Many businesses are founded by entrepreneurial people with exceptionally strong skills in sales or service delivery, but with little understanding of, or interest in, financial management.

According to the latest Scottish Pacific SME Growth Index [1] Australian businesses in the SME segment lost $A229.8 billion in potential revenue last financial year.

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.

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