As the annual peak for business insolvencies nears, AccountingWEB and Xero have come together to highlight the remedial measures companies and their accountants can take to mitigate cashflow problems and ensure better survival rates.
We will be looking at extensive research from Xero around the impacts of poor cashflow management and discussing key topics such as:
Knowing the business’s current situation – Cashflow forecasts are crucial for your clients to understand how their cashflow impacts their business performance, financial health and ability to reach their goals. Tools like Fluidly and Float can help
Getting paid faster – Getting paid on time is crucial to reducing debtor days, increasing efficiency and boosting cashflow. If your clients are having trouble getting paid on time then it’s worth considering a debtor management tool such as Chaser. Digital payment services can help your clients run a more efficient accounts receivable process and get paid faster. If that approach doesn’t work, tools like Stripe and GoCardless can help too – why not use both approaches?
Getting funding – online tools like iwoca, MarketFinance and Capitalise.com can help businesses find and arrange the right finance option much faster than before to head off potential cash shortfalls