Have a business in Australia? Looking for a CRM platform for small business that could ease all the project related aspects like time tracking, reporting, invoice management etc. then Quiddity is one stop solution for all your queries!

1. 5 tips to manage small
business cash flow
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2. Over the years, we have worked with small business across Australia and have
had first-hand experience in understanding their business challenges.
Whether it’s a successful implementation of a crm for their small business or
streamlining their everyday workflow, we have been with many businesses in
Australia on their journey. We understand how success for business lie in
their ability to appropriately manage their cash flow. Having a tight grip on
cash flow is absolutely necessary for all small businesses and so is staying
lean and profitable.
What is Cash flow?
Cash flow essentially is the movement of funds or revenue in and out of your
business. The two scenarios in cash flow is Positive cash flow and Negative
cash flow. Positive cash flow is the situation where the revenue entering the
business is far more than the amount leaving the business. Negative cash
flow is when the revenue flowing out of the business is faster than it's coming
in.
Small businesses do not want to be in a situation where the spend is more
than the income. So how do you overcome this challenge? Well, there are
many tools in the Australian market to help you such as a CRM specifically
designed for small business or other tips and strategies to keep your cash
flow in check. Read the 5 tips below:
1. Strategise on a long-term financial plan
Staying on track is important and making a financial plan in the beginning will
help you stay on course. It gives you goals and a measure of how your
business is actually faring against the targets which were set. While you can
tweak the plans as you go along, the long term plan is always a fool proof
method to be in positive cash flow situation.
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3. 2. Stay vigilant about your spends
Don’t lose focus on the cash flow once your business becomes profitable.
Always have a handle on what expenses are actually needed against the ones
which are aren’t required. Accessing your spends from time to time will help
you use the funds judicially. Make sure of business tools to keep a check on
your accounting and help manage cash flow better.
3. Maintain some reserves in the bank
Negative cash flow situations are bound to happen at certain periods in your
business. Saving for the rainy day and having some cash reserves in the bank
can come in handy to help you face bad weather. You can remain focused on
the business situation at hand without stress knowing there are some
reserves to back you up in the time of need.
4. Match receivables to payables
Matching your receivables to payables will benefit you immensely in
managing a positive cash flow scenario. Avoid the gaps, check out penalty
terms and late payment fees and make sure these are understood by all
parties in the business right at the beginning. Maintain the cycle of payments
smoothly to ensure a hassle-free cash cycle.
5. Embrace technology
With automation touching every aspect of our life today, the time is right to
embrace technology. Look for cloud based business tools that can help you
track your budgets v/s spends, give clear reports and help you with decision
making. With the initial strategy in place and the right insights with business
tools, you can always tweak the business plan to stay on track.
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4. At Quiddity, we are all about technology and the business transformation it
can bring about. Being on top of things and having a bird’s eye view of the
business is paramount. With the business tools now available in the market, it
is much easier to track your cash flow. We recommend our customers to look
out for a CRM for Small Business within Australia that can bring together
features under one roof - tracking the budget, reviewing marketing spends,
managing your invoicing to integration with accounting tools.
Quiddity is one such business tool which automates your daily processes with
features that can help you manage a positive cash flow situation at all times.
Automated invoicing along with integration with Xero will assist you in
gaining operational efficiency. At Quiddity, our focus remains to help small
business run efficiently and stay financially strong. To know more, give us a
call today.
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