Improving your company’s cash flow doesn’t require rocket science. There are a few systems you can employ to automate the process, get paid in a timely manner, and keep expenses down. Here are four simple strategies that can have a major impact on your cash flow:
- Bill with consistency. Consistency and accuracy when it comes to invoicing clients is a necessity. Haphazard billing results in haphazard payments. Unsurprisingly, billing regularly results in getting paid regularly.
- Use invoicing software. Don’t mess with spreadsheets and folders or handwritten accounting. Freshbooks is an application that can be used to automatically email invoices and reminders. Clients receive reminders after 21, 31 and 45 days — with finance charges and increasing firmness — when an invoice has not been paid. Additionally, Freshbooks allows a biller to see if an invoice has been viewed, and allows the invoice recipient to pay a bill immediately via credit card. The more professional your bill appears, the more likely it is to get paid.
- Enlist a bad cop. As a last resort with late-paying clients, you can always enlist the help of a bad cop. The use of a third party conveys a tone of seriousness which means it’s more likely to receive a reaction. A third party also takes the business owner out of the bad cop role, eliminating the potential for increased stress on the owner/client relationship.
- Keep expenses down and revenue up. Choosing the most ideal workspace solution for your business is the number one way to keep expenses down and revenue up. Real estate is costly and very few small business owners can absorb the cost of both a home and business mortgage.
Fortunately, My Annapolis Office, located in the heart of Annapolis, is Anne Arundel’s premier office space provider offering flexible workspace solutions that fit any size budget. With packages starting at $69 a month, your business will have a prestigious mailing address, use of touchdown space, fast and secure Internet connection, and 24/7 access to meeting rooms and day offices at preferred rates. For a few dollars more, enjoy the benefits of personalized phone answering, voicemail to email, and call forwarding services.
With a host of amenities, ideal location, and administrative support staff all at prices any business can afford…My Annapolis Office has everything your business needs to succeed. To learn more, call 410-656-1600 or visit us on the web at www.MyAnnapolisOffice.com
Source: Baltimore Business Journal