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LIBRARY


5 EFFECTIVE SMALL BUSINESS CASH FLOW MANAGEMENT TECHNIQUES

4 min read



INTRODUCTION

Cash flow management is a critical component of any small business’s financial
strategy. It involves tracking the flow of cash in and out of the business and
ensuring that the business has enough cash on hand to cover its expenses.
Effective cash flow management can help small businesses maintain financial
stability and make informed decisions about investments and growth. In this
article, we will discuss five effective cash flow management techniques that
small businesses can use to improve their financial health.
 
 


CASH FLOW FORECASTING

One of the most important techniques for managing cash flow is cash flow
forecasting. This involves creating a detailed forecast of expected cash inflows
and outflows over a specific period. By forecasting cash flow, small businesses
can identify potential cash flow gaps and take steps to address them before they
become a problem.

To create a cash flow forecast, follow these steps:

 * Determine your starting cash balance.
 * Identify all expected cash inflows, including sales, investments, loans, and
   any other sources of income.
 * Identify all expected cash outflows, including expenses, salaries, taxes,
   loan payments, and any other costs.
 * Subtract the total cash outflows from the total cash inflows to determine
   your net cash flow.
 * Project your net cash flow for future periods based on expected changes in
   income and expenses.

 
 


MANAGING RECEIVABLES AND PAYABLES

Managing receivables and payables is another essential technique for managing
cash flow. This involves ensuring that customers pay their invoices on time and
negotiating favorable payment terms with suppliers.

Here are some tips for managing receivables and payables:

Try recurring invoicing
By eliminating repetition and ensuring that revenue is received on a regular
basis, recurring invoices are a great way to save time and stabilize cash flow.
This can help to reduce the impact of seasonal fluctuations or other factors
that can affect cash flow.

Set up payment reminders on overdue invoices
If you’re sending invoices with Veem, you can choose to turn on automatic
reminders for overdue invoices to avoid late payments/negative impact on cash
flow. Or, send those reminders manually if need be.

Offer discounts for early payments
Offering discounts for early payments can encourage customers to pay their
invoices promptly and reduces the occurrence of late payments. Use the Veem
invoice builder to offer detailed invoices with options like discounts.

Negotiate payment terms with suppliers
By negotiating payment terms, businesses can create more flexibility in their
payment schedule. This can help businesses to better manage their cash flow by
aligning payment dates with cash inflows.

Use technology to automate invoicing and payment processing
If you are using QuickBooks, Xero, or Netsuite, connect them to your Veem
account for a seamless integration that will save you time and double data
entry.
 
 


CONTROLLING EXPENSES

Controlling expenses is another important technique for managing cash flow. By
reducing unnecessary expenses, small businesses can free up cash that can be
used to cover other expenses or invested in growth opportunities.

Here are some strategies for controlling expenses:

 * Analyze your expenses to identify areas where you can reduce costs.
 * Cut unnecessary expenses, such as subscriptions and services that are no
   longer needed.
 * Negotiate with vendors to reduce costs.
 * Look for opportunities to consolidate expenses, such as combining multiple
   software subscriptions into one.

Payment processing companies, like Veem, generally offer reporting of your
account payables and receivables. You’re able to download a report of money
coming and out, so you can properly control your cash flow and expenses.
 
 


IMPROVING CASH FLOW WITH FINANCING

Improving cash flow with financing is another technique that small businesses
can use to manage their cash flow. This involves using financing options, such
as lines of credit or loans, to cover short-term cash flow gaps.

Here are some tips for improving cash flow with financing:

 * Understand the terms and conditions of the financing options available.
 * Use financing only when necessary and avoid overextending your business.
 * Shop around for the best financing rates and terms.

 
 


USING TECHNOLOGY TO MANAGE CASH FLOW

Using technology to manage cash flow is another effective technique for small
businesses. There are many apps available that can help small business owners
track their cash flow and that easily integrate with modern payment providers
like Veem.

Here are some cash flow management tools that small businesses can use:

 * Accounting software, such as QuickBooks or Xero.
 * Cash flow management apps, such as Float or Pulse.
 * Cash flow forecasting tools, such as LivePlan or PlanGuru.

 
 


CONCLUSION

In conclusion, effective cash flow management is crucial for small businesses to
maintain financial stability and make informed decisions about investments and
growth opportunities. By utilizing techniques such as cash flow forecasting,
managing receivables and payables, controlling expenses, improving cash flow
with financing, and using innovative technology like Veem, small businesses can
ensure that they have enough cash on hand to cover their expenses and pursue
their goals.

Small business owners should regularly review and adjust their cash flow
management strategies to ensure they are meeting their financial goals and
maximizing their business’s potential. With proper cash flow management, small
businesses can thrive and grow in a competitive marketplace. Ready to find out
how easy managing your account payables and receivables can be? Check out how
Veem works.

#InternationalPayments #Finance Share

 

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* This blog provides general information and discussion about global business
payments and related subjects. The content provided in this blog ("Content”),
should not be construed as and is not intended to constitute financial, legal or
tax advice. You should seek the advice of professionals prior to acting upon any
information contained in the Content. All Content is provided strictly “as is”
and we make no warranty or representation of any kind regarding the Content.



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