|
Post by account_disabled on Jan 1, 2024 9:12:22 GMT
You should also invest in program such as Invoice Xpress as it is a great tool for controlling the money that is on the street for collections. Create a cash flow map to identify fluctuations throughout the year noting negative seasonality allowing you to create a forecast budget that is closer to reality identifying liquidity problems. Invest in a Confirming service . Contact your bank so that this financial institution can inform your supplier of invoice payment orders offering payment services whether or not they anticipate receipt that is advance payment to suppliers. By having an intermediary the relationship between customer and supplier remains healthy and avoids the risk of non compliance. Invest in a Factoring service . It will again involve a financial Phone Number List institution but this time the objective is to transfer collection rights to that entity which will manage customer payments. This is a great option for automating collections to achieve short term liquidity. Create incentives to keep bills up to date. Don't leave your money out of your safe for too long in case your customers are slow to pay. Find ways to encourage them to pay Perform bank reconciliation and speed up approvals to facilitate payment orders collections etc. Control cash flow project receipts and payments as well as the need to raise or invest financial resources. Ensure short term month or medium term months cash flow to guarantee liquidity and allow effective management.
|
|