEO / COO / Owner as a key and confidential partner.
Financial Review and Oversight – For clients who manage their bookkeeping, we offer oversight and review services to monitor that bookkeeping and provide our unique expertise in QuickBooks and financial analysis for your business.
If you need help establishing best practices for cash flow management, ZümiFi is here to help.