We're doing a five-part series on cash flow management. So our first tip was about understanding your business, then we had record-keeping and budgeting, third one was funding your business, then managing your cash flow and today is about tracking your performance. How many of you actually set targets and understand where you want to get to? It's very important if you're using MYOB or Xero. There's actually probably a lot of resources in that software that you're not using, so these are tools for your business and it's no extra cost. For example: In MYOB, there's a Business Insights. Have you ever had a look at it? It gives you the top ten customers, how many days your customers take to pay review in a chart form of your income and expenses. These are all useful tools for your business. In Xero, there's a good report course cash statement. It helps you to have a look at what money's come in and out of your bank account for a certain period. So I hope that's been very useful for you. If you'd like some more information just send us a message and we'll help you make a success of your business.
Owning a small business is an exciting challenge. However, it is easy to get sucked into living day to day and lose direction. By focusing on the 5 main areas of business growth you can grow a business that will allow you to live the life you want. So if you feel like your business is growing faster than you can keep up, email [email protected] to organise a free chat.
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AuthorLynne Spalding, founder of FCS, spent more than 20 years working in an Accounting practice before founding Financial Controlling Services in 2002. She brings more than 35 years of experience in accounting to each client. Categories |