Do you have problems with your Cash-Flow
Small or big businesses should stay on top of money flowing in and out. Today we would like to talk about simple things which can help you for dealing with Cash-Flow accounting.
If your business is currently having overhead and non-essential costs reduce it straight away. For that you should have up-to-date reports of your transactions.
Also the great way to speed up cash inflow to your business to set up a payments policy with your customers. Short Terms can help you collect payments as soon as possible. For some of the customers possible to introduce small discount to increase payback quicker.
Usually manage your inventory. Efficient inventory management can save you a bundle. By managing your inventory, you can pay attention to selling trends and keep your customers satisfied.
The ability to forecast what will and won’t sell will save you wasting money on the wrong stock, and ensure you’re replenishing the right stock to make a sale sooner.
How TCOB can help you?
Take Care of Books is a cloud-based bookkeeping service that allows you to keep track of the finances in real-time as they get all the updates on their mobile phones. It helps the members of the management who are remote working from a different location to stay updated and well-informed. The real-time live updates of incoming and outgoing capital ensure that all the decision-makers are on the same page and have access to the required information.
TCOB creates a cash flow forecast that has projections of the income and expenditure on a monthly and quarterly basis. The estimate of cash flow allows effective management of liquidity which makes certain that the business has enough funds to meet its monetary needs and obligations. The forecast gives an idea about the amount that will be going in and out of business at any given time so that the owner can make informed financial decisions.
The regular monitoring and well-organised books helps you in maintaining the ideal volume of inventory. Keep track of inventory so you can estimate your needs better.
Also it improves the speed with which you turn materials and supplies into products, inventory into receivables, and receivables into cash, tracking accounts receivable to identify and avoid slow-paying customers.
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