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21.01.2022 Cash flow tip #2- Invoice and collect your payments faster. The faster you invoice your customers the faster you can bring in money. Don't fall behind on your invoicing and don't be shy about chasing up late invoices. If your customers are overdue on their payments, chase them up. You can't afford to be slow on this. At the end of the day you need to remember that you're not asking for donations, you're requesting payment for work you've done. This can be such an easy win for your business. If you don't have the time to invoice or chase up your customers, outsource it. This life blood of your business so don't be fall behind on it. #trendsight

09.01.2022 Cash flow tip #1 Proper planning/estimating. This is so important in keeping on top of your cash flow. There are so many great tools out there like Buildxact and NextMinute, Tradify that make it faster than ever to plan your jobs properly. They have great functionality like:... - Making it really fast and easy to quote and estimate your jobs - Tracking your quoted job costs versus your actual costs - Tracking your staffs time The good thing is that they won't break the budget so stop using Excel or worse, pen and paper. They also make it really easy to see to plan your jobs and identify potential cash flow problems. #trendsight

07.01.2022 Cash flow tip #3 - Avoid tax surprises! Tax surprises can really throw off your cash flow. An easy way to avoid tax surprises is to set up another bank account and set aside money every month for costs that only come around every 3 months such as: GST PAYG Withholding... Income tax Look at your previous BASs to workout how much you normally pay each quarter and divide this amount by 3 to work out how much to put aside. #trendsight

06.01.2022 When was the last time you looked at your Balance Sheet? Of the 3, Profit and Loss, Balance Sheet and Cash Flow, the Balance Sheet is probably the most neglected. This is unfortunate because as a business owner, it has some really valuable information that can help inform decisions. In summary, it's a snapshot of your business split into the 3 following sections:... Assets - Think cash, receivables (customers who owe you money) equipment, machinery vehicles, etc Liabilities - This is what you owe. Think loans, payables (suppliers who you owe money), etc Equity/Net Assets - This is Assets minus Liabilities Simply put a positive Net Assets number is good and a negative one is bad. If you want to get a bit more fancy, you can start looking at ratios like: - Debt ratios - Current ratios - Days payable outstanding - Days sales outstanding Get in touch to find out more about how these can help your business. #trendsight

03.01.2022 Do you still keep a folder of paper invoices/receipts? We've come a long way from the days of storing receipts in a shoe box. There are 2 great tools in the market that mean you don't have to do this anymore, Receipt Bank & Hubdoc. ... They essentially capture, store and keep track of your business receipts, bills, invoices and bank statements. Hubdoc even comes free with your Xero subscription. This does 3 important things for you: 1. Saves you the time 2. Ensures your record keeping obligations for the business are met 3. Means you can chuck out your shoe box #trendsight