When running a small business, one of the things that can affect the operations is cash flow.
Clear terms on the invoices can help, as well as an effective credit control.
When it comes to credit control you will want to ensure that your systems are able to produce reports so that you can see what is outstanding and how long is has remained so.
There are several systems you can use, indeed for many small businesses a simple spreadsheet may be all that is required if your invoice numbers are reasonable. Alternatively you can use a bookkeeping system either online or offline to produce these reports.
With the reports available you can follow-up on these regularly, they may also be useful reminders of work completed that you can follow-up on.
Occasionally you may find that an invoice remains outstanding longer than you would like. In these cases, where your own reminders haven’t produced the desired result or you can’t afford the time to chase these yourself, a third-party can be useful.
I know several personal assistants that provide this service to their clients, freeing up the clients own time and making it easier for the business owner to manage their workload. Having an independent third-party also assists the business.
In a small number of cases you may require specialist assistance, in September I met with a firm based in Surrey that helps businesses recover their outstanding invoices.
Using a professional in these cases can makes things simpler, when it may be costing you in lost time by dealing with matters yourself.
With cash flow being so important, it may be service that you’d like to take advantage of. If so, please do contact me for a personal referral.
