We’ve invited our cloud accounting partner MYOB to explain how small businesses can improve their cash flow.
Getting money into your business for the work you do is the most crucial part of keeping your business going. Get your clients to pay you faster with MYOB AccountRight, which also gives you a better view of your cash flow.
Here are five tips that could help improve your cash flow in the new financial year:
1. Set payment terms and stick to them
Don’t be afraid to set your payment terms. Many small businesses tend to set 14 days of payment from the invoice date. MYOB AccountRight allows for the ability to give a discount for early payment, or charge fees for late payments. This can be helpful ways to encourage clients to pay you on time.
2. Personalise your invoices
Of course adding your logo and contact details to your invoice makes it appear far more professional, but that’s not all you can do when you personalise your invoices. Make sure your terms are clearly shown on your invoice and detail the job completed.
3. Send invoices as soon as the work has been completed
It seems obvious but it is a good idea to invoice the moment the job is complete. Don’t wait until the end of the month or even the end of the week. The earlier you invoice, the sooner your payment terms kick in and your customers will pay.
4. Give your customers more ways to pay you
If invoicing your customers straight after you’ve finished sounds like a winner, consider adding MYOB PayDirect to your payment options. Turn your smartphone into a card reader, and you’ll be able to take credit card payments and EFTPOS payments on the spot.
MYOB PayDirect accepts EFTPOS as well as Visa and MasterCard credit and debit cards. PayWave and PayPass are also enabled.
5. Activate MYOB BankFeeds
Bank Feeds is a favourite feature among small business because it reduces the stress of running your business. Bank Feeds take transactions from your bank and deliver them into your online accounting software like MYOB AccountRight, saving you up to 10 hours a month in data entry, and making monthly reconciliation so much easier.
Try bank feeds in MYOB AccountRight free for 30 days.
Free MYOB tax time workshop live from Microsoft Store
Join Accounting Expert Debra Anderson who’ll answer all your tax time questions and give you loads of tips & tricks including how to improve your cash flow and key things to do before the EOFY. You’ll have the chance to win the ultimate small business Surface Book & MYOB bundle.
The information provided here is of a general nature for Australians and should not be your only source of information.
Please consult an experienced and registered tax agent as each small business’s circumstances will vary.