Getting paid - and getting paid on time - is one of the biggest headaches for any business. It takes time and resources better spent elsewhere to zero out every account. When payments are late, you’re serving as a de facto credit provider for your customers - at your detriment.
A week goes by and your client still hasn’t paid your invoice. A month goes by and it’s still the same. Two months become six months and you’ve now lost out on opportunities to expand your business because money you’re owed remains elsewhere.
Managing cash flow is one of the most difficult financial balancing acts that any business faces. From our perspective, having helped more than 20,000 small and medium sized businesses address cash-related challenges, we see three important areas where true mastery of cash flow management is achieved by the best businesses: