When was the last time you sat down and reviewed your business finance affairs?
If it was less than 3 months ago, then you’re doing great! If it was more than 3 months, then read on…
Have you ever experienced a point in your business where you have lost track of your Cash? I know I have and it’s easy to do! You’re running a business and you don’t have time to do this kind of stuff, right? Well as much as I would like to say you’re right, you actually need to make time to review your business finance affairs.
A simple way to do a finance check is to review your customer ageing. That is, how long is it taking you to collect your cash?
We all know Cash is important.
Having recently reviewed a new client’s file, I noticed a large number of customer invoices outstanding. When I brought this up with the client, he was genuinely surprised. He knew he had some invoices outstanding but the actual number was far more that he had expected.
This is money missing from his business!
How do you avoid this happening to you?
HKS Russell sets their CLIENTS up with a cloud accounting software that enables them to readily review all outstanding customer invoices [the first screen you log on to shows what’s due and unpaid]. We review and advise clients to ensure that they keep on top of their finances…