How to More Easily Manage Cash Flow for Your Business [INFOGRAPHIC]

Every small business has different needs and operations expectations. Managing accounts payable and accounts receivable is a balancing act that accountants perform on a daily basis. Closely monitoring and managing cash flow can help offset payments to venders and overhead expenses and allow you to focus on developing your business.

Business owners should establish habits that allow them to easily track and manage both accounts payable and receivable. Doing so can help reduce the chance of late fees and allow your business to grow more quickly. Read the infographic below from Citizens Bank for 16 different ways to manage cash flow and keep your business in check.…

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5 Steps for Debt Recovery

Sound collection procedures and processes do not always stop bad debt occurring. The important step is knowing how and when to increase the severity of the action to be taken to recover these bad debts.

Debt recovery

Early communication with the debtor is on one of the key steps to ensure recovery of the debt.

This contact needs to be consistent and measured to determine what action mostly achieves the desired result.

There are various collection processes that can include:-

  • personal contact with your client either face to face or via the telephone
  • written demand requesting payment
  • negotiation
  • use of a debt collection agency
  • legal action

Contact

Collection of your overdue accounts should be a daily task not just looked at when cash flow is poor.…

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How to Raise Cash Without Calling Your Bank

There is no reason to assume that if a bank rejects your loan or credit application then there is no way for your small business to raise cash or find funding. In fact, there are a growing number of ways in which SMBs can secure crucial lines of credit and loans that provide vital flexibility.

Alternative ways for raising cash for business

Here are a few of the most popular and prevalent alternative finance options currently available:

1. Invoice factoring and discounting

If you’ve never heard of invoice factoring or discounting and you’re a small business boss then it is time to do a little research and find out how the option might work for you.…

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Are you Making The Best Use of your Resources?

Small business, by definition, is something that is run out of minimal resources and budget. It is hence quintessential for these business owners to make the best use of what is available and thus extract the maximum mileage out of their resources. What this means is that SMBs get very little leeway when it comes to experimentation and exploration of new channels. This is a vicious cycle because without experimentation, you can never know what’s best and what should be avoided.

Resources at hand

So how do small business CEOs get out of this catch-22 situation? Here are some tips.

Validate Everything

If you are a family run business with years of operation under your belt, it is likely that a lot of money you spend on marketing and operations are already budgeted for.…

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How to Use What you Have to Fund Your Business Venture

Where I live, small business funding is not that accessible compared to other countries. We do have funding via banks and other lending institutions, but choices are limited. There are some risky choices, e.g. borrowing from questionable lenders, but I wouldn’t take that path, typically due to the unfavorable terms and the lender’s reputation.

Creative business funding methods

Small business owners need to be creative to secure funding, typically for keeping their businesses to run like well-oiled machines, especially due to seasonality that may exist in their industries.

I am lucky enough to know some smart small business owners who know creative ways to fund their business activities.…

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I have Just Started My Own Business. Why Do I Need An Accountant?

So, you’ve decided to start your own business. Do you really need an accountant? After all, there are numerous apps such as Easy Books, Kashoo, and Shoeboxed easily and cheaply available online. These can help the small business owner track transactions, create invoices and keep financial documents organised.

Accountant

But that’s not all it takes to manage your business’ finances. The small business still does need an experienced, dedicated accountant. In 2014, an accountant is no longer simply a bookkeeper. The accountant’s role has changed.

Accountant As Business Advisor

Due to the ongoing developments in technology, accountants have adapted to remain valuable.…

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Financing for Businesses

You are about to realize the dream of a lifetime : starting a business. For a company, particularly a start-up one, financing is a crucial step, essential to the survival of the business. For your project to be successful, a variety of options are offered for you to acquire the necessary funds.

Business growth funding

Bank loan

Self-explanatory, this term means to loan a specific amount to the bank in order to finance customer accounts, inventories, purchase of equipment or other expenses related to the business. It is an easy path; however, it has its limitations, particularly when it comes to your borrowing capacity.…

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Understanding Business Insurance as a Fluid Concept: 3 Products to Keep in Mind

Recently, it was announced that the majority of insurance price comparison sites were failing in their attempts to meet the needs of both commercial and residential users. More specifically, the report conducted by the Financial Conduct Authority (FCA) found that these sites are more likely to confuse and disorientate users rather than helping them to choose viable insurers and policies. This is a particularly concerning state of affairs from British business owners, who must often consider a number of insurance needs simultaneously if they are to adequately protect their venture.

Business insurance coverage

3 Key Financial Insurance Products for Business Owners

Such a task is made even more complicated by the fact that not all businesses are created equal, as this means that entrepreneurs must also seek out to niche products that meet their precise needs.…

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Running a Business in The Present – Planning for The Future

For the owner of a small business, it’s easy just to concentrate on the day-to-day operations of the organization, especially if it’s doing well or in the throes of expansion. Responsibilities include looking after employees, creating detailed business plans, and drawing up budgets. It can be hard to look into the future when everything is so busy, but it should be an important consideration for any business owner to contemplate and plan for retirement.

Plan for the future

Business owners need to realize that it’s likely that the bulk of the funds for retirement will land on their shoulders, so some long-term thinking and preparation should enable them to benefit from the fruits of their labor when they decide to retire.…

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Payroll Doesn’t Have to Be a Chore

Business owners may find that some of the more routine tasks they are required to undertake are also some of the more tedious, and payroll and wage administration can be one of those selfsame tasks. Nonetheless, the administration of payroll, even if the business is a one person operation, is essential from both a regulatory and legal perspective. It also makes sense to streamline payroll from an efficiency point of view.

Payroll and tax forms

Contractor pay solutions can take the difficulties out of payroll for business owners. By outsourcing payroll administration, a business can remove the difficulties for itself of tracking different wage systems and associated costs.…

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