Do you give your cash-flow a holiday ?
It’s that time of year when we’re all thinking about getting away from it all and relaxing. However as a small business owner its not always straightforward!
After all, wages still need to be processed and paid. Bill and invoices still require payment. Therefore you need ‘your’ invoices settled promptly and accurately too, in order to keep the cash flow flowing and ultimately to allow you to have a stress free, well deserved holiday.
If you’re already a Corporate and Commercial credit control customer, then you can just kick back and relax,
knowing that you have a dedicated credit controller to be on top of it all for you. However if you are short on time, resource or desire, you may need these tips:
3 Easy Steps to Avoid Cash Flow Stress when on Holiday
1. Keep your word. If there’s a query or issue that you’ve promised to resolve, get it done. Invoices are not going to be paid whilst an issue remains. Don’t give a debtor a perfect excuse for delaying payment by leaving a query on an invoice.
2. Invoice promptly and correctly. If there’s an invoice that can be raised, raise it. Even if it’s for part of a project, get the invoice raised. It’s better to have some monies coming in whilst you’re away than none at all.
3. Plan for payment. Send an email with the invoices that fall due in your absence to your customers. Something along the lines of…. ‘Dear John, just a quick note to supply you with your invoice that will fall due on the 16th August. I’m away for a few days then so felt it prudent to get this across to you beforehand just in case. My accounts team are on hand should you wish to discuss this further, otherwise we’ll keep an eye out for your payment on the day’.
In short, treat your accounts as you’re treating your impending holiday. Make a plan, prepare and execute. By taking these simply steps before you go can guarantee a good night’s rest whilst you’re away, safe in the knowledge that you’ve done what you can.
If you would like to know more about the benefits and costs involved in outsourcing your credit control to Corporate and Commercial please get in touch. We’re a friendly and professional team who want to help your business succeed. Email email@example.com or Call 01535 654 594