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Exceeding Expectations. Always. — Business Advisors and CPAs

5 Tips for Improving Your Cash Flow

Follow the steps listed below to help with the cash flow of your business or organization.

If cash is king, then it is important your business has a healthy cash flow. Managing and improving your company’s cash flow is key to financial success. Below are 5 tips for improving the cash flow for your business.

Stick to a budget
If you don’t have a budget yet, make one. Having a budget not only creates a sense of discipline, but it allows you to know when you will have the cash you need to make certain purchases.

Bill your clients regularly
Simply invoicing your existing customer base is one of the most important tasks you cannot forget. If you expect your customers to pay in a timely manner, you should be able to set up and stick to an invoicing schedule.

Pay your bills on time
Don’t waste money by having to pay higher interest rates on overdue bills. Be confident not to overlook any bill and pay each one on time to avoid unnecessary expenses.

Accept credit card payment
Although you must pay a credit card company for their services, it may be worth your investment. Giving customers the ability to pay now for your products and services with a credit card is more convenient than having customers who pay later.

Hire a professional accountant
You’ve got a business to run and sometimes it is difficult to keep an eye on the bottom line. Taking advantage of a professional accounting firm run monthly financial reports while providing expert consulting services will go a long way in the financial health of your business.