Cash is King

close up of a person typing on a laptop

Have you been busy networking and looking for new business? The recent economic downturn has ensured that securing new business has been high on the agenda for most businesses. It is understandable given that many current and prospective customers have either chosen to spend less or not to spend at all.
As a result the basics of managing the daily operations of your business may well have taken a back seat. Essentials such as cash management may well have been neglected. Sound cash management begins with your invoicing, collections and payable functions. If these three functions are not operating efficiently, then you may find that your business is experiencing difficulties.
A good starting point is to review your credit policy. Be selective about who you give credit to and how much credit you give them. Your business may well have relaxed its credit policy in order to gain new orders. However new business naturally brings with it the additional administrative work.
Managing collections, invoicing and payments to supplier’s s always a delicate balancing act. Taking the time to work on cash management will bring with it an awareness of the financial position of your businesses is. That is what your current and future cash position is. Securing a new order that your company does not have the financial capacity to deliver on will bring with it added pressures.
It is important to remember that the cash management of your business is just as important as networking and the winning of new business.

Accountants across Yorkshire

Our accountants are based all around the Yorkshire region, although we work remotely with clients nationally. If you are looking for accounting services in Yorkshire, you can find out more here:

Contact Us

Please call or email to arrange your FREE consultation for any of our services.

Meet the Team

We’re a modern, friendly and proactive accountancy service.

team member artwork

Newsletter

Signup for our weekly business newsletter and special offers!

Let's discuss how we can help your business

Our goal is to remove as much time and stress from the accounting and bookkeeping side of your business so that you can focus on what matters more to you.