Cash flow tips for business owners

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Of course, we all know that cash flow is the life blood of any business, without which we wouldn’t have the working capital to run and grow our business effectively.  

Cash flow worries can be a stressful subject for any business owner, but this can be easily reduced with just a few small changes to the way in which it is managed. Below we will take a look at some of our top tips for maintaining and improving cash flow for your business.

Forecasting

Forecasting is a great way to gain a clear and comprehensive view of your cash flow. It provides foresight that will ultimately allow you to implement any necessary changes within your business to correct any troubling data. This can include a number of things such as strengthening your credit control function or seeking finance.

Know your finance options

Identifying a finance package can be key in providing working capital for growth. There are many options out there, from bank loans to overdrafts, invoice finance to asset-based lending. No two businesses are the same, nor are two finance packages, and therefore you should assess your requirements thoroughly in order to pinpoint the type of finance that will work for your business in the long run.

The right software

Accountancy software has come a long way in recent years, with countless functions that aim to make running your business much easier. Whether it is automation, the ability to access across multiple devices or simply to provide a clear picture of your accounts, the right software can change the way you run your business (for the better!).

The right accountant

It goes without saying that a great accountant will bring unparalleled benefits to your business and its cash flow. They are at the forefront of all things financial for your business, and therefore it is crucial that you choose an experienced and reliable accountant.

The team at Ellis & Co. are dedicated to providing our expert support to clients with their cash flow. Whether it’s forecasting, discussing the ideal finance options, recommending accountancy software or, of course, providing our first-class accountancy services, our clients can be confident that they have a clear picture of their cash flow at all times.

Speak to us today to find out more about how we can support your business’ cash flow on 01244 343 504.

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