If you’re running a small or medium sized business, a well-researched company budget is essential to keep profitability up, and to keep you on track. Setting goals and evaluating each step of your business ideas is crucial to implementing any changes, and a strong budget with clear steps and solid adherence is a great indicator of the financial health of your company. Measuring your progress on a regular basis by sticking to a budget is going to make or break your business. (more…)
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…)
You know that to get paid you need to invoice your clients. That’s the easy part.
But how can you make sure you get paid on time? It’s impossible to control just when your customers finalize their bills, but there are things you can do to ensure speedy payment and to ensure that your invoicing mistakes haven’t contributed to a longer-than-expected payment period. (more…)
Increased competition can stall business growth, especially for small and medium sized businesses. Without strong sales, a company’s future is at stake. Growing your business is not easy; the dedication and perseverance needed can be overwhelming. But understanding how to manage growth and profitability is key to ensuring longevity. (more…)
Did you know that 60% of invoices are paid late? This chart from the Smart Company details average payday data for 19 countries across the globe, and clearly shows that the vast majority of customers worldwide are late with their payments. Even large firms are going past their due dates, with more than a quarter of their invoices being paid late. This can be catastrophic for small and medium-sized enterprises trying to stay afloat. And with the average time to pay at 38.97 days, and more than a quarter (27.26%) of those invoices paid beyond the agreed terms, how can businesses work to combat these troubling statistics? With 15.25% of UK invoices being paid later than 60 days, smaller companies need payment certainty. Knowing when your payments will arrive is crucial to achieving balanced cash flow. (more…)
Have you ever found yourself confused and frustrated when dealing with bookkeeping? Arguably the most crucial departments in a business, the process needs to be smooth.
Accounting is one of the basics in a business, and certainly one of the most important areas to master if you want to run a successful firm. Checking and analyzing your firm’s financial information can feel daunting, and can bring extra costs and stress. Among business owners, it is one of the most hated tasks! So stop dreading the accounting process, and think seriously about automating your accounting business with some or all of the tasks associated with bookkeeping. (more…)