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Record Payment Info

Every piece of paper filed should talk to you. On all supplier invoices clearly record how and when an invoice is paid. You’d be surprised how often I find this vital information missing. Record Date paid Credit card or bank account…

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Customer Statements Post or Email

Is it better to post or email customer statements? Using the post costs money to print and post. Most accounting software now offers the facility to email statements direct to your customer. These can be emailed direct to the accounting function of…

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Prompt Customer Payments

Payments can often be late, for many different reasons. Of course, it’s important to encourage payment on time. Start by making it easy for customers to pay you. Offer alternative ways to pay. Other tips include…

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Checking Your Bank Account

Do you check your bank account regularly enough? Quarterly, monthly, weekly, daily, hourly? The right frequency really depends on the volume of transactions going through at any one time. I would recommend at least once a week and perhaps…

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Saving Money on Foreign Purchases

Purchases in foreign currencies are increasingly common for small businesses Does your business buy goods or services from abroad? If so, make sure you’re not wasting money by paying excessive transaction fees or getting poor rates of exchange. Here are a few simple…

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Outsourcing but Staying in Control

Why do everything yourself? There are many aspects of a business that can be outsourced to save a busy business owner a great deal of time. These include sales and marketing, admin, telephone answering, diary keeping and, of course, bookkeeping and accounts…

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10 Tips to Maintain a Healthy Cash Flow

Cash flow is of vital importance to the health of a business. It has been said: “revenue is vanity, cash flow is sanity, but cash is king”. While it may look better to have large inflows of revenue from sales, the most important focus for a business is cash flow…

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