Whether it’s the seasonal ebb of low cash flow, or a more pressing problem that is weighing on your business, money crunches are tough for everyone involved. Your debts may be too high to correct, or your margins too low. Perhaps it’s your current sales volume. More than a need to simply chase invoices and offer incentives to entice prompt payments, these times of negative cash flow are more complicated and more detrimental to the health of your company. And cash flow management is as important as liquidity. (more…)
The best way to evaluate the success of your business is to use key performance indicators, or KPIs. These indicators are core metrics which are used to monitor progress toward financial results and main goals within a company. The values which are used to assess success can help you make key decisions about your own business’s development and growth. (more…)
If you’re a small or medium sized business or freelancer, invoicing can feel tedious, but it is essential in maintaining a positive cash flow. Being paid on time means that you need to be proactive in establishing a system that works with your clients’ needs as well as your own, and certifies you as a professional.
Small and medium sized businesses who use automated invoicing and build close working relationships with their clients will be more successful and have significant savings. That’s a bold claim, but consider the 90-95% reduction in paperwork and 25% improvement in productivity that happens when you use e-invoicing, and you will begin to understand how outsourcing your accounts receivable is the way forward. Invoice processing technologies are paving the way forward, substituting old and outdated accounting solutions and revitalizing them. Don’t let your business fall behind. (more…)
Starting a new business is exciting. You have a passion for your product or service, you think you’ve identified the market for it, and you dive in after doing your research. But the statistics are harsh: a full 50% of small businesses fail within the first five years of operation. By year ten, this number skyrockets to a full 70%! And according to the US Small Business Administration, this number can vary so much that the failure rate can be as high as 95% by year five. (more…)