- Invest - in the finances of your business - instead of considering this to be an expense, see it as a critical investment to not only ensure the survival of your business but also to give you peace of mind
- Choose - a cloud based accounting system that integrates with your bank account and gives you information in 'real time'
- Invoice - raise invoices through the accounting system so that you can track payments
- Automate - your invoice chasing via the accounting system - most people want to pay you if they are happy with the service/product that you have provided but they will pay first 'whoever shouts loudest'.
- Delay - payments to suppliers - paying them early may mean that you can run out of cash
- Understand - the process of debt collection and use a service such as the Federation of Small Business or the Chaser app so that you are consistent in your approach
To find out more watch the recording - https://zoom.us/rec/share/2XhC840Q97xLU9_8gBV4NE6RGsX9M4hfYOXqdzXFqDBZkIN2rrB6YTLygBrWZsQ8.33hNumONFT5hOL-P?startTime=1603279802000
........and the accompanying slides to make notes - Cashflow slides.pdf
Anthony also share a cashflow excel sheet for those who want to start managing their cashflow but are not yet ready to commit to cloud accounting systems.
Primotax cashflow model.xlsx