proCFO

proCFO Tip: Easily Managing Your Debtors

Every business owner who provides goods or services on credit needs to actively manage overdue accounts. If you don’t they soon become a problem and your cash flow suffers.

Here are some rules:

☝ Have a proper credit application process - this will ensure you collect all the necessary information to follow up should you need to.
☝ Invoice promptly - if you wait 6 or 8 weeks to invoice, the message you are sending to your customer is that you don’t need the cash.
☝ Have a collection process and schedule - and follow it. EzyCollect is a brilliant, and inexpensive tool, for automating your collections.
☝ Be willing to refer to a collection agency.

There’s more detail in this article https://www.procfo.com.au/need-more-cash-business/

“The sale is not complete until the cash is in the bank”.

Who or what inspired you to start your business? 💡

For me, it was a guy named Bert.

He was the family business accountant in the early 1990s.

But he was a whole lot more than just the Accountant.

He became a personal mentor and when the family business was sold in 1994, I relocated to Perth and studied Accounting to follow his lead.

And what a rewarding choice that has proven to be.🙏

Would you like to start the next quarter with a clear plan to drastically improve your business results?

👌Having a solid financial plan for your business is important because it's the foundation to help you achieve your goals.

👌A plan will help you to stay focused, set mini-goals, meet deadlines and measure your success.

👌A plan will also help you set priorities and keep you motivated when things get tough.

DM me if you’d like help to create a 3-month plan to finish the financial year with a bang!