Small business owners face various challenges, including managing their accounts receivables (A/R) to avoid cash flow surprises. However, even the best clients may face hardships, so staying on top of A/R and promptly addressing a customer falling behind is crucial. At ZümiFi, we believe good communication is key when reaching customers. Therefore, we recommend sending...
Small businesses often focus on managing one of their most precious resources – cash! Therefore, you need to be sure you have enough cash on hand to meet your obligations and, hopefully, then some! The current ratio is a great metric to help guide you in this area. The current ratio is where you divide...
Cash Reserves – how much is enough? This is a question we address with our clients quite frequently. Of course, it is wonderful to go beyond those day-to-day cash crisis needs, but the next level of success often means that while your cash position may be stronger, your cash need may also grow. So if...
Whether you are a new business starting or an established business looking to contain costs, everyone loves to save money! At ZümiFi, we have put together a list of tips that we thought could help reduce those overhead expenses that can drain your accounts. Go Digital – E-mail invoices, statements, or documents instead of sending...
Managing the ins and outs of cash flow is an art form. However, continually creating a system to continually manage the updates is essential to keeping your cash flowing. At ZümiFi, we have put together a list of best practices that we thought could assist entrepreneurs in creating tools for tracking cash flow. Establish your...
Having a bookkeeper who maintains your account regularly can assist you from inadvertently paying a vendor twice. For example, one of our clients recently asked their account manager to remit payment to a vendor. Normally, this bill was an item the client’s business partner paid monthly. However, we verified with the partner that the payment...