When it comes to taking stock and reviewing how you’re coordinating your business day-to-day, our top financial tips include:
1. Invoice in instalments
By sending smaller and more frequent invoices you can alleviate cash shortages and won’t be left to wait until the end of a project for payment, meaning you’ll be getting cash sooner.
2. Prepare a rolling quarterly cash flow forecast
By forecasting three months ahead, you will find it easier to stay on track and identify potential cash flow problems before they escalate.
3. Invest in good accounting software and pay as you go
Investing in a smart piece of reliable accounting software is vital when it comes to sound financial management. Software as a Service (SaaS) gives you the ability to pay for the use of your accounting software in regular instalments (which is also great for cash flow) and you automatically get all the required security patches, updates and ongoing support.
Want to learn more?
For more financial tips, download our whitepaper: Surviving Cash Flow Challenges. Creating cash flow: your guide to navigating today’s common cash flow challenges through the learnings of Australia’s fast growing SMEs.
Whether you are looking to expand, boost working capital, improve your day to day cash flow, Scottish Pacific has a range of debtor finance and trade facilities can help you.
To find out more call us today on 1300 298 708 or submit your enquiry online here.
Established in 1988, Scottish Pacific Business Finance is Australia and New Zealand’s largest specialist provider of working capital solutions with a comprehensive range of invoice finance and trade finance facilities.
Access to experienced decision makers
Our executive management team has more than 100 years of small business finance experience, and we have fully-operational offices in Sydney, Melbourne, Brisbane, Perth and Auckland with each headed up by a local General Manager. Our clients and introducers enjoy a level of access to decision makers that is unmatched in the industry.
Endorsed by recommendation
More than 80% of all our new clients are referred to us by accountants, banks, commercial finance brokers and other business advisers. We have hundreds of such sponsors willing to recommend our services; a clear sign that we are the best in the industry.