Growing Your Business

TaxBuzz Q &A: Experts Highlight Best Practices for Improving Your Business's Cash Flow

4/2/2017

Sitting at the desk in your office, you wonder how you’re going to fund your new business’s upcoming expenses. Although revenues from your company are promising, cash flow is less than stellar. Perhaps, you’ve owned your business for the past 25 years. Unfortunately, your company’s cash flow is decreasing rapidly. Regardless of what your unique situation is, the following advice from professionals might help you improve a cash flow conundrum.

1. Pay Particular Attention to Accounts Receivable and Accounts Payable

“I would suggest that any business would improve cash flow through disciplined attention to accounts receivable and timely follow-up with customers to ensure receipts by the defined due date. In addition, companies should also work to pay bills near the payment deadline.” – Peter Flournoy (Peter W. Flournoy, CPA)

If you’re particularly struggling to collect cash from customers on a timely basis, factoring accounts receivable balances might be a good option; you’ll receive cash immediately. Because you’ll incur a significant fee, factoring isn’t a sound, long-term option. However, this practice can sometimes rescue you from sudden cash flow problems. Delaying the payment of bills for as long as possible also frees up cash temporarily.

2. Don’t Try to Do Everything Yourself

“One of the biggest problems or issues small entrepreneurs face is trying to do too much themselves. They are the secretary, bookkeeper, technician, and on and on. So, generally, something falls through the cracks. Quite frequently, sending an invoice is one of those things and another is the collection of an invoice. If it is someone else's job to do the invoicing and collection, it will get done because it won't be done in the evenings and weekends. It will be the primary job of the person hired to do that function.” – Elizabeth P Davies, CPA (Taxes Untangled, Inc)

By outsourcing tasks others can complete more expediently, you can concentrate on what you do best. If growing your business is a priority, you might have more time to reach out to potential new clients.

3. Avoid Focusing Solely on Revenue

“I think some of the old adages of yesteryear are relevant to this question. ‘A dollar saved is a dollar earned.’ During my career, I noticed many business operators and investors seemed to focus an inordinate amount of their time on the growing revenues side of the equation.” – Guillermo Birmingham (Guillermo Birmingham, CPA)

While you attempt to increase revenues, concentrate on decreasing expenses, too. Both your bottom line and your cash flow will improve.

4. Secure a Line of Credit at an Opportune Time

“Get a line of credit when you least need it. Then, it's there just in case.” – Jackie Meyer (Meyer Tax Consulting, LLC)

If you apply for a line of credit when your cash flow situation is stable, you can likely negotiate a lower interest rate.

5. Have Access to Good Information

“Have some good tools handy. Have some good reports and a good grasp of your numbers to help you determine how to improve cash flow.” – Brian Dela Cruz (Take Flight Business Solutions, LLC)

To turn around a cash flow predicament, you need to intimately understand the financial nuances of your company. Having detailed financial records and statements is essential. If you lack in-depth, financial data, seeking guidance from a professional accountant ) is smart.

If enjoying long-term, business success is your goal, improving your cash flow situation might be in order. To help you accomplish this worthwhile objective, consider heeding the advice above from the experts.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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