Believe it or not, many business owners struggle to get paid on time. Not because they don’t have a strong, profitable client base, but because they lack a reliable system for managing a project from start to finish, including receiving payment for a project completed.
With day-to-day operations and production getting much of the focus, it’s common to overlook cash flow until there is a major problem. Unfortunately, poor cash flow has dire consequences, like the inability to restock inventory, pay salaries or rent, interest and late payment fees, and restricted growth opportunities to name a few.
These negative effects can be drastically minimized, however, by creating a well-planned and documented Accounts Receivable process. Even when problems arise, you will greatly improve the cash flow of your business by ensuring that billing and payment collection occurs on a regular schedule.
In this presentation, we illustrate an easy three step process you can review with your own accounting team to determine areas where you have potential for improvement.
Keep in mind, your system can be customized to your needs.