Cash Flow Management
Successful management of cash flow is one of the most important jobs when running a business.
Business insight and reporting with expert cash flow management services
A cash flow forecast is one of the most important management reports you will use in your business. It shows how cash is expected to flow in and out of your business and helps you identify shortages and how much investment your business may need as well as where there is excess to spend on extra resource.
Cash flow reports are key to understanding your business and planning for the future and are typically required by lenders when you want to borrow. Building a cash flow forecast is essential for any business.
To help you control your cash flow and protect your business, we have provided a dedicated cash flow management hub to provide you with a go-to area for all the information you need about cash flow management.
We can assist individuals and businesses with the preparation of:
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Why Cash Flow Management Matters
Poor cash flow is one of the top reasons businesses fail. Whether you’re just starting out or scaling up, understanding how money moves through your business is essential. We help you:
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Frequently Asked Questions
Why is cash flow management important?
Cash flow management is tracking income in and out of your business so understand whether you have enough cash to pay bills in the long term.
Good cash flow management gives you an up to date picture of your business health, allowing you to make the right decisions.
Without good cash flow management, business failure is likely and can be unexpected to business owners.
How do i mange my cash flow successfully?
Succesful cashflow management can be time consuming to set up but once you have a process and procedure, rolling this forward each year can be simpler.
Firstly, it’s important to create a cash flow forecast which will plot your expected income and expenses for the period. This will include any additional expenses you expect, for example factoring in the increase in national minimum wage, tax payments etc. Any changes to income, for example following price increases should also be included.
A cash flow forecast should be constantly reviewed and updated, it’s a rolling document that will benefit the business.
How do i improve my cash flow?
Once you have a cash flow forecast you can take some actions to improve you cash flow. Some areas to look at include:
Look at your pricing strategy to see if you could increase your prices without reducing sales volume substantially. Strategies including upselling and cross-selling can help you increase sales to your existing customer base.
Managing your costs is essential, this include negotiating contracts and renewals and looking for cheaper alternatives, as well as cutting some unnecessary costs.
Managing the outstanding amounts from customers proactively will encourage customers to pay sooner. Sending regularly reminders and prompts and offering easy ways to pay through your software may help.