If the cash is trickling in rather than flowing, it’s time to do something about it. Don’t wait until cashflow is a serious problem, put systems in place to help you keep on top of it.
Chase your debts
You should never feel awkward about asking your customers for money that’s owed to you – it’s the people who shout the loudest that often get paid first. Speak to your customers directly and ask when they are going to pay. A few calls can really get you back on track.
Issue invoices promptly
Once the job’s done or the product’s shipped, invoice it. You’ll get your invoices processed and into your customers’ systems more quickly.
Manage your debtors
We can advise you on how to manage debtors which are nearly due, due or overdue. Alternatively, our cloud accounting applications also include helpful features that can help you keep on top of credit control.
If your bank won’t extend overdraft facilities to provide the cash you need, we can help you find alternative ways to raise capital. We will review the situation and make recommendations to access finance that fits the needs of your business.
You could also consider asset re-finance or sale and leaseback i.e. using your equipment assets to release cash. We’ll be happy to review your options.
Factoring or invoice discounting
These services could provide you with up to 85% of the invoice value immediately. Speak to us about how best to use them to ease cashflow issues.
There may be certain times of the year when cashflow becomes a particular issue for your business. We can help to predict fluctuations in your cashflow so you can plan borrowing or know when there will be surplus cash.