The Importance of Accounts Receivable Analysis
Accounts receivable and cash flow are intimately intertwined. For many businesses, accounts receivable are the primary source of cash flow, so it is critically important that they are managed rigorously and proactively.
Fixed, Variable and Semi-Variable Costs Explained
Cost accounting or “costing” is a key tool to achieve those goals and many more. Detailed, accurate costing can provide valuable insights, but many business owners struggle to account for their costs or don’t fully understand the numbers their accountants or bookkeepers present to them in costing reports.
The Ever-Increasing Benefits of Finance Process Outsourcing
When you outsource a non-core aspect of your business like your financial processes, you free up time, energy, and resources to focus on what really matters: your business’ profitability and growth. A proven, reliable financial process outsourcer can take a variety of tasks off your plate and probably do them better at the same time. Let an outsourcer’s employees do what they do best, and free yourself and your employees to focus on building a great business.
Get a Jump on 2022 with a September Tax Review
September is a great opportunity to sit down and examine your tax situation for the end of the year. Discover how an early tax review can help minimize your tax liability and prevent unexpected blows to your checkbook at the end of the year.
When Demand Slows, Drive Revenue Any Way You Can
A slowing economy can mean slowing sales despite the quality of a business’ products or services. When this happens, it is crucial to take steps to survive the downturn and ensure you will still be a going concern when the next up cycle comes.
Best of Breed Apps: Relay Bank
If you read our blog with any regularity, you know we regularly emphasize the importance of cash flow management – knowing what is coming in and what is going out, and ensuring that you always have enough cash on hand to cover your obligations like payroll and accounts payable.
We also like to call attention to “Best of Breed” services that could benefit our clients and readers when we encounter them. And when it comes to cash flow management, we’ve found that Relay online banking provides unique tools that makes their services worth a look.
Should you increase prices due to inflation?
Now that economists say high inflation rates may be with us for the foreseeable future, businesses are a being forced to address those price pressures by raising prices. Business owners worry – justifiably – that they might lose customers if they raise prices, or raise them too much. Let’s look at some of the ways that price increases that can be approached while reducing the risk of lost sales.
Take Control of Your Variable Costs
As we’ve seen in the current business environment, increases in variable costs can never be fully anticipated. But by taking some proactive steps, you can insulate your business from cost surprises and be able to ride out any rough patches.
Guerilla Marketing in an Uncertain Economy
Guerilla marketing is the concept of using creative, attention-grabbing methods to reach potential customers without a big cash outlay – perfect for upping your marketing game in an uncertain economy.
Now is the Time to Review Your Cash Forecasting Process
In the current business environment with interest rates on the rise, it is a good time to ensure that your cash forecasting process is optimized. Businesses that have previously relied on cheap, readily-available loans as their backup plan for any cash emergencies may now find that such loans are no longer cheap nor readily available. By focusing on and improving your cash flow forecasts, you can better anticipate any issues that might arise and take steps to mitigate or prevent those issues before they become a problem, and protect your business from one of the main causes of enterprise failure: running out of cash.