If you’re managing your business’s financial situation by keeping one eye on your bank balance and the other on your outstanding bills, you’re missing out on a huge number of insights into the liquidity of your venture.
You may be reporting year-end profits, but when your everyday cash situation is looking worrying – due to running costs, overheads and tax liabilities – it’s time to delve into the numbers and get a better handle on your cash flow.
Bad cash flow = bad news. And one of the biggest reasons for poor cash flow is customers not paying their invoices on time. So, how do you combat the potentially negative impact of outstanding invoices and get back in control of your payments and cash flow?
The key lies in some strategic use of technology, and a lot of thought about your internal processes and customer relationships.
The world has gone digital. Unless you’ve been hiding under a rock, you’ll have noticed how technology and software has worked its way into every facet of our modern 21st-century lives. The emergence of financial technology (FinTech) and cloud-based business solutions is revolutionising how many businesses run their day-to-day processes and take care of their accounting and financial management. So, how can digital help your business become more efficient, more organised and (crucially) more productive?