Cash flow in a business can sometimes be a juggling act. Here are a few tips for helping you find your balance.
- Stay on top of your Account Receivables. For example, if you see that an invoice is past due, send your customer a reminder—an e-mail with a quick, friendly, and non-threatening way to keep the communication flowing with your customers.
- Remember to pay your bills on time. Avoid late fees and set your bills up for autopay. Late fees add up fast and, in the end, can cost you hundreds of dollars a year. You may also want to consider paying your bills with a credit card. Credit card companies offer points or cash back with every purchase. So, you will not only free up your cash flow but also get rewarded along the way!
- Keep things up to date in QuickBooks Online. When you do so, your cash balance in QBO will be more accurate than in online banking because QBO will know about checks you have written that may not have cleared the bank yet. Also, if you think late fees with your vendors can add up, bank overdraft fees are much worse!
- Anticipate what’s coming. Maybe payroll is coming next week, so although it looks like you have cash now, you may need to reserve that cash to cover the upcoming payroll. Like rent, know when it is coming and plan your cash accordingly.
Solid bookkeeping will make your cash flow much clearer to you.
If your bookkeeping isn’t delivering that now, give us a call! We’ll help you keep your cash flowing!
Keep Your Cash Flowing!
Lots of people can run a business. But you know that not everyone can successfully manage every detail.
You have to pitch new clients while keeping your current clients happy. Hire and pay employees. Keep detailed records—file receipts. Then come back tomorrow and do it all over again.
At ZümiFi, we get it. We work with dozens of smart, savvy people like you from all types of businesses. You want to get to the next level. And we can help you get there.
Consider us as your professional stress relievers. We balance your books and crunch your numbers to show you where your hard work is paying off. ZümiFi – your focused financial specialists.